UK Maritime Shipping & Admiralty Law Market
The UK is a major global shipping hub and a major global hub for MSA work. The bulk of revenue earned by UK MSA legal practices comes from overseas clients and it is global, rather than UK, economic and shipping trends which drives this market. It is a market generating revenues in the region of £800 million annually. Revenue rose over 2011 to 2015, but fell back in 2016. The decline in 2016 reflects 2016 being one of the worst years for the global seaborne trade industry and the fact that rising court fees in 2015 hit the number of cases handled by the Commercial Court and arbitration providers. On the basis of improving global trade and economic growth, the MSA revenues of UK law firms will continue to grow in the coming five years. However, three factors are clouding the future of the MSA sector: political uncertainty (e.g. Brexit); financial tensions; and the threat of protectionism and inward looking economic policies.
This report is based on secondary research, supported by discussions with selected industry contacts.
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