[Annotated] Foreign jurisdictions try to lure legal business from London

They face an uphill battle^[각주:1]

Loftily^[각주:2] as they may disdain^[각주:3] the profit motive^[각주:4], Britain's judges are, on a national level^[각주:5], money-spinners^[각주:6]. English law is often specified as the one under which commercial contracts are to be interpreted and enforced. And disputes often end up being heard in British courts. But, like any business, the law is competitive, and other jurisdictions want to snatch a share of^[각주:7] this market. London is mounting its defences.

It has several hard-to-beat advantages: the use of English; a reputation for fairness^[각주:8]; the centuries of precedent that lend predictability. Richard Caird, a partner at Dentons, a global law firm, notes that a foreign company can expect an impartial decision in an English court, even if it is pitted against^[각주:9] a British firm. Over 70% of cases in the English commercial courts^[각주:10] involve a foreign party. In 2015, Britain had a £3.4bn ($5.22bn) positive balance of payments on legal services^[각주:11].

One way for other financial centers^[각주:12], such as Dubai and Singapore, to compete is by becoming hubs for arbitration^[각주:13] - by agreeing to abide by^[각주:14] the decision of a tribunal^[각주:15], disputants^[각주:16] can bypass^[각주:17] courts entirely. But as Philip Rubens of Teacher Stern, a law firm in London, points out, such tribunals create no binding^[각주:18] precedent^[각주:19]. Financial firms often want their day in court.

So Singapore and Dubai, in the UAE, have also set up^[각주:20] special commercial courts. The Netherlands, France and Kazakhstan have similar plans. Mostly, these courts will conduct cases in English and apply internationally accepted laws. Singapore and Dubai have even hired judges retired from London and other jurisdictions^[각주:21]. 

So far however, they have attracted little international business. Since its establishment in 2015, no case has been heard in the Singapore International Commercial Court based on a contractual agreement between^[각주:22] the parties to hear a case^[각주:23] there, though proceedings^[각주:24] have been transferred from other Singapore courts. Most cases heard in the Dubai International Financial Centre Courts after they opened to foreign litigants^[각주:25] in 2011 have had UAE links. 

Nor is London complacent^[각주:26]. Judges conducted a survey of^[각주:27] big users of the commercial courts, such as lawyers and bosses at financial institutions. One consequence was the creation in 2015 of the "Financial List". Litigants in financial disputes, generally with over ￡50m ($65m) at issue^[각주:28], can apply to have their cases heard on the list, by judges with expertise in^[각주:29] financial law^[각주:30]    . 

Some new procedures have been introduced for Financial List cases. In ordinary commercial courts, for example, different parts of a trial are heard by different judges. On the Financial List, one judge hears the entire case. The jury is out on whether the new system improves justice. Litigants had hoped Financial List cases would be faster. But Vaninna Ettori, an adviser to the Chancellor of the High Court^[각주:31], notes that the sort of cases that appear on the Financial List would typically be expedited^[각주:32] anyway. Ultimately, as Mr Rubens points out, its success will depend on how many Financial List cases are overturned^[각주:33] on appeal^[각주:34].

Dubai and Singapore are unlikely to make much of a dent in^[각주:35] London's dominance^[각주:36]. Its courts' reputation has been built over many years, and the forces of inertia^[각주:37] stop people from changing contract terms. Mr Caird notes that the true threat to Britain's courts will be its departure from^[각주:38] the EU. He questions whether financial institutions that move operations to the continent as a result of Brexit will still use British courts. Brexiteers worry about the influence of European judges on British affairs after Brexit. Maybe they should worry about continental European judges snapping up^[각주:39] the valuable cases.

1. uphill battle ; [명사] 힘든[고통스러운] 싸움. ;; 동의어 ; uphill fight. [본문으로]
2. loftily ; [부사] 우뚝 솟아; 고상하게. [본문으로]
3. disdain ; (격식) 1. [타동사][VN] 업신여기다, 무시하다 [본문으로]
4. profit motive ; [명사] (경제) 이윤 동기, 이윤 추구욕. [본문으로]
5. on a national level ; 국가적인 차원에서 [본문으로]
6. money-spinner ; 1. 왕거미의 일종(이것이 몸에 기어다니면 돈을 벌 행운이 온다고 한다). 2. [英구어] 돈벌이가 되는 것; 대히트 상품(책·영화 등). [본문으로]
7. snatch ; 3. 뜻밖에 얻다, 운좋게[간신히] 얻다; <승리 등을> 빼앗다 [본문으로]
8. fairness ; [U] 1. 공정성 [본문으로]
9. be pitted against ; 맞붙다, 격돌하다, 서로 대립, 대결하다 [본문으로]
10. commercial court ; [명사] 상업법정(High Court의 Queen's Bench Division 중에 설치돼 있는 상업사건을 처리하는 법정) [본문으로]
11. legal service ; 법률서비스 [본문으로]
12. financial center ; 금융 중심지, 금융가 [본문으로]
13. arbitration ; [U] 중재 [본문으로]
14. abide by ; [동사] (법률·합의 등을) 따르다, 준수하다, 지키다; …에 따라 행동하다, 감수하다. ;; 동의어 ; comply with, observe. [본문으로]
15. tribunal ; [C+sing./pl. v.] (특별한 문제를 다루는) 재판소, 법원, 조사[심사] 위원회 ;; 참고 ; industrial tribunal ;; US.UK [traɪ|bju:nl] [본문으로]
16. disputant ; [명사] [문어] 논쟁자, 토론자; 논객 ;; US.UK [dispjú:tənt] [본문으로]
17. bypass ; 2. (정해진 절차・순서를 거치지 않고) 건너뛰다 [본문으로]
18. binding ; [형용사] ~ (on/upon sb) 법적 구속력이 있는 [본문으로]
19. precedent ; 1. [C , U] (판결・공식적인 결정 등의) 선례, 판례 [본문으로]
20. set up ; [동사] 건립하다, 설립[수립]하다; 준비하다; …인 체하다; 함정에 빠뜨리다. ;; 동의어 ; erect, establish; prepare; claim to be; entrap, frame. [본문으로]
21. jurisdiction ; (격식) 1. [U , C] ~ (over sb/sth) | ~ (of sb/sth) (to do sth) 관할권; 사법권 2. [C] 관할 구역 [본문으로]
22. contractual agreement ; 계약상의 협정, 계약 협정 [본문으로]
23. hear a case ; 소송사건을 심리하다. [본문으로]
24. proceeding ; (격식) 1. [C] [주로 복수로] ~ (against sb) (for sth) 소송[법적] 절차 [본문으로]
25. litigant ; [명사] (법률) 소송 당사자(원고 또는 피고) ;; US·UK [|lɪtɪgənt] [본문으로]
26. complacent ; [형용사] ~ (about sb/sth) (보통 못마땅함) 현실에 안주하는, 자기만족적인 ;; US·UK [kəm|pleɪsnt] [본문으로]
27. conduct a survey ; 설문조사를 하다 [본문으로]
28. at issue ; 계쟁[논쟁]중인, 문제가 되고 있는 [본문으로]
29. expertise ; [U] ~ (in sth/in doing sth) 전문 지식[기술] [본문으로]
30. financial law ; 금융법, 재정법 [본문으로]
31. the High Court ; 1. (잉글랜드・웨일스의) 고등법원 2. 동의어 the Supreme Court ;; (또한 ˌHigh Court of 'Justice) [본문으로]
32. expedite ; [타동사][VN] (격식) 더 신속히 처리하다 ;; US.UK [|ekspədaɪt] [본문으로]
33. overturn ; 2. [타동사][VN] (판결 등을) 뒤집다[번복시키다] [본문으로]
34. on appeal ; 항소심에서 [본문으로]
35. make a dent ; …을 움푹 들어가게 하다, …을 줄이다. [본문으로]
36. dominance ; [U] 우월(ascendancy); 권세; 지배; 우세; [생물·심리] 우성(優性) [본문으로]
37. inertia ; [U] 1. (보통 못마땅함) 무력; 타성 [본문으로]
38. departure ; 3. [C] ~ (from sth) (정도・일상 등으로부터) 벗어남[일탈] [본문으로]
39. snap up ; (값싼 물건·몹시 갖고 싶던 것을) 덥석 사다[잡아채다] [본문으로]