France appeals to international law firms through arbitration reform

France appeals to international law firms through arbitration reform from BUSINESS FRANCE UK

By: BUSINESS FRANCE UK  22/02/2011
Keywords: Business Development

International law firms find France a choice market. More particularly, international arbitration in France has proved, over the years, advantageous and cost-effective, and the reform introduced in January 2011 by the French government is set to improve the framework further. Since 1923, the International Court of Arbitration of the International Chamber of Commerce (ICC) has been headquartered in Paris.

 

According to IFA Chairman and CEO David Appia, “There is a large number of commercial law firms in Paris to take advantage of the proximity of the International Chamber of Commerce and its Court of Arbitration, which settles international commercial disputes. These firms provide valuable legal counsel and support for foreign investors in France. The recent modernization of arbitration strengthens Paris as a business location: there is every reason for foreign commercial law firms to continue to locate in Paris, to the benefit of foreign investors as a whole.”

 

The 24,000 foreign companies operating in the country and the 30,000 French companies with foreign investments are exposed to a wide variety of national laws. As such, they need to be able to consult legal specialists with the right mix of skills. Almost half of the world’s top 100 commercial law firms have offices in Paris. With an average staff of 140, these offices employ about 7,000 people in Paris, almost 4,000 of whom are lawyers (source: Radiographie des cabinets d'avocats d'affaires en France, 2009).

 

These firms, usually American, include Reed Smith, Morgan Lewis, Orrick, K&L Gates, Nixon Peabody and Bryan Cave. Their business involves not only legal counselling and litigation in the French courts, but also international arbitration, for which Paris is the leading European venue due to the presence in the city, since 1923, of the International Court of Arbitration of the International Chamber of Commerce (ICC). In 2009, the ICC Court registered almost 900 new arbitration cases.

 

The arbitration process, which provides an alternative for settling commercial disputes between companies of all nationalities, takes place behind closed doors. The parties themselves choose the arbitrators who make up the arbitration panel.

 

International arbitration in France operates within the framework of two government decrees issued in the early 1980s with a view to streamlining the process and improving its effectiveness. These decrees allow government judges to intervene in Court matters in order to ensure that it should function in the best possible way.

 

After 30 years, the need for reform was apparent, and, on 13 January 2011, France issued an arbitration reform decree. This decree has two objectives: to consolidate some of the advances in case law, on the one hand, and to improve the effectiveness of the previous decrees, on the other, by incorporating provisions inspired by foreign laws that have proved useful in practice.

 

About the Invest in France Agency

 

The Invest in France Agency (IFA) is the national agency responsible for promoting and facilitating international investment in France. It also co-ordinates initiatives to promote France’s economic attractiveness.

 

The IFA network operates worldwide, with offices in France as well as in North and South America, Europe, the Middle East and Asia. In France, IFA works in partnership with regional development agencies to offer international investors outstanding business opportunities and customized services.

 

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For further information, please contact :
 

Quote ref. : FTPB3535
Ms Mary-Ann WILLIAMS - Press Officer
UBIFRANCE Press Office in London
Tel: +44 (0) 207 024 3640
 

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Keywords: Business Development

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