If English law sits at the centre of international business, international business remains central to the strength of the English and Welsh legal sector.

Our legal sector remains pre-eminent across the globe, thanks to the traditions and the talent of our law and our lawyers. But it is not a position that we can take for granted.

Other markets – Asia in particular – are growing fast. We have to take steps now to ensure that we remain not only at the top of the world, but relevant in the medium term.

In the first instance, England and Wales needs to remain a legal hub. We therefore need to attract foreign law firms to England and Wales, which means promoting our jurisdiction around the world. In this endeavour, our firms and our lawyers are our best resource. Some 25,000 Law Society members work overseas and many firms have offices in countries across the globe.

It is vital that our firms continue to seek out new markets wherever they emerge. Our lawyers have historically been the pioneers in opening up the legal sectors of the world’s nations. This applies to firms of all sizes, whether based in the City or regionally. Indeed, there are a number of markets – in central and Eastern Europe for example – which have been vacated by larger firms in a continuing search for global business. There are potentially a great many opportunities for mid-tier firms to fill the breach.

For firms looking to expand internationally or to explore new markets there is plenty of support available. The government is desperate for lawyers to play a greater role in the trade missions undertaken abroad by ministers and by UK Trade & Investment (UKTI). As Lord Davies, the minister for trade, investment and small business, said at an event at the Law Society last week, we should never underestimate Britain’s excellence as a knowledge-based economy in IT, mobile, maritime, advanced engineering, life sciences and financial services – to name but a few. As lawyers we have a great deal to contribute and many rewards to reap.

There is also a role for the Law Society. Over the last two years – both as vice-president and president – I have sought to assist in promoting the work of the Law Society’s very effective international division. With the assistance of UKTI and our country’s embassies and high commissions across the world, we bang the drum on behalf of England and Wales and work to keep the English and Welsh profession at the cutting edge of global thought leadership. It is also essential to find out what our competitors are doing.

Regulation down underLast week I returned from a two-week fact-finding trip to Australia. The prime purpose of the visit was to discover how Australians are handling issues around outcomes-focused regulation, multi-disciplinary practices and the listing of law firms. Yet Australia is a market of interest for a wide variety of reasons.

Over the last 40 years, the Australian legal sector has expanded extensively throughout Asia. Australian firms are well entrenched in markets where English firms have a foothold. The opening of Allen & Overy’s Australian office last month could prove to be a visionary move as a staging post into Asia-Pacific. I am sure that many firms will observe their progress with interest.

The Australian market has experienced – and is continuing to experience – similar development to our own, albeit in a slightly different order. In England and Wales we have spent the past decade resolving the regulatory question. Australia, conversely, has already introduced its version of alternative business structures but is only now looking at an overarching regulatory model to replace the various federal regulators.

In speaking to the various regulators, there was a striking unanimity regarding the necessity of close cooperation with representative bodies. Each one emphasised the importance of communication with the profession to ensure that both are moving in the same direction. This collaboration has been essential in affording Australian firms the freedom to expand into Asian markets. As our own firms look to new markets, it is an approach for the Solicitors Regulation Authority to bear in mind.

There are also lessons in terms of a flexible admissions process for solicitors from overseas. Two years ago, Australia harmonised its admissions policy across all states. In doing so, it introduced a largely inflexible system which resulted in English solicitors seeking to practise in New South Wales having to study and take examinations in as many as nine subjects, regardless of background or experience. Along with many others, the Law Society protested against this development vigorously. It also put off many talented solicitors from practising there, to the detriment of the firms involved.

In discussions with the Australian authorities it became clear that they were edging towards allowing some discretion in terms of this process, as befits an open jurisdiction. If we are to remain a global legal hub, it is essential that the introduction of the new Qualified Lawyers Transfer Test in England and Wales should avoid the same initial mistakes. There are many reasons for the current review and change, but there must always be room for discretion. Those who compete with us as lawyers here and elsewhere are alive to the reality that regulation must make allowance for commercial enterprise and development.

Increasing international openness is mutually beneficial both for English and Welsh firms and for target markets. Such reciprocity suits all parties, and it is the goal of the Law Society to encourage these arrangements wherever possible. England and Wales has to lead by example. The regulator must work closely with the profession through the Law Society to ensure that firms have the freedom they require to broaden their horizons.

We must also remain open to welcoming the best talent from abroad to improve our competitiveness and to maintain the reputation of England and Wales as a truly international jurisdiction. It is this openness which has always been the secret of our success.

Robert Heslett is president of the Law Society