The City of London Corporation has announced plans for a new “state-of-the-art” court in the Square Mile.
The proposed court in the Fleet Street area of the City will comprise 18 courtrooms and replace all of the City’s current court services, except for the Old Bailey.
Courts which would be consolidated include the Mayor’s and City of London County Court at the Guildhall Buildings, Basinghall Street, EC2; and the magistrates’ court at 1 Queen Victoria Street, EC4. Both properties are owned freehold by the City of London Corporation.
Property advisers are due to be instructed to lead a requirement for the new court next year, following the completion of a feasibility study to analyse the cost implications and identify possible funding sources.
The new court’s main focus would be on fraud, economic crime and cybercrime and it would draw on the expertise of technology, financial services and professional services firms in the City.
It is hoped that the plans for the court, which are being developed in partnership with HM Courts and Tribunal Service and the judiciary, will help cement the City’s position as a pre-eminent legal cluster and the leading global financial centre.
Employment in legal services currently accounts for 9.1% of the Square Miles’ workforce (44,000 jobs) and one in eight workers in the legal sector are based in the City of London.
This interconnectedness between financial and legal services is demonstrated by the fact that financial services firms make up 17% of the total demand for legal services in the UK, or £2.8bn. Legal firms’ demand for financial services amounts to £793m, or 8% of its total input.
The new court would include current magistracy and civil/county court services. HMCTS is investing more than £1bn to reform courts in England and Wales to deliver swifter justice that is modern, more accessible and better meets the needs of people and businesses.
Catherine McGuinness, policy chairman at the City of London Corporation, said: “Our legal system has been an example to the rest of the world. Playing host to some of the world’s leading regulators, financial services and tech firms, the City is a natural choice to house this modern judicial centre.
“This proposal will make sure London continues to set the highest legal standards domestically and internationally. Our Rule of Law is one of the many reasons why London is the number one financial centre in the world and this new court will add to our many existing strengths.”
Susan Acland-Hood, chief executive of HM Courts & Tribunals Service, said: “The development of a state of the art court in the City of London will represent a major step forward in our wider programme of reform to deliver a modern justice system.
“The court will be fully equipped with 21st century technology, and will be a world-leading centre for economic and cybercrime, as well as working across other activity and jurisdictions.”
To send feedback, e-mail Louisa.Clarence-Smith@egi.co.uk or tweet @LouisaClarence or @estatesgazette
