To The Readers of The Metropolitan Corporate Counsel:
As many readers of The Metropolitan Corporate Counsel are aware, New York domestic law plays a vital role in the governing of a large number of cross-border business and commercial transactions. For decades, New York has assumed the moniker "financial capital of the world," a place where CEOs, investors and attorneys come to do business.
The economic challenges of the last two years, coupled with competition emerging from financial centers abroad, have created a need to re-examine the role of New York law as an international standard. This month, I am announcing the creation of the Task Force on New York Law in International Matters. Our aim is not just to educate the legal community and the business world about the benefits of using New York law, but to ensure that New York law retains its position as an international legal standard for commercial transactions in the global marketplace of choice.Our new task force will also look at the important role that New York courts and arbitration forums play in resolving international business disputes.
Led by Joseph T. McLaughlin of Bingham McCutchen and James B. Hurlock, former chairman of White & Case LLP, a group of experts in the fields of finance, business law, arbitration, and litigation will advance comprehensive recommendations to strengthen New York law by promoting New York as a more attractive environment for investment from around the world and as the preferred site from which to launch business, commercial and cultural endeavors.
The task force will focus on three specific areas: increasing awareness among New York lawyers of the role New York law plays in cross-border commerce, working in cooperation with state agencies and other interest groups to facilitate investment and economic development in New York, and examining the competition between New York law and English law in the global legal marketplace.
With a substantial number of cross-border transactions already being governed by New York law, it is imperative that we encourage and mobilize the intellectual and professional resources of attorneys to assist in the development of domestic New York law as a force in private international law throughout the world.
A heightened focus on strengthening New York law as an international standard will have the added benefit of attracting additional business and investment dollars right here in New York. Our task force also will consider the international outreach that agencies in New York State are making and identify opportunities that will help the State Bar to educate investors and businesses around the world about the benefits of doing business in New York.
We firmly believe that New York is uniquely positioned to function as a recognized leader in attracting businesses and investors. Our task force will be hard at work in the coming months, seeking to strengthen New York law and make it the definitive international standard used to govern cross-border financial and commercial transactions.
Stephen P. Younger