© Allen & Overy LLP 2010 Philip R Wood, QC (Hon) Head of Allen & Overy Global Law Intelligence Unit Predictions for the future of law and lawyers Visiting.

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© Allen & Overy LLP 2010 Philip R Wood, QC (Hon) Head of Allen & Overy Global Law Intelligence Unit Predictions for the future of law and lawyers Visiting Professor in International Financial Law, University of Oxford Yorke Distinguished Visiting Fellow, University of Cambridge Visiting Professor, Queen Mary College, University of London Visiting Professor, London School of Economics & Political Science April 2011

© Allen & Overy LLP Leaders BK-# v1-Predictions_-_Tue_5_April_211.PPT

© Allen & Overy LLP GDP per capita BK-# v1-Predictions_-_Tue_5_April_211.PPT

© Allen & Overy LLP GDP FOOTBALL FIELDS ($10 trillion) US U 2010 S U 2030 S (17) CHI EU USEU USEU (15) CHI JAPAN + Tigers THE REST EU EU CHINA INDIA (10) JAPAN + Tigers CHINA JAPAN & ASIA (19) JAPAN & ASIA INDIA LATIN AMERICA (6) THEREST JAPAN & ASIA JAPAN & ASIA THEREST (6)NA (23)NA 1995 BK-# v1-Predictions_-_Tue_5_April_211.PPT

© Allen & Overy LLP Growth of law: tentative chart BC 0500 AD Tipping Point 1830s: World population:1 bn (now 6.4 bn) World GDP$700 bn (now $50 tn) Great Divide Triple polarization BK-# v1-Predictions_-_Tue_5_April_211.PPT

© Allen & Overy LLP Growth of law: tentative chart BC 0500 AD Tipping Point 1830s: World population: World GDP Great Divide Triple polarization 1 bn (now 6.4 bn) $700 bn (now $50 tn) Pop. scale: 1 = 0.5 bn GDP scale: 0.2 = $1 bn Population GDP

© Allen & Overy LLP Bank insolvencies

© Allen & Overy LLP Financial regulatory regimes BK-# v1-Predictions_-_Tue_5_April_211.PPT

© Allen & Overy LLP State insolvency

© Allen & Overy LLP Impact of the financial crisis - 1 –1,000 measures –Restrictions on bank business –Capital, liquidity –Securitisations –Derivatives –Accounting –Hedge fund and private equity –Deposit protection –Taxes and special levies –Shorting and shareholding disclosure

© Allen & Overy LLP Impact of the financial crisis - 2 –Securities settlement and payment systems –Regulators –Bank insolvencies –Corporate insolvencies –State insolvency –Super-priority creditors: the big three risk mitigants –Consumer protection –Litigation –Other –Overall assessment

© Allen & Overy LLP BK-# v1-Predictions_-_Tue_5_April_211.PPT

© Allen & Overy LLP [ ] BK-# v1-Predictions_-_Tue_5_April_211.PPT

© Allen & Overy LLP Map: Key map of jurisdictions

© Allen & Overy LLP Global jurisdictions BK-# v1-Predictions_-_Tue_5_April_211.PPT

© Allen & Overy LLP Major changes to insolvency legislation

© Allen & Overy LLP Major changes to company law

© Allen & Overy LLP World Financial Law: Five key indicators

© Allen & Overy LLP World Financial Law: Five key indicators

© Allen & Overy LLP Million:1,000,000 Billion:1,000,000,000 Trillion:1,000,000,000,000

© Allen & Overy LLP

© Allen & Overy LLP

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© Allen & Overy LLP Contract law

© Allen & Overy LLP Paris Industrial Property Convention 1883

© Allen & Overy LLP Map: New York Arbitration Convention of 1958

© Allen & Overy LLP Map: Free choice of law for business contracts

© Allen & Overy LLP Map: Hague Trust Recognition Convention 1986

© Allen & Overy LLP Map: International insolvency treaties

© Allen & Overy LLP Map: English common law jurisdictions

© Allen & Overy LLP Supermap: Global security interests

© Allen & Overy LLP Map: Napoleonic jurisdictions

© Allen & Overy LLP Map: Insolvency set-off

© Allen & Overy LLP Map: Roman-Germanic jurisdictions

© Allen & Overy LLP Supermap: The trust

© Allen & Overy LLP Map: Mixed civil/common law jurisdictions

© Allen & Overy LLP Map: Islamic jurisdictions

© Allen & Overy LLP Map: New and unallocated jurisdictions

© Allen & Overy LLP Map: American common law jurisdictions

© Allen & Overy LLP Map: Corporate insolvency rescue statutes

© Allen & Overy LLP Corporate insolvency rescue statutes

© Allen & Overy LLP Experts in their field

© Allen & Overy LLP BK-# v1-Predictions_-_Tue_5_April_211.PPT

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