1. © 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

2. © Allen & Overy LLP 2010 2 2 Leaders BK-#16719881-v1-Predictions_-_Tue_5_April_211.PPT

3. © Allen & Overy LLP 2010 3 3 GDP per capita BK-#16719881-v1-Predictions_-_Tue_5_April_211.PPT

4. © Allen & Overy LLP 2010 4 4 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-#16719881-v1-Predictions_-_Tue_5_April_211.PPT

5. © Allen & Overy LLP 2010 5 5 Growth of law: tentative chart 1 2 3 4 5 6 7 8 9 10 500 BC 0500 AD 1000150018002000 1 2 3 4 5 6 7 8 9 10 1 2 3 4 5 6 7 8 9 Tipping Point 1830s: World population:1 bn (now 6.4 bn) World GDP$700 bn (now $50 tn) Great Divide Triple polarization BK-#16719881-v1-Predictions_-_Tue_5_April_211.PPT

6. © Allen & Overy LLP 2010 6 6 Growth of law: tentative chart 10 9 8 7 6 5 4 3 2 1 500 BC 0500 AD 100015001800 2000 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

7. © Allen & Overy LLP 2010 7 7 Bank insolvencies 1980-2002

8. © Allen & Overy LLP 2010 8 8 Financial regulatory regimes BK-#16719881-v1-Predictions_-_Tue_5_April_211.PPT

9. © Allen & Overy LLP 2010 9 State insolvency 1980-2005

10. © Allen & Overy LLP 2010 10 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

11. © Allen & Overy LLP 2010 11 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

12. © Allen & Overy LLP 2010 12 BK-#16719881-v1-Predictions_-_Tue_5_April_211.PPT

13. © Allen & Overy LLP 2010 13 [ ] BK-#16719881-v1-Predictions_-_Tue_5_April_211.PPT

14. © Allen & Overy LLP 2010 14 Map: Key map of jurisdictions

15. © Allen & Overy LLP 2010 15 Global jurisdictions BK-#16719881-v1-Predictions_-_Tue_5_April_211.PPT

16. © Allen & Overy LLP 2010 16 Major changes to insolvency legislation 1997-2007

17. © Allen & Overy LLP 2010 17 Major changes to company law 2000-2009

18. © Allen & Overy LLP 2010 18 1975 - World Financial Law: Five key indicators

19. © Allen & Overy LLP 2010 19 2010 - World Financial Law: Five key indicators

20. © Allen & Overy LLP 2010 20 Million:1,000,000 Billion:1,000,000,000 Trillion:1,000,000,000,000

21. © Allen & Overy LLP 2010 21

22. © Allen & Overy LLP 2010 22

23. © Allen & Overy LLP 2010 23

24. © Allen & Overy LLP 2010 24

25. © Allen & Overy LLP 2010 25 Contract law

26. © Allen & Overy LLP 2010 26 Paris Industrial Property Convention 1883

27. © Allen & Overy LLP 2010 27 Map: New York Arbitration Convention of 1958

28. © Allen & Overy LLP 2010 28 Map: Free choice of law for business contracts

29. © Allen & Overy LLP 2010 29 Map: Hague Trust Recognition Convention 1986

30. © Allen & Overy LLP 2010 30 Map: International insolvency treaties

31. © Allen & Overy LLP 2010 31 Map: English common law jurisdictions

32. © Allen & Overy LLP 2010 32 Supermap: Global security interests

33. © Allen & Overy LLP 2010 33 Map: Napoleonic jurisdictions

34. © Allen & Overy LLP 2010 34 Map: Insolvency set-off

35. © Allen & Overy LLP 2010 35 Map: Roman-Germanic jurisdictions

36. © Allen & Overy LLP 2010 36 Supermap: The trust

37. © Allen & Overy LLP 2010 37 Map: Mixed civil/common law jurisdictions

38. © Allen & Overy LLP 2010 38 Map: Islamic jurisdictions

39. © Allen & Overy LLP 2010 39 Map: New and unallocated jurisdictions

40. © Allen & Overy LLP 2010 40 Map: American common law jurisdictions

41. © Allen & Overy LLP 2010 41 Map: Corporate insolvency rescue statutes

42. © Allen & Overy LLP 2010 42 Corporate insolvency rescue statutes

43. © Allen & Overy LLP 2010 43 Experts in their field

44. © Allen & Overy LLP 2010 44 BK-#16719881-v1-Predictions_-_Tue_5_April_211.PPT

45. © Allen & Overy LLP 2010 45 BK-#16719881-v1-Predictions_-_Tue_5_April_211.PPT

46. © Allen & Overy LLP 2010 46