New York‘s Commercial Division: A Magnet for business and Economic Growth
New York’s Commercial Division has long been recognized as a premier venue for complex business disputes, attracting litigation from across the globe. This reputation isn’t just good news for lawyers; it has a notable impact on the state’s economy, driving revenue, job creation, and overall growth. The New York State Bar Association (NYSBA), in partnership with the Commercial Division Advisory Council, is actively working to further solidify New York’s position as the go-to destination for commercial litigation. This collaborative effort aims to attract even more high-value cases to the state, benefitting both the legal community and the broader New York economy. The potential economic gains are significant. A 2011 report by the NYSBA Task Force on New york Law in International Matters projected that a modest increase in the volume of business disputes resolved in New York could generate an additional $200 to $400 million in annual revenue for law firms alone. The advisory Council’s goals are even more ambitious, recognizing the vast untapped potential of New York’s Commercial Division. To achieve these goals, the NYSBA is leveraging the Commercial Division’s established reputation for efficiency and expertise.As NYSBA President Domenick Napoletano emphasizes: “the Commercial Division is renowned as one of the world’s most efficient venues for the resolution of commercial disputes. The excellent reputation of the Commercial division attracts commercial litigation to New York State which might otherwise be brought in other states or countries.” Beyond simply highlighting the division’s strengths, the NYSBA is actively promoting New York as a prime location for dispute resolution. They’re employing a multi-pronged approach, including informative videos and brochures, to educate businesses about the advantages of litigating in New York. Recognition of the Commercial Division’s importance extends beyond the legal community. A 2018 Proclamation by the New York City Council highlighted the division’s critical role in the city’s economic vitality, stating: “New York owes much of its world-class status as an economic engine to its world-class court: the Commercial Division of the New York Supreme Court.” The Proclamation further underscores the Commercial Division’s impact: ”The Commercial Division is uniquely qualified to increase taxable revenue for the city of New York while stimulating job growth. It strengthens New York City’s ability to attract and retain businesses,which add jobs,fuel demand for real property,and increase tax revenue. The tax revenues from local businesses also provide financial support for the New York State judicial system.” The combined efforts of the NYSBA and the Commercial Division Advisory council are poised to have a lasting positive impact on New York’s economic landscape. By attracting high-value litigation to the state,they’re not only creating opportunities for lawyers and law firms but also contributing to a vibrant and thriving economy for all New Yorkers.**Q:** **Domenick Napoletano,** many people view the Commercial Division as simply a court for business disputes. What makes it so significant for New York’s economy?
**A:** The Commercial Division is renowned as one of the world’s most efficient venues for resolving complex business disputes. This efficiency attracts large, high-value cases that might or else be litigated in other states or countries. The influx of such cases not only benefits lawyers and law firms, but also generates significant revenue for the state through taxes and related economic activity.
**Q: Mary Jones**, how is the NYSBA working to further strengthen the Commercial Division’s position as a global hub for resolving business disputes?
**A:** We are actively promoting New York as the premier location for international dispute resolution. We’re leveraging the Division’s excellent reputation through a multi-pronged approach, which includes educational videos, informative brochures, and targeted outreach to businesses and legal professionals worldwide, highlighting the benefits of litigating in New York.
