The UK’s exit from the European Union has brought shockwaves around the world. This article aims to analyse how Brexit will impact the profession of lawyers and its industry.
Right now, there is much uncertainty as to how Brexit will impact the UK and its legal industry.
However, in the short term, once Article 50 of the Lisbon Treaty is triggered, there could be a small boom in legal advisory needed by financial services companies on how to operate in this new environment.
For example, Brexit will impact tax, employment, business law, intellectual property and financial regulation.
The U.K. legal profession is massive. It contributed 25.7 billion pounds to U.K’s GDP in 2015. It also employs 314,000 people. Regarding global legal services fee revenue, it makes up 10% of it.
London-based lawyers might benefit from the weak pound
Lawyers might risk losing their privilege to practice law in EU
The likely relocation of financial institutions will reduce the bottom line of law firms
Brexit is beneficial for Law Professors and students dealing with EU Law and Brexit
U.K. legal firms are doing countermeasures
There might be more mergers in the near term and increased technology investment
There will be fewer EU trainees in London law firms
Final thoughts on the Brexit
At the end of the day, the impact of Brexit on the law profession is rather uncertain. The biggest factor that will determine it will be Brexit’s economic impact on the U.K. The legal industry depends on many industries for business, e.g. the financial sector.
If the financial sector gets dragged down because of economic uncertainty and losses from the Brexit, then law firms will suffer as well.
If the economy surges, then we can see the law industry to thrive and even grow.
If the U.K. economy slows down, then the law industry will have to adapt and find ways to survive.
Another factor to keep in mind is how much of the revenues these London-based law firms make are outside the U.K.
If most of their income is made outside the U.K., Brexit would have a limited impact on them. However, if they get mostly their revenues inside the U.K., then they will have to make some adjustments to address this risk.
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