The Brexit decision for the UK’s withdrawl from the EU could well have a severe longer-term effect on British – particularly London-based – law firms.
Experts appear to agree that while there may well be a short term spike in business given the huge complexities and constitutional “mayhem”, as one senior lawyer described it, that follows the Brexit decision, there is also the problem of losing longer-term work in areas like Mergers and Acquisitions.
The result will likely lead to a sharp reduction in the the growth of US law firms in London, many of which provide law jobs for Australian and New Zealand lawyers, and a down-sizing of all major law firms as commercial activity reduces and London’s role becomes less significant.
Although it is early days (literally) the Brexit decision completely recasts Britain’s commercial and political clout in a way that will necessarily impact upon the lawyers providing services to existing clients in the country.
The full outline of the ‘legal reaction’ to the Brexit decision may be seen here.