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Will Brexit harm law firm expansion?

20th 03 2019

The Justice Select Committee has warned that Brexit will not create opportunities for law firms trying to expand into new countries.

Andrew Walker, chair of the Bar Council:

“Legal services come at the absolute bottom of the list in free trade agreements. Legal services markets are the hardest to break into.

Kate Gibbons, a finance and capital markets partner at Clifford Chance

“We’re giving up a thriving market now, in the hope that at some stage something will work. It would be naïve to assume that all these doors are going to open immediately.”

Simon Davis, vice-president of the Law Society, stated that the fate of the legal sector would depend on business activity in the UK.

However, he said that unlike financial services, legal services would not benefit from any reduction from EU-wide regulation, as the legal profession was regulated differently in each country.

For right now, extending the transition period will have a huge benefit in helping people prepare for whatever is coming next.