Brexit has a huge impact on the laws
from environment to intellectual properties and finance and yes, the immigration.
So, this has made law firms in London in a high demand to make their clients
understand these areas and actually how it works so that’s become a reason for
some individuals to say that Brexit is going to benefit only lawyers and
consultants.
These days the lawyers are giving a
superseding theme to the guidance --“the real challenge Brexit presents is
simply the uncertainty.” Brexit has come with a bag full of great opportunities
for the lawyers in a really short term because businesses are seeking for the
absolute guidance and seeking advices from the law experts. This assistance
will strengthen Britain's future relationship with the EU crystallizes.
Considering it as a game changer in
the law in industry some of the law firms are gaining a lot and maintaining and
edge to the rivalry that includes investing in technology, making working hours
flexible so that they can attract the best talent and show case their
expertise.
A key area of the economy – and legal
practice – affected by Brexit is financial services. The biggest issue is
whether UK-based firms will retain their 'passport' rights to trade in the EU
post-Brexit. At the time of writing in summer 2017 the answer to this question
is no clearer than a year ago, but a trend has already begun for banks moving
jobs abroad to places like Dublin and Paris.
So has the Brexit vote been bad news
for the economy as predicted? The signs are mixed. One managing partner told us
of “an initial dip in work after the referendum results when businesses and
investors sat on their hands for a long time and thought 'I have to process
this and work out what it means'.” The training partner of a City firm was more
upbeat: “After the result, lots of people had prophesied doom and gloom, but
actually the markets and our clients adjusted very quickly to the reality that
we are going to leave the EU and want to focus on making sure there are no
significant hiccups in deal activity.” The economic indicators are mixed too:
GDP was up 0.2% in the first quarter of 2017 and 0.3% in the second, but growth
is slower than expected, slower than in 2016, and slower than in the rest of
the EU. The construction and manufacturing sectors are particularly jittery
while services and tech are doing better.
Some law firms in London have optimism
emerges from a growing presence overseas which they feel will help shore up any
stumbles in the UK – that's great for the firms, but not much comfort to
trainees and other employees in Britain if jobs are moved abroad. National firm
Pin sent Masons has already set up shop in Dublin explicitly because of Brexit,
and notoriously conservative US firm Sullivan & Cromwell has opened an
office in Brussels to complement its London presence.
Since the recession law firms in London have learnt to do more with less.
With tighter budgets, clients are demanding greater value for money. They are
no longer ready to pay for a junior lawyer to sit in a room photocopying if a
temp can do the same for peanuts. New technology and outsourcing are also
hitting demand for trainees, with roles outsourced abroad or to low-cost parts
of the UK and AI being used to do mundane tasks. Expect to hear more about the
role of AI in the profession: the prognosis is that the lawyer's role will be
less about drafting and more about their judgement, experience and business
advice.
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