Compliance » Brexit Short-Term Bonanza For Law Firms, But Then What?

Brexit Short-Term Bonanza For Law Firms, But Then What?

June 27, 2016

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You could think of membership in the EU as a way to settle a lot of issues wholesale. Those issues won’t go away, but now they will need to be settled anew, retail, one or just a few issues at a time. If that’s the paradigm, then the short-term outlook for law firms doing that work is rosy indeed. The question is how long “short-term” is, and the bigger question is what happens then. From Reuters, an overview of last week’s shocker and its implications tapped some high-end attorneys, British and American, for their take on such matters shortly after the results came in. The UK will need to negotiate a lot of new trade deals, notes the head of international offices for Steptoe & Johnson, and that means a lot of work for firms like hers, but longer term she thinks the profession will take a hit. She also believes London will remain an important international financial hub. “I wouldn’t expand in London now,” she says, “though I wouldn’t pull out either.”

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