This blog will examine the effect that Brexit will have on lawyers and the legal industry.
Brexit is one of the key themes of our time and its shadow extends to every aspect of our lives.
The legal industry is no exception and prospective lawyers and students with Advanced Law Tutors should bear the ramifications of Brexit in mind.
Brexit - Initial scenario
In the first instance, the results of the Brexit negotiations will likely result in a lot of extra work being created for lawyers from across the industry.
After all London is one of the world’s greatest commercial hubs, serviced by the best commercial lawyers and the finest legal system.
The litany of commercial giants with bases in London will need lawyers to help them understand the ramifications of the final deal agreed between the UK and the European Union.
Brexit - Lack of investment
However, this initial bonanza may soon be offset by the negative consequences of a poor deal that makes trade with the European Union more difficult or expensive.
We may see that investment reduces and there is less work for lawyers, and commercial lawyers, in particular to scrap over. Companies may retreat from investment in the UK if faced with uncertainty or difficulty.
Brexit - The positive side
This is not to discourage students from pursing a legal career in the UK. Although some areas may suffer negative consequences as a result of Brexit, other areas of law may see an increased level of work. For example, UK competition law is extremely closely linked to the European Union’s.
If the UK decides to develop its own competition law then businesses may be seeking advice from UK lawyers to navigate any new legislation and position themselves as leaders in this new environment.
Brexit - summary
Similar scenarios will present themselves across a range of legal areas such as employment law and intellectual property law. Thus, Brexit presents both an opportunity and a challenge for the UK legal sector. Got any question? Our expert law tutors can help you, get in touch with us.