Brexit Uncertainty? Turn it to your advantage

Brexit Uncertainty? Turn it to your advantage
Starved of clarity, businesses in the UK have largely been forced to fend for themselves to build a coherent strategy on Brexit management and to understand what it will mean for their business. As the UK government continues to oscillate between a “hard” Brexit, a Norway style deal or “soft” Brexit, and “no deal”- it’s important that in-house lawyers avoid the same speculation and ensure that their Brexit plans are pragmatic and address the realities of their businesses. While the type of Brexit the UK will eventually leave with will doubtless impact the kind of safeguards businesses will eventually install, there are several fundamental evaluations that should form the backbone of Brexit preparations to ensure that their business remains buoyant and manages risk whatever the outcome of 29th March. 
 
To aid in-house lawyers in their Brexit planning, LexisNexis has devised confidence building toolkits, designed to aid lawyers build confidence in spite of uncertainty. Although the work will be significant, senior in-house lawyers and GC’s should be cognizant of the potential for growth: although the uncertainty of Brexit may expose weakness, Brexit also offers an opportunity to gain insight into the business, helping lawyers to develop their project management skills and help to shape the growth of their businesses. In the face of such upheaval, we examine how the uncertainty of Brexit can enable growth, provide strategy insight for in house lawyers and advise on which areas of your business require your attention. 
 

Understand the key areas where Brexit may impact your own business 

In such turbulent times, it is tempting to look to other businesses for advice, or for a template of best practice. However, in the same way that no two businesses are the same, there are also no identical modes of handling Brexit—what works for one company may not work for another. As a result, it is vital to evaluate your own business to pinpoint specific areas of impact and those which require your most urgent attention. To get to grips with this task, we have identified the headline problems that will impact the majority of all businesses:
 
• Risk exposure in contracts
• Supply chain disruption
• Restrictions on the transfer of data
• Replacement of existing EU derived laws
• Enf

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About the author:
Catherine is one of the Future of Law's digital editors. She graduated from Durham University with a degree in English Literature and worked at a barristers chambers before joining Lexis Nexis.