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The effects of Brexit on the UK remains a contentious topic. Paying particular attention to the effect of Brexit on the future of UK law firms, Matthew Barker speaks to experts who suggest the process will have both positive and negative effects on law firms.
Jane Keir, senior partner at Kingsley Napley LLP, argues that due to Brexit, legal change is inevitable and thus ‘creates demand for advisory work across the spectrum of practice areas for both corporate and private clients’. The real impact
of Brexit, however, is still unclear, but Keir can certainly envision Brexit influencing the demand of legal services moving forward.
Dr Ioannis Glinavos, senior lecturer at the University of Westminster, agrees with Keir that certain practice areas are likely to be ‘more in demand in light of Brexit’. Glinavos argues, however, that certain practice areas are likely to be
negatively affected as ‘law firms face an uphill battle in becoming Brexit ready’ and need to navigate a ‘dynamic policy environment marred by uncertainty’ due to Brexit.
Experts say the success of UK law firms moving forward is largely dependent on the economy, as firms will either benefit from a strong economy or suffer from the negative effects of a weakened economy. Brexit will therefore have a considerable effect
on UK law firms, as Keir suggests it ‘touches just about every aspect of the economy’. She believes any changes in demand for legal services will simply ‘reflect the changing political and economic climate’ to which Brexit
is expected to have a large influence.
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