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Last week, we shared an overview of the soft skills session from our recent Aspire event. The session was facilitated by Richard Martin from bryn·dean who looked at how in-house lawyers can create healthier, more productive workplaces. Read it here >
This week, we’re sharing an update on Brexit from the legal skills session. This was run by David Lowe, Partner at Gowling WLG, and identified the legal issues following the result of the referendum and the anticipated impact it may have on businesses.
Brexit: seeing the wood for the trees
David began the session by examining recent Brexit developments:
Despite these apparent developments, David stated that uncertainty was still, not surprisingly, the key issue to businesses. We know that a Great Repeal Bill will go through Parliament, which will in effect make all EU law domestic law until it has had the chance to be reviewed, but this change will not be quick. We don’t know what the outcome of Brexit will be, nor do we know what journey we will take to get there, the timing or the impact that it will have on the economy.
In addition, we live in an increasingly uncertain world with geopolitics taking centre stage – the upcoming French and German elections, the impact of a Trump presidency and changing relationships with Russia and China to name a few factors.
Whilst David emphasised that businesses have always had to manage uncertainty, there are a number of key things that lawyers advising businesses should be looking out for from a contract law perspective, including:
It is important to work with the business to identify deals which may be affected by changing exchange rates and implement pricing mechanisms which lessen the effect of fluctuations.
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