As the UK prepares to leave the EU, a Bellwether research paper published by LexisNexis UK reveals there is ‘overwhelming inaction’ on the part of independent law firms to prepare for Brexit.
According to the Global Legal Post, a large portion of firms believe that leaving the European Union will significantly impact their business in the future. Despite this, they are seemingly unprepared.
Less than 1 in 10 solicitors surveyed in the research have made any contingency plans for Brexit, with a further 2 in 10 planning to over the next year.
47% of solicitors were found to be worried about the political and economic instability of Brexit and the threat it will pose to their business.
Some 95% of the work handled by the UK solicitors surveyed originates domestically, with just 1 in 5 having any legal involvement outside the country.
72% of solicitors surveyed said that their firm actively embraces change. Over a quarter think that Brexit will be an opportunity for their law firm.
91% of respondents say they are confident about the future, while 78% believe there could be rough times ahead, but they are confident about their ability to react and adapt to the situation.
A question mark has been hanging over Brexit for some time now. Clearly there is uncertainty surrounding it (something we’ve heard before), hence reservations to prepare. Many lawyers in the industry are frustrated about not knowing what to expect. Patience is a virtue, however from the perspective of a business, it would be beneficial to prepare Brexit contingency plans to limit unnecessary blows.