Law firms await Brexit downturn
UK law firms are expecting a long-term decline in work if Brexit negotiations end up in a no-deal scenario. British firms are now looking to expand their businesses into new markets to hedge an expected downturn in demand for their services, while European firms are preparing to meet a long-term increase in demand for their services, according to a survey of 300 law firm partners in the UK and Europe conducted by Thomson Reuters.
Some two-thirds of UK firms have already taken some action to prepare for Brexit, while over 90% of German firms have done so, significantly more than the average 68% across continental Europe. Those in France, Spain and Italy are less prepared. Only 63%, 64% and 50%, respectively, of firms in these markets have undertaken some action to prepare for Brexit.