Brexit to derail legal sector
A no-deal Brexit could cost the UK legal sector £3bn in revenues and lead to 12,000 job losses by 2025, according to the Law Society.
“Brexit is likely to have a significant negative effect on the legal sector in the medium- and longer-term,” says Law Society president Christina Blacklaws. “This is largely due to the knock-on impact of Brexit on the wider economy as demand for legal services relies on the success of other sectors of the UK economy.”
A hard Brexit could negatively impact employment in the legal sector, with lower growth and investment in UK firms leading to lower productivity growth.
“Even based on a soft Brexit modelling our forecast suggests a steeper fall in employment than in last year’s forecast," adds Blacklaws.
The British Insurance brokers’ Association said last week that the prospect of a no-deal situation with third country status was unthinkable and a cause for great concern.
“This is far from an issue just for our capital city; three quarters of people working in insurance are employed outside London,” said Andy Thornley, Biba’s head of corporate affairs.
Image: Steve Mullins