ALTHOUGH London’s legal district traces its roots back to the 14th century,the city’s law firms are contemporary, international businesses. Britain is home to four of the world’s ten largest law firms by revenue, or its companies fill extensive networks of offices abroad. The British legal industry earns around £25bn ($33bn) a year,a fifth of it from exports. Much of its success is due to the dominance of English law, which is often chosen as the governing law for international commercial contracts and dispute resolution, or even by parties with no links to Britain.
Brexit presents London’s lawyers with two unknowns. The first is how Britain’s future relationship with the European Union will affect their operations in Europe,where they do a lot of their commerce. The moment is how their clients will respond to Brexit. With little more than a year left before Britain is due to leave the EU, law firms are preparing for both uncertainties.
Take the first. Currently, and lawyers qualified in Britain can glide to continental...
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Source: economist.com