The months since June 2016 have been filled with uncertainty and raging debates over the effect of Brexit. The effect of the United Kingdom’s exit from the European Union amid global trade tensions and a tense economic environment will only add to continent’s woes. It is reported that the Irish legal fraternity is set to benefit from a large percentage of British law firms having their sights set on joining forces with their Irish counterparts.
Irish opportunity: The feeling amongst professionals in this sector is largely positive, yet hesitant to look too far ahead. People are also aware that the situation is very volatile and could change at any moment. Many businesses in this sector depend on events from the rest of the world and also international sentiment.
Some sources are reporting that six out of 10 law firms in Ireland have been approached by their UK counterparts. The Smith-&-Williamson Irish Law-Firm survey found that more than half of firms in the United Kingdom are becoming increasingly worried about the long-term effects of Brexit, while very few of them have any measure of contingency in place.
British Concern: Professionals in the British legal industry, including solicitors in Prestwich and across the North West, are said to be considering joining forces with their Irish counterparts. One of the effects of Brexit in this sector will be that English lawyers will not be able to represent their clients in courts across the European Union. This possibility has led many solicitors from the UK to register in Ireland as a possible alternative. These actions carry some severe consequences. As large firms are looking to employ individuals it creates a situation where employers are being pushed to pay higher salaries to get quality talent, putting pressure on pay inflation across professional services already higher than most parts of the economy.
Competitive Talent Market: Many professionals from this industry have commented that Brexit could turn out to have a positive effect on the economies of those countries around England. One commentator even labelled Brexit as an accelerator. He mentioned that many firms would open up new offices in Ireland, creating a more competitive job market and boosting local economy.
The imminent departure of the UK from the EU has left almost the entire continent in a state of waiting, this is according to a local finance and funds expert. This move will bring about major changes in trade, labour and economic policies and relations. Unprecedented levels of uncertainty hold back investments and market activity, leading to serious knock on effects for businesses, including law firms.
An Opportunity to Embrace the Change: There is no doubt that Brexit will result in large scale change across the continent and specifically in relations between London and Dublin. Despite the uncertainty that comes with a move of this scale, it also represents a time of great opportunity. British law firms have the opportunity to unearth new opportunities, while their Irish counterparts have much to gain should they embrace this new influx.
As the United Kingdom prepares to cut ties with the European Union there is much at stake. While everyone is debating and wondering about the effects of this move, it is those companies who are flexible and able to adapt who will be the biggest winners in this case.