find the latest legal job
Corporate Counsel and Company Secretary
Category: Generalists - In House | Location: Newcastle, Maitland & Hunter NSW
· Highly-respected, innovative and entrepreneurial Not-for-Profit · Competency based Board
View details
Chief Counsel and Company Secretary
Category: Generalists - In House | Location: Newcastle, Maitland & Hunter NSW
· Dynamic, high growth organisation · ASX listed market leader
View details
In-house Projects Lawyer | Renewables / Solar | 2-5 Years PQE
Category: Generalists - In House | Location: All Australia
· Help design the future · NASDAQ Listed
View details
Insurance Lawyer (3-5 PAE)
Category: Insurance and Superannuation Law | Location: Brisbane CBD & Inner Suburbs Brisbane QLD
· Dynamic organisation ·
View details
Legal Counsel
Category: Corporate and Commercial Law | Location: North Sydney NSW 2060
· 18 month fixed term contract · 3-5 years PQE with TMT exposure
View details
Brexit ripple effects hit diverse practice areas

Brexit ripple effects hit diverse practice areas

Anna Elliott

While the implications of the Brexit vote remain uncertain, a number of practice areas are likely to be affected by the withdrawal.

Anna Elliott, a partner at Squire Patton Boggs, was in London shortly after the British public voted on 24 June in favour of leaving the European Union.

The vote was quickly followed by the resignation of Prime Minister David Cameron, with Theresa May taking over the leadership last week.

“We're in new territory and no one knows the details of what will happen next,” Ms Elliott said.

“There is a lot of political uncertainty with a new prime minister, Theresa May, and cabinet having just being announced.”

As Britain’s plans to withdraw unfold, Ms Elliott suggested lawyers are likely to see several flow-on effects across various parts of the firm.

The immigration team has been heavily consulted by clients, particularly those with EU national staff members working in the UK or UK workers based in Europe, she said.

In financial services practices, some companies – particularly those based in the Asia-Pacific region – may consider the benefits of redomiciling operations from London to mainland Europe.

“Financial services may be affected as those non-EU firms using the UK as their base for their EU financial services offering assess their options and potentially lose their cross-border or branch passports into other EU countries,” Ms Elliott said.

“From an Asia-Pacific perspective, that could be a potential outcome, because one of the benefits of the UK’s EU membership is the availability of ‘passporting’ rights between EU member countries and the UK being an entry point to Europe and the single market.”

Commercial practices may also be affected if EU trade terms no longer apply, Ms Elliott warned.

“For commercial contracts currently being negotiated, protection against Brexit consequences may need to be considered, such as trade tariffs, exchange rate swings, capital movements and tax changes.”

Several countries – including Australia – are currently negotiating free trade agreements with the EU. Commercial agreements involving the UK will need to navigate the uncertainty of whether the UK would be bound by these terms.

Employment law, Ms Elliott’s area of expertise, is also facing uncertainty in the long term, even if the short-term impact is limited.

This is particularly relevant for British companies employing EU nationals or UK workers based in continental Europe.

“Leaving the EU doesn’t mean there will be an immediately change in terms of UK domestic employment law but may result in less desire to implement forthcoming EU directives into domestic law as well as other longer term impacts,” she said.

Overall, Ms Elliott described the mood in London after the vote as “one of shock, despondence and a little bit of disbelief at the result”.

However, she emphasised that stability would eventually return to the business environment and the legal landscape.

“If you have clients who trade with or have a presence in the UK, then it’s important to keep abreast of developments as the current uncertainty unfolds so you’re well-equipped to provide strategic guidance to clients on the potential legal and commercial considerations which may arise and impact their business,” she said.

“However, whilst Brexit does add levels of uncertainty and complexity, business transcends borders and we would expect that the business environment in Britain, the EU and elsewhere will adjust to a post-Brexit EU.”

 

 

Like this story? Read more:

QLS condemns actions of disgraced lawyer as ‘stain on the profession’

NSW proposes big justice reforms to target risk of reoffending

The legal budget breakdown 2017

Brexit ripple effects hit diverse practice areas
lawyersweekly logo
Promoted content
Recommended by Spike Native Network
more from lawyers weekly
LCA president Fiona McLeod SC
Aug 17 2017
Where social fault lines meet the justice gap in Aus
After just returning from a tour of the Northern Territory, LCA president Fiona McLeod SC speaks wit...
Marriage equality flag
Aug 17 2017
ALHR backs High Court challenge to marriage equality postal vote
Australian Lawyers for Human Rights (ALHR) has voiced its support for a constitutional challenge to ...
Give advice
Aug 17 2017
A-G issues advice on judiciary’s public presence
Commonwealth Attorney-General George Brandis QC has offered his advice on the public presence of jud...
APPOINTMENTS
Allens managing partner Richard Spurio, image courtesy Allens' website
Jun 21 2017
Promo season at Allens
A group of lawyers at Allens have received promotions across its PNG and Australian offices. ...
May 11 2017
Partner exits for in-house role
A Victorian lawyer has left the partnership of a national firm to start a new gig with state governm...
Esteban Gomez
May 11 2017
National firm recruits ‘major asset’
A national law firm has announced it has appointed a new corporate partner who brings over 15 years'...
opinion
Nicole Rich
May 16 2017
Access to justice for young transgender Australians
Reform is looming for the process that young transgender Australians and their families must current...
Geoff Roberson
May 11 2017
The lighter side of the law: when law and comedy collide
On the face of it, there doesn’t seem to be much that is amusing about the law, writes Geoff Rober...
Help
May 10 2017
Advocate’s immunity – without fear or without favour but not both
On 29 March 2017, the High Court handed down its decision in David Kendirjian v Eugene Lepore & ...