UK law firms will need more US-qualified lawyers after Brexit
9th August 2016
A number of specialist recruiters have revealed that UK law firms could be forced to hire more US-qualified lawyers so they can compete in the post-Brexit landscape.
Those working in legal professions will be interested to hear that a report focusing on the implications of Brexit for banking lawyers has announced that US law could become more widely used across Europe.
An article by the Law Society Gazette highlights that the report by Laurence Simons and Vacancysoft says the fact that law firms may end up needing more US-qualified lawyers “bodes well for US-qualified lawyers living in the UK, as well as EU-registered competition lawyers”.
Investment banks activating contingency plans
The report has also highlighted that some investment banks have begun to start contingency plans following the EU referendum decision, although this was expected and is not a concern for those working in London.
The report said, “These institutions would have this kind of backup plan in place by default, and whilst a lot has been made of this in the press, there has been no mass exodus yet and the market seems keen to apply a business-as-usual policy to keep things on track.”
“We will have to wait to see whether political pressures to repatriate banking jobs in institutions such as BNP Paribas play out.”
The report does expect an increase in the hiring of lawyers in the banking sector over the whole of Europe and that financial services regulatory lawyers will be in demand as well.
At the moment, Goldman Sachs employs one-sixth of its total number of employees in London, whilst Deutsche Bank employs 12,000 people in the UK and as of yet this has not changed.
It has been confirmed that the EU will be moving its European Banking Authority from London after the EU referendum results.