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One of Brexit's rare winners: Great British law firms



In a possible divorce, lawyers are the only surefire winners, and as Britain intervenes through one of the largest, most modest and most complex violations of economic history, the country's top law firms are flourishing.

Brexit, known as Britain's separation from the European Union, is just one of many reasons why the highest gross producers enjoy their best results in a decade. Almost every training area thrives.

Regulatory lawyers imbued with the amazing legal minutia produced by Brexit have recently gone from drudges to rainwater. These lawyers are strategizing with customers for life after Europe's single market, consultations that often end in confusion and anger.

"There have been some swords, some clients whose faces are drained of color when they realize what kind of influence this will have," said Andrew Hood, a regulatory and trading partner at Fieldfisher, a London-based company and more than 1,000 lawyers. "And in the last six weeks, the number of clients who have woken up have been concerned about what a Brexit looks like, has doubled or tripled."

Law firms do not break out of performance data by practice. However, managing partners at the busiest companies said in interviews that their largest customers now spend up to $ 10 million on "remedial actions" in Brexit-related issues, such as restructuring, intellectual property rights, and labor law. Even more work is expected as companies are trying to rewrite hundreds of thousands of contracts of any kind in what has been called "a massive repetition exercise."

"You come to the end of a fiscal year and think that's the next one I'm worried about," said David Patient, managing partner of Travers Smith, who first started working with financial Customers in 1801. "We've been saying it for two or three years now, and we've grown across sectors at around 10 percent."

Last year, the top 100 law firms in the UK brought in £ 24 billion in revenue – equivalent to $ 32 billion – approx. NOK 8 billion more in inflation-adjusted terms than in 2007, before the financial crisis, according to data collected by the lawyer, a monthly British magazine for commercial lawyers and internal advisors.

During the same period, these companies added 21,000 lawyers to their main figures. The additional agencies have increased profits per year. Equity partner, fines in business. These surpluses have increased every year since the Brexit referendum was adopted in 2016, and now the average amount of $ 1.4 million per annum is now average. Partner in the top 10 companies.

Although law firms often thrive in times of uncertainty, few partners expected a recovery of this size. The contrast with the gloomy days that followed the financial crisis in 2008 could not be stronger. Then, lawyers of the most prestigious London firms, the financial district, were worried that their companies, as their largest clients, were filed for bankruptcy, would soon follow their companies.

"In short," said Aline Doussin, head of the firm's UK trade practice, to a microphone. "U.K. is a member of his own right to W.T.O.

"Of course they did," said Freddie Lawson of Fox Rodney Search's legal employment firm. "It's a weapon race."

Unlike their customers, law firms do not have to worry about delays in French ports. They also do not sweat new tariffs unless it is on behalf of senior executives who pay for their work.

However, they have been preoccupied with Brexit proofing themselves. With thousands of bank-based bankers expected to move to Europe in the coming years, law firms have opened or expanded offices in financial capitals across the continent. Since the referendum, more than 2,000 British lawyers have joined the Irish Bar – now just a matter of filing an application – so they can continue to practice in EU courts among other privileges.

Thirteen percent of the entire role now consists of British lawyers who have been using since the 2016 vote, said a spokeswoman for the Irish Bar Association.

How long this frenetic era will last is a matter of some twist in Britain. If enough companies move if London loses its team as Europe's financial center, the decline is inevitable.

"What is behind in everyone's heart is that Brexit can be good for short-term lawyers," said Jolyon Maugham, a tax lawyer and anti-Brexit campaigner. "But it's like you're a funeral director at the time of the plague. You're currently busy, but you're a little worried about your business model."


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