What does Brexit mean for law firm risk, asks Frank Maher
Already there are press reports that some leading law firms are battening down the hatches in anticipation of either a full recession, or at least a downturn in activity in particular sectors such as real estate, following the UK’s referendum decision on 23 June 2016 to leave the European Union.
The risks to business and the wider economy have been widely explored in the press, and law firms can expect, to some extent, to follow the fortunes of their clients, but what are the professional liability risks which law firms may face? As we enter uncharted waters, this article attempts to explore some preliminary thoughts on where those risks may lie.
Cream of the crop
Many of the lawyers advising on Brexit issues will be among the cream of the profession and will doubtless have a thorough grounding in the area of law in which they practise. Errors of law were an infrequent source of claims in the past, but this is
