The paper, ‘The Luxury of Uncertainty: Inaction in the face of Brexit’, published this week by LexisNexis UK, highlights overwhelming inaction to prepare for the UK’s departure in two weeks’ time. A further 20% of the 176 solicitors at small firms and small offices of large firms surveyed intend to make contingency plans in the next year or two, once the UK has left.
Despite their seemingly relaxed attitude, however, nearly half (47%) of those surveyed say they are worried about the instability of Brexit and the threat it will pose to their business.
‘Clearly, the uncertainty surrounding Brexit is a key factor in lawyers’ reticence to take concrete preparatory measures,’ said Jon Whittle, market development director, LexisNexis UK.
‘It is of course understandable as there is little clarity on what the future will look like. There is frustration among lawyers about not knowing what will happen down the line, however the industry isn’t complacent—instead, it seems that the mental bandwidth of those involved is overwhelmed by the industry specific challenges—ones they have been struggling to deal with for years already and are still significant today.’
Moreover, ‘independent lawyers have taken a “wait and watch” approach on the basis that their business is primarily UK-centric,’ Whittle says. About 95% of the work handled by the solicitors surveyed originates within the UK, and only one in five of the respondents have any legal involvement abroad.
Whittle adds, however, that ‘there is a business rationale for having Brexit contingency plans in place to at least limit unnecessary blows to the business in the long run. Brexit isn’t a momentary event, it will unfold through the transition period’.
More than a quarter of solicitors surveyed think Brexit will create opportunities for their firm, and nearly two-thirds (72%) say their firm actively embraces change. Overall, 91% of solicitors are confident about the future, while 78% think there may be rough times ahead but they will be able to adapt.
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