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Brexit may have happened, but the journey is far from over. It’s likely you have had a few clients come to you with questions or concerns already, and we’re only in the early stages of the transition period. With months more of negotiations ahead, and an unknown future from 2021 onwards, here are some issues you may want to think about…
How will Brexit affect your law firm?
First things first, your clients are likely to have lots of questions about what Brexit means for them – for their legal and business interests, as well as their personal interests (for example, foreign property investments). This is because there is so much uncertainty about Brexit, and while we can all speculate, no one can be certain of much right now. As discussions on the UK’s future relationship with the EU continue, the landscape will continue to shift, answering some questions while creating new ones.
Training and knowledge-sharing should be an essential part of your strategy in the months ahead – working with your team to stay ahead of the latest changes so that you can offer the best possible legal advice. Look for different ways to communicate new developments so that you can keep your team engaged and working effectively. Maybe you could utilise some team-building exercises to encourage your employees to share their knowledge and experiences.
Also, don’t forget that you are running a business too – so look out for any implications along the way that may affect how your firm operates.
How might Brexit affect your clients?
Clients dealing with a legal dispute may be feeling an extra degree of anxiety right now; for example, perhaps they are unsure about how the law might change in relation to their proceedings. This is an important opportunity for you to reassure and support them while keeping them informed of the reality that lies ahead.
Firms who focus their energies on large corporate transactions may notice that their clients are treading softly when it comes to new deals. Be prepared for more requests for advice about the fundamental legal aspects of doing business, such as employment law, competition law and intellectual property law – all of which may create issues for organisations large and small.
Is it all doom and gloom?
The short answer is – who knows?! Brexit uncertainty is predicted to cause significant disruption, but sometimes disruption can shake things up a bit and lead to interesting new opportunities. For example, while the UK will probably amend its laws at some stage, it is also likely to continue to follow existing EU laws to a large extent to avoid further business disruption, and there are plenty of UK businesses that trade with EU partners who will need reliable legal advice to help them navigate these shifts in law, whether subtle or dramatic.
Organisations outside the UK may also decide to set up shop in the UK now that it is separate from the EU – for example, more than 1,000 financial firms have already applied to open a UK office after Brexit. This could create a number of opportunities for legal firms to build their client base and expand their service offering.
While Brexit will present law firms with a lot of new questions that may be challenging to answer, we are confident that there are also opportunities ahead for forward-thinking firms. Keeping your team up to date and well trained on the latest Brexit news should help you weather the storm of uncertainty and deliver a reliable service to your clients – wherever future developments lead their legal requirements.
To find out how DPS Software can help you keep your team members informed, connected, communicating and effectively serving your clients, contact us today.