How will Brexit boost the demand for legal services?
The world is waiting with breath that is bated for a Brexit deal. Lawyers included are tying their brogues and bracing themselves for their reactive reflexes, whatever the decision.
There is a lot of talk about proposed growth or the potential decline in demand for legal services. The issue with change is that professionals panic, industries rush to conclusions and everybody feels threatened. It has already been suggested that a no-deal Brexit could mean 12,000 job losses in the legal sector alone.
On top of this, legal registration in Northern Ireland is on the up and many of the big players are supporting this movement. Whilst this may seem detrimental, it is simply a ‘widening net’ tactic. Uncertainty leads to covering all bases. Large corporative legal institutions will want the ability to operate in the EU as well as the UK, not to mention worldwide simply due to profitability. Really, it’s a smart move, and not one that we should worry about.
Despite appearances, demand for legal professionals is actually higher than ever. In the upcoming years, whatever the deal, there is a huge amount of legislative rewriting to be done, not only constitutionally but in terms of trade, tax and common law. There is even the potential for a human rights act rewrite. That’s a lot of work to go around.
In addition to this, there is finally a positive factor for the decline of the pound. When it comes to Brexit, it is important to think long-term. The UK is the world’s second most valuable market for legal services and a decline in the pound is making services cheaper and much more desirable. If a corporation can get more for their money without sacrificing quality by going with a British firm, demand inevitably will go through the roof.
With all the negativity surrounding Brexit it is important to see the silver lining. Law is built around modification and the demand for legal services will be heightened post-Brexit and for many years to come. This is already being supported within recruitment, as we see the growth of legal applicants increase by 17% and demand for workers increase by 23%. Now is not the time to turn away from a career in the legal sector, now is your time to shine.