Since the referendum result in June 2016, and the triggering of Article 50 in March 2017—a deal has yet to be reached—and a ‘hard Brexit’ remains a possible outcome. If no resolution to the impasse is achieved before March 2019, and the UK has a ‘cliff-edge’ departure from the European Union (EU), the outlook for UK legal services market predicts a near £3bn decline in turnover between 2020 and 2025.
Thomson Reuters partnered with Oxford Economics to take a closer look at the potential short-term, and longer-term, impact to the commercial outlook for the legal services industry, and the implications of the UK’s potential departure from the EU.
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