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Our survey results show that the majority of law firms have yet to create a meaningful Brexit strategy.
Despite the large number of unknowns, it’s imperative that firms formally assess the risks in the areas in which they are most exposed and understand the potential financial consequences.
As a minimum, we advise clients to carry out financial forecasting to assess their likely trading and cash positions, as well as the potential impact of exchange rate fluctuations. Accurate and timely management information is absolutely essential to help firms identify risks and take appropriate action and drive business performance.
For example, some may be considering how they can continue to provide advice to clients through EU- qualified lawyers. One option may be to send trainees on secondments to EU firms so they can gain their qualifications there.
Others may need more formal arrangements with EU-based firms or establish a new entity insured and regulated in the EU. What are the cost and revenue models of these arrangements?
Firms that are well prepared for the impact of the various Brexit scenarios may also be in a better position to advise their clients with EU exposure and could gain a significant competitive advantage.
Here are three simple steps to help get your firm ready: