With Brexit fast approaching, it is predicted that we will begin to see an increase in the amount of businesses seeking legal guidance over the next few years.
According to IRN, it is estimated that the business legal services will grow by 5% in 2019 with this increase “mainly due to an increase in Brexit-related work”.
Why will we see an increase in businesses using legal services?
Although most companies surveyed by IRN expected their demand for legal services to remain the same, almost a third of large businesses (29%) and 16% of small businesses anticipated a growth in demand.
Commonly, small businesses have fewer legal issues to deal with compared to large corporations and so many will do their own research and ensure they are compliant themselves.
The issue that many businesses, big and small, now face is that Brexit will bring a whole host of changes in laws and regulations, even if these happen over a prolonged period.
This rise in the demand for corporate lawyers could be the boost that the industry needs whilst bringing new challenges to already thriving lawyers and firms.
With a rise in demand comes a rise in competition. We are yet to see how those practicing law will be affected by the increased need for legal help within business. Managers and directors will be looking for guidance in a range of areas, requiring counsel from those specialising in various areas of law.
As we get closer to leaving the EU, law firms are going to have to become more flexible and ensure they are keeping up to date with any changes in laws and regulations that could affect businesses that sell or trade overseas.
As well as a demand in legal consultancy, it is predicted that in-house legal teams will become more common. Many companies believe that having a legal representative in-house allows for better business planning and strategy, whilst keeping costs down.
This could offer a range of opportunities for those wishing to work with one sole business whilst being in charge of their own team.
Whilst Brexit is causing a rift in the Nation, there is a chance that it could still provide opportunities for some industries in return for some chaos for others.