No-Deal Brexit Risks $4.2 Billion Loss to British Legal Industry
- Law society urges U.K. to reach deal to preserve EU rights
- Leaving without pact could cost 10,000 legal jobs, group says
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U.K. Prime Minister Boris Johnson got another warning of the potentially dire effects of a no-deal Brexit, this time from lawyers who said that crashing out of the European Union would put 10,000 legal jobs at risk and may cost the industry about 3.5 billion pounds ($4.2 billion).
In a report on Thursday, the Law Society called on Johnson’s government to reach an agreement with the EU that allows English and Welsh solicitors to maintain their right to practice in the soon-to-be 27 nation bloc. Without any accord preserving lawyers’ rights, U.K. legal services revenue could slump by nearly 10%, the professional body warned.