England’s vote to leave the European Union has implications on legal issues that will take years to figure out. This decision is expected to have an impact on legal rights and commercial obligations of all business sectors. Many leaders in the business, financial, and legal community are developing strategies for managing the results of this decision.
The full impact of the Brexit decision’s impact on law in the US remains to be seen. We will need to pay attention to the observations of leading legal analysts like Kendall Coffey as changes in business, politics, and law impact the European Union, Great Britain, North America, and Canada.
Here are some of the issues that may impact both the US and the international community, as well as England itself.
Big Business in London Will Get Small
London is home to many international businesses. It functions as a gateway to Europe and currently houses more European business headquarters than any other city on the globe. It’s a popular location for many US banks, too. If these companies and organizations begin to leave London, other companies, and those that support them, may also leave to find work in other cities.
US Companies Will Restructure European Offices
After Brexit, some US companies will need to readjust their organization and tweak their structure. Law firms with EU jurisdictions may not be allowed to operate in the UK because it’s no longer a part of the EU. Companies from the US may need to resolve competition issues since France and Luxemburg have strict laws preventing foreign attorneys from practicing law in their borders.
Many Lawyers Will Get Very Busy
David Cameron, the British prime minister, has announced his resignation. His resignation has the same effect of a starter pistol at the beginning of a marathon. Governments and industries are trying to figure out what Brexit means to their business. Many law firms are now offering 24-hour hotlines to answer questions from their local, regional, and international clients.
Brexit poses some serious problems. The UK has the world’s fifth largest economy. It is now leaving the world’s largest economic grouping—the EU. No one really understands the exact results this change will have on international economics. It’s even more important to stay informed on international affairs, since they may have an impact on your job or the way your company works with other businesses.