Lawyers Are Thriving Because of Brexit

In the four months since Britain voted to leave the European Union, the pound has plummeted, home prices are down, and banks have threatened to move jobs from the U.K. One business, though, is thriving and poised for a very profitable 2017: peddling advice. Extricating the U.K. from 40 years of European integration will be one of the most complex legal and regulatory exercises ever, which is why demand for legal and consulting services is surging. “The panic is starting to set in,” says Miriam Gonzalez, co-chair of the international trade and government regulation practice at law firm Dechert. “Those who have a lot of interests at stake need to do work now.”

Rules made in Brussels govern everything from the temperature for transporting livestock to international mobile roaming fees. Machinery, pharmaceuticals, steaks, and even toys are all subject to common standards. Whether the U.K. will continue to be bound by these rules is uncertain and will remain so until a final agreement is reached on the U.K.-EU relationship. That will happen in two years, or perhaps even longer, after Britain triggers Article 50, the EU’s exit clause, which Prime Minister Theresa May says she’ll do by the end of March.