Linklaters managing partner Gideon Moore has warned that it's not just the UK's relationship with Europe that will change as a result of the Brexit vote, but Britain's relationship with the rest of the world, as London's leading position as a financial, legal and accountancy hub comes under threat from a vote to leave the EU.
City partners fear a shock referendum result which saw Britain vote to leave the European Union may see businesses relocate and make it harder to UK law firms to invest abroad. Meanwhile City litigators are confident London will maintain its status as a leading disputes hub.
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With First Minister Nicola Sturgeon calling for a second Scottish referendum on UK independence amid Scottish voters overwhelmingly backing a vote to remain in the EU by 62% to 38%, law firm leaders in Scotland have urged for composure in a region which is likely to see a longer period of uncertainty than the rest of the country.
European integration was the bedrock for City law firms' dramatic globalisation during the 1990s and 2000s but yesterday's shock vote on the European Union referendum has sent shockwaves through the nation and the profession.
Maclay Murray & Spens, fresh from failed merger talks with Addleshaw Goddard, has had another disappointing year financially, with a 12% drop in profits per equity partner (PEP) from £283,000 to £248,000, while turnover is up 3% to £44.8m.