Just a handful are spending a significant amount of time preparing for Brexit impacts
In-house lawyers in Europe are barely working on Brexit-related matters, a new study has found.
Thomson Reuters Legal found in the “Attitudes to Brexit – In house lawyer perspectives across Europe” study that 75% of in-house legal departments in mainland Europe are spending less than 10% of their time preparing for Brexit. A majority spend no time at all on the issue, it said.
Only five respondents out of 254 said they were spending more than 25% of their time on Brexit-related issues. GCs in financial institutions are more likely to be preparing for Brexit.
Asked how departments’ services may change, 63% said it will be business as usual. For organisation’s with no legal needs in the UK, 73% said the same.
In terms of where legal departments are spending their time, respondents said time went to commercial contracts/ drafting (35%), industry regulation/compliance issues (14%), litigation/disputes (11%) and managing external counsel (10%). The survey also found that less than 25% of time was spent on advising senior management and the business.
Related stories:
Big four London law firms' profits rise as Brexit approaches
UK deal bonanza poised to hit record amid Brexit concerns
