The U.K. legal sector could suffer a £3 billion ($3.87 billion) revenue hit and lose 12,000 jobs by 2025 in the event of a “no-deal” Brexit, according to a new study released by the Law Society, an independent professional association that represents and governs solicitors in England and Wales.
The study warns against the potentially “significant negative effects” on the legal sector of a hard Brexit, an outcome which is expected to hit revenue growth and economic performance across all sectors, resulting in reduced demand for legal services and a decrease in employment in the legal sector.
