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Earlier this morning, the U.K. took the unprecedented step of voting to leave the European Union. The so-called Brexit will not happen for at least two years, but the shock result has already resulted in widespread market turmoil.

The value of U.K. currency slumped by over 10 percent to just $1.32—its lowest level for more than 30 years and the largest single-day fall in history. Equities markets across Europe have suffered massive losses, with more than £120 billion wiped off the FTSE100—the share index of the U.K.’s 100-largest listed companies, some of Big Law’s most important clients—in frantic early trading. The banking sector has been particularly hard hit, with shares in Barclays, Lloyds and RBS crashing by at least 30 percent. Rating agency S&P has said that it is likely to downgrade the U.K.’s sovereign credit rating.

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