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City Brexit Survey results

4 May 2017

In the April edition of City Update, we asked you to complete our survey on how Brexit has impacted you and your work. Thank you to everyone who responded. This is what you said:

  • The majority of respondent's personal job situations and main areas of work since the referendum have generally remained the same.
  • The City of London legal sector and prospects for firms are perceived to have deteriorated since the referendum.
  • The majority of respondents are neither certain nor uncertain about their job situation and prospects.
  • The majority of respondents are feeling uncertain about prospects in their main area of work
  • Respondents were split 50/50 between feeling neither certain nor uncertain, and between feeling quite uncertain, regarding the prospects for the City of London legal sector and for the prospects of their firm.
  • The majority of respondent's voting preferences would be the same if a second referendum were held tomorrow on EU membership.
  • Financial services lawyers considered legislative confusion and the relocation of London-based financial services firms to be some of the biggest threats to their work. Concerns were also raised about the state of the economy, the ability of UK lawyers to practice EU law, the withdrawal of passporting and job losses.
  • The opportunities identified by financial services lawyers were an increase in demand for services internationally, and the opportunity to expand in US and Asian markets.
  • 63% of respondents were not already aware of the Law Society's priorities for the Brexit negotiations.
  • In answer to the question, 'What should the Law Society do to support you as a financial services lawyer during the Brexit negotiations?', the majority of respondents wanted the Law Society to push for legal certainty and a smooth transition. However, some did comment that lobbying government might be a waste of time, and end up causing more harm than good.

Thank you to everyone who took the time to complete our Brexit survey.