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RAPPORT

Brexit opens Pandora’s box of legal issues for international companies

an enormous task

In this report, we highlight some specific areas that warrant legal advisors’ attention. We also present a suggested framework for legal teams to partner with other business functions to create an effective, business-wide Brexit plan.

For many businesses in the United Kingdom and across the world, the most pressing question these days is exactly how the UK’s pending exit from the EU (known as “Brexit”) will affect the cross-border movement of people, goods, capital and data and the provision of cross-border services. But before we get any answers, we will suffer an extended period of uncertainty as the EU and the UK work out the Brexit’s terms. 

In the meantime, in-house legal teams face the enormous task of interpreting and advising on the best responses to the terms on which the UK withdraws from the EU and new UK legislation and rules as they are developed — and the stakes have rarely been higher. The EU is the largest market for many UK-based businesses, and many EU businesses do extensive business in the UK. The terms of Brexit and ensuing legislation will have wide ranging effects on the operating models of these businesses aswell as what these businesses buy and sell, how they buy and sell it, and whether they continue to turn profits.

In this report, we highlight some specific areas that warrant legal advisors’ attention. We also present a suggested framework for legal teams to partner with other business functions to create an effective, business-wide Brexit plan.

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