Legal services firms are likely to see a flurry of activity following the Brexit vote as businesses and private clients seek to understand what it may mean for them and how they should plan for the future, according to RSM.
Rowan Williams, RSM’s head of professional services, has said that risks could emerge if the UK is seen to be a less attractive place to work on the global stage.
She has also warned that UK-headquartered firms with a global footprint may also need to review how they trade going forward and whether the global structures they have in place are still fit for purpose.
“Perhaps the most worrying aspect of Brexit on professional service firms is whether it results in an oversupply of resource,” said Williams.
“We are a country with a very strong professional services sector, a significant proportion of which is supplied to businesses outside of the UK. Will those businesses, particularly those in the EU of the future, still want to buy from us? “
“However, with every challenge comes an opportunity,” she added.
“Firms that review their position early and revisit their strategy to fit the new situation could find they have a long and sustainable future. Management must now keep a very close eye on how matters evolve over the coming months and react quickly to drive change where it is needed.”