News release

SRA looks at implications for law firms of leaving EU

The Solicitors Regulation Authority (SRA) is monitoring how law firms could be affected by the United Kingdom leaving the European Union.

In a new report published today, the SRA confirmed that there have been no changes to current practising arrangements as a result of the EU referendum. The report sets out some of the possible impacts on the profession as the UK's future relationship with the EU is decided. It also includes a checklist of issues for law firms to consider over the months and years ahead.

Paul Philip, SRA Chief Executive, said: "It is, of course, too early to draw any firm conclusions about the implications on the legal sector of a British exit from the EU. We have been clear that there are no immediate regulatory changes.

"But it is important that both we and law firms monitor what is happening and make sure we understand the possible consequences. This report is the start of an ongoing dialogue about some of the issues and risks we - and the profession - may need to consider.

"The uncertainty that has followed the EU referendum result should not slow down reform. Changes to open up the market, enabling innovation and increasing competition, will help the sector to grow, to support the wider UK business sector and to attract inward investment. That is, if anything, more important than ever before."

The SRA will continue to monitor the situation and provide regular updates through its Risk Outlook.

Read the report: Exiting the European Union: an update for lawyers