The legal sector has joined forces with other professional services providers to detail what it needs to continue providing a quality service in the UK after Brexit.
The Law Society, which published the report in collaboration with other regulators and leading firms, said the professional services sector adds nearly £188 billion of gross value to the economy each year which must be protected.
This represents around 11 per cent of the UK’s total GDP, and accounts for around 4.6 million jobs.
For a “successful Brexit”, it says, the Government must deliver on five key economic and industrial principles.
This includes ensuring the mutual recognition and enforcement of British jurisdiction clauses and judgements in the EU-27 and vice versa, as well as allowing clients in the UK and EU-27 to choose how and where they receive PBS services.
The report also asks for:
- The mutual recognition of professional qualifications, products and operating licenses.
- A system which allows UK and EU-27 PBS businesses to continue to use their current corporate forms to service clients across Europe.
- Continued co-operation in areas that facilitate cross-border trade, including the exchange of personal data.
The report adds that “if the future partnership agreement covers the PBS sector adequately, the sector, and by extension the UK economy, will continue to flourish.”
However, if no deal is reached, “the factors which contribute to the success of the UK PBS sector will be jeopardised.”
For more information about the tax and financial services Smailes Goldie can provide to clients in the legal sector, including conveyancers, please contact us.
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