Law360, London (December 13, 2016, 5:59 PM GMT) -- Brexit will render U.K. courts less attractive to financial services firms unless the government brokers a deal to ensure English judgments and jurisdictional clauses are still respected across the European Union, a prominent legal lobby warned Tuesday.The Law Society threw its weight behind a Monday policy paper from the Bar Council, stressing that London’s financial supremacy depends heavily on the appeal of its legal sector and the high status of local judgments within the EU under agreements granting mutual recognition.“A great deal of attractiveness of the U.K. in general, and London in particular, as a hub for business (particularly... In the legal profession, information is the key to success. You have to know what’s happening with clients, competitors, practice areas, and industries. Law360 provides the intelligence you need to remain an expert and beat the competition. TRY LAW360 FREE FOR SEVEN DAYS
Brexit could "considerably diminish" the attractiveness of UK courts to multinational financial firms if a legal framework protecting "English judgments and jurisdictional clauses", following a policy paper from the Bar Council, backed by The Law Society. The decision to pull out of the European Union puts at risk the assumption that rulings in UK courts will be recognised across the EU. Law firm Simmons & Simmons said 88% of its clients want the UK government to make a public statement on the issue, while more than 50% of its clients are thinking about moving away from English law.