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 more than 50% of its clients want the UK government to make a public statement on the issue, while 88% of its clients are thinking about moving away from English law.
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.