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Aspiring Lawyers - Interviews & Vacation Schemes
Commercial Awareness Discussion
Commercial Awareness Update - August 2018
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<blockquote data-quote="Coralin96" data-source="post: 1397" data-attributes="member: 15"><p style="text-align: center"><strong>Banks preparing for Brexit</strong></p><p><strong></strong></p><p><strong>The Story:</strong></p><p><strong></strong></p><p>Bank of America has plans to move a small number of research analysts from London to Paris.</p><p><strong></strong></p><p><strong>Impact on business and law firms</strong></p><p><strong></strong></p><p>As I've said before, financial firms are concerned they will lose the ability to export to EU clients after Brexit, because of the loss of <em>passporting rights</em>. One way to solve this is to relocate to within the EU, which means moving staff from London to an EU office</p><p></p><p>Quick facts </p><ul> <li data-xf-list-type="ul">Up to 4,000 job moves have been announced, including up to 1,000 from HSBC alone. </li> <li data-xf-list-type="ul">JP Morgan, Morgan Stanley, Citi, Goldman Sachs, and other banks, have announced plans to move to Frankfurt, which has gained a lot of financial business since Brexit was announced.</li> <li data-xf-list-type="ul">In addition to Frankfurt, Paris has been vying to attract financial business. Paris won a big point back in 2017 when the European Banking Authority, EU's main bank regulator, chose to relocate from London to Paris.</li> </ul><p>Brexit puts lawyers in London under a lot of uncertainty. Banks provide a lot of work for commercial law firms and if they move, law firms may have to follow. They also need to consider how the exit from the European Union will impact their clients.</p><p></p><p> In response, some law firms are increasing their presence in Brussels, including Slaughter and May and Macfarlanes. Others have established trade teams - like Linklaters and Clifford Chance. We will soon find out how disastrous Brexit will be for clients and their lawyers.</p><p></p><p>For more information on how lawyers can help during Brexit, I found this very useful page when researching this post! <a href="https://www.linklaters.com/en/insights/thought-leadership/eu-referendum-microsite/brexit---how-can-linklaters-help-you-prepare-for-brexit" target="_blank">https://www.linklaters.com/en/insights/thought-leadership/eu-referendum-microsite/brexit---how-can-linklaters-help-you-prepare-for-brexit</a></p></blockquote><p></p>
[QUOTE="Coralin96, post: 1397, member: 15"] [CENTER][B]Banks preparing for Brexit[/B][/CENTER] [B] The Story: [/B] Bank of America has plans to move a small number of research analysts from London to Paris. [B] Impact on business and law firms [/B] As I've said before, financial firms are concerned they will lose the ability to export to EU clients after Brexit, because of the loss of [I]passporting rights[/I]. One way to solve this is to relocate to within the EU, which means moving staff from London to an EU office Quick facts [LIST] [*]Up to 4,000 job moves have been announced, including up to 1,000 from HSBC alone. [*]JP Morgan, Morgan Stanley, Citi, Goldman Sachs, and other banks, have announced plans to move to Frankfurt, which has gained a lot of financial business since Brexit was announced. [*]In addition to Frankfurt, Paris has been vying to attract financial business. Paris won a big point back in 2017 when the European Banking Authority, EU's main bank regulator, chose to relocate from London to Paris. [/LIST] Brexit puts lawyers in London under a lot of uncertainty. Banks provide a lot of work for commercial law firms and if they move, law firms may have to follow. They also need to consider how the exit from the European Union will impact their clients. In response, some law firms are increasing their presence in Brussels, including Slaughter and May and Macfarlanes. Others have established trade teams - like Linklaters and Clifford Chance. We will soon find out how disastrous Brexit will be for clients and their lawyers. For more information on how lawyers can help during Brexit, I found this very useful page when researching this post! [URL]https://www.linklaters.com/en/insights/thought-leadership/eu-referendum-microsite/brexit---how-can-linklaters-help-you-prepare-for-brexit[/URL] [/QUOTE]
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Commercial Awareness Update - August 2018
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