A referendum on whether the United Kingdom should leave the European Union could happen as soon as next spring. Should UK lawyers care? According to an analysis by Oxford Economics commissioned by the Law Society, the answer is yes. The UK is Europe's leading legal services provider but that an EU exit would threaten that status, the study suggests. The study concludes that legal services providers would be disadvantaged disproportionately compared with the UK economy as a whole due to their reliance on intermediate demand from other sectors likely to be adversely affected, particularly financial and other professional services, and from resulting lower levels of business investment.
Another reminder that law is an industry as well as a profession, that the market for legal services increasingly is global, and that barriers matter.