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PEER TO PEER: THE QUARTERLY MAGAZINE OF ILTA | SUMMER 2017
It could be said that, of all the world's global financial capitals, London has the
most at stake here. London is used by many global law firms as an entry point to
Europe, and the UK's government data show there are more European headquarters of
non-EU corporations located there than anywhere else in the world. Restrictions on UK
and EU immigration could have a huge impact on the size of the talent pool from which
these London-based firms can recruit.
Research released by the UK-specific LinkedIn site earlier this year confirmed
fears of a Brexit talent drain. Interest in UK-based jobs from general overseas
professionals decreased between May and July 2016 by 10 percent generally and by
18 percent for EU talent. Interest in legal industry jobs from EU talent declined by 12
percent. Intensifying the effects of this downward swing is an increasing number of UK
graduates seeking work abroad (almost 14 percent of their total job searches).
On March 29, 2017, Article 50 of the Lisbon Treaty was triggered,
marking the beginning of a two-year negotiation between the
government of the United Kingdom and the European Union. Though
this brings Brexit one step closer to becoming reality, it leaves many
businesses across the globe in limbo as they nervously wait to see if
and how the biggest demerger in history will affect them.
by Dean Sappey
THE BREXIT BRAIN DRAIN:
IS LEGAL ABOUT TO LOSE A
HUGE TALENT POOL?
