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Asian Law Firm Partners React to Brexit

As volatility continues across markets in Asia, law firm partners in the region are bracing themselves for the full impact of Brexit on their business.

By Natalie Dolce | nataliedolce | | Updated on June 29, 2016
Photo by Petr Kratochvil, via Wikimedia Commons Photo by Petr Kratochvil, via Wikimedia Commons
As volatility continues across markets in Asia, law firm partners in the region are bracing themselves for the full impact of Brexit on their business. But initial optimism for investment opportunities for Asian clients into the UK has been stifled by the on-going market volatility. That is according to GlobeSt.com’s sister publication, ALM’s The Asian Lawyer . “We are trying business as usual for now because this is going to take at least two years to go through,” said King & Wood Mallesons global chair Stuart Fuller . But lack of detailed information and questions about timing have made this difficult, he said. “Our clients don’t like uncertainty, investors don’t like uncertainty, no one likes uncertainty,” he said. Patrick Sherrington , Hogan Lovells ‘ managing partner for Asia, Pacific and the Middle East, echoed this view. The main concern for clients at the moment, he said, is what happens next. “There are lots of issues that are going to be generic to many businesses—contractual terms, tax, cross border data flows,” he said. “And I guess if we get to the point of separate competition, compliance and data protection regimes, then businesses here are going to be very concerned to see how that affects them.” Fuller noted that Asian businesses have long viewed London as a gateway to Europe. Now, that perception may suffer, and foreign direct investment may choose instead to go straight to the continent. “The question is whether [Brexit] makes it more attractive to go from Asia straight into Europe,” he said. “No one really knows at the moment.” To read the full article on The Asian Lawyer, click here.

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