NatWest's latest report on the legal sector suggests the market in London will shrink 5% because of Brexit and the greater competition for work.
The real problem is the failure to address what clients actually want to buy. If firms can do that then substantial growth is possible.
James Tsolakis, head of the legal sector within UK corporate and institutional banking at NatWest, said: “We haven’t had any material shocks yet as a result of Brexit, but they will come – let’s not be complacent. It’s a doubled-edged sword. It’s very threatening in terms of volume and value of transactions, and the forward-thinking firms are already planning for the adverse consequences by looking at right-sizing and jobs coming out of the sector. “The other side of that is more advisory work for the duration of the process – but not everyone will be the beneficiary of that.” According to Tsolakis (pictured), combined with structural changes taking place in the legal sector, the profession could comfortably see a reduction of 5% in lawyer numbers in London.