How will Brexit Impact the Law Profession?

How will Brexit Impact the Law Profession? The UKs exit from the European Union has brought shockwaves around the world. This article aims to analyse how Brexit will impact the profession of lawyers and its industry. Right now, there is much uncertainty as to how Brexit will impact the UK and its legal industry. However, in the short term, once Article 50 of the Lisbon Treaty is triggered, there could be a small boom in legal advisory needed by financial services companies on how to operate in this new environment. For example, Brexit will impact tax, employment, business law, intellectual property and financial regulation. The U.K. legal profession is massive. It contributed 25.7 billion pounds to U.Ks GDP in 2015. It also employs 314,000 people. Regarding global legal services fee revenue, it makes up 10% of it. London-based lawyers might benefit from the weak pound As the pound weakened drastically from the Brexit decision, it might lead to more business for UK based law firms. This is a significant turnaround from Londons reputation as being home to some of the worlds most expensive lawyers. With a weak pound, lawyers specializing in Mergers and Acquisitions might benefit from providing potentially cheap UK target companies for foreign buyers as a result of the weak pound. Lawyers might risk losing their privilege to practice law in EU One of the risks arising from the Brexit is that lawyers lose their rights to EU professional legal right. This means that if you are a lawyer, you might no longer be recognized by EU to practice in the region. A report by consulting giant Ernst and Young predicted that losing EU access could create a loss of 18,000 jobs in the legal and accounting sector. However, this risk remains to be seen as there are likely to be new agreements to be negotiated before the full Brexit occurs. With the significant role the legal profession plays in the U.K., the government has to find ways to alleviate the risks and damage that Brexit will create on the law profession. It cannot just let U.K. lose its prestige as a global hub for legislation and finance. In fact, the U.K. is the worlds pioneer center for dispute resolution. The use of the English law in commercial contract globally should also be protected by the British government. The loss of reputation and relevance of the law profession will create massive job losses and a trickle-down effect on other sectors. The likely relocation of financial institutions will reduce the bottom line of law firms Financial firms are one of the key clients of U.K. law companies, and because of Brexit, they might choose to relocate outside the UK. This could mean the decline of the law firms. In 2015, the five dominant law firms in London earned revenues amounting to 5.14 billion pounds. True enough, after the EU referendum, the private performances of Allen Overy, Clifford Chance, Slaughter May, Freshfields, and Linklaters all slowed down. According to a survey done by professional services group PwC, profit margins from UK operations at the top 50 law firms have dropped by an average of 1% to 1.4% percent in 2016. After the U.K. leaves the EU bloc, the EU will eliminate practice rights for cross-border business. Brexit is beneficial for Law Professors and students dealing with EU Law and Brexit One of the benefactors of the Brexit would be current law students specializing in EU law. Brexit triggers a lot of uncertainty and questions and the law students that can understand the legal complexity of the situation will be very employable upon graduation. The numbers show that some students that got accepted to law courses for the academic year 2015-2016 have more than tripled based on figures from Law Society of England and Wales. With more students joining law schools, it would also boost the demand for lawyer professors. Lawyers can, therefore, part time in law schools and increase their incomes. U.K. legal firms are doing countermeasures As a result of Brexit, many law firms, especially the elite ones are already thinking of counter moves once their key clients decide to move out of the U.K. For starters, many lawyers from England and Wales are applying to be members of the Irish Bar. By September of last year, 411 U.K. lawyers registered in Ireland. There might be more mergers in the near term and increased technology investment As a result of dwindling demand and intense competition, more mergers in the law industry might continue to unfold. For example, there was a recent three-way merger between Olswang, Nabarro and CMS UK. With the stiff competition, investing in new technology might be imperative to survive and to remain relevant. There will be fewer  EU trainees in London law firms Diversity in London law firms will take a hit as there will be less EU trainees going to London for training. These EU trainees bring talents, language skills and relevant country knowledge that could give the firm an edge. Final thoughts on the Brexit At the end of the day, the impact of Brexit on the law profession is rather uncertain. The biggest factor that will determine it will be Brexits economic impact on the U.K. The legal industry depends on many industries for business, e.g. the financial sector. If the financial sector gets dragged down because of economic uncertainty and losses from the Brexit, then law firms will suffer as well. If the economy surges, then we can see the law industry to thrive and even grow. If the U.K. economy slows down, then the law industry will have to adapt and find ways to survive. Another factor to keep in mind is how much of the revenues these London-based law firms make are outside the U.K. If most of their income is made outside the U.K., Brexit would have a limited impact on them. However, if they get mostly their revenues inside the U.K., then they will have to make some adjustments to address this risk.

The Bridge to San Luis Rey

The Bridge of San Luis Ray is an American author Thornton Wilder's second novel first published in 1927. It tells the story of several interrelated people who die in the collapse of an Inca rope-fiber suspension bridge in Peru. A frior named Brother Juniper witnessed the tragic accident. He has taken on a mission to find out why the five people had to die with the collapse of the bridge. Juniper decided to research the lives of the five victims and figure out the reason of their deaths, why God chose the lives of these five people. He wanted theology to take the place among exact science. Before now, he had lacked a laboratory. He had studied other specimens, People who had died if spider bites or their houses burning down. But these accidents hadn't been fit for examination, because they lacked proper control. The accidents had been dependant upon human error or they had the elements of probability. The bridge collapse was an Act of God, so it made a perfect laboratory. Juniper could figure out God;s intentions is a pure state. Juniper know the answer to his experiment but wanted to prove it historically and mathematically to his coverts. He thought his stubborn converts were slow to believe that God insertd pains into their lives for their own good. Juniper had tried to experiment before to â€Å"justify the ways of God and man,† for example he kept a record of Prayers for Rain and their results. Juniper worked on the bridge experiment for six years. He asked the people in Lima thousands of questions. His goal was â€Å"establishing the fact that each of the five lives was a perfect whole. Juniper finished a huge book but it was publicly burned in the great square. A secret copy of thr book remained. It is in the Library of University of San Marco. Juniper's book contains thousands of facts about the victims and why God had chosen each victim. Juniper never new the central passion of Dona Maria's life; not Uncle Pio's life; not even Estaban's. † And I, who claim to know so much more, am not i t possible that even I have missed the very spring within the spring? †

The Centrality of the Role of Human Resource Management Free Essay Example, 2000 words

In light of staffing, the human resource plays an active role in overseeing the logistic of selecting, hiring and retaining competent staff members. In order to achieve the dynamic role of the HRM, there is a need for the strategic management of the labor force in line with the changing roles and functions ascribed to human resources. Staffing involves the selecting of prospective employees with the capacity and skills matching the needs of the organization. For this to happen, there is a need for effective prior planning and the establishment of systems to guarantee accuracy in the actual selection process for the vacant positions in the organization. The most qualified candidate, based on the selection criteria adopted by the vetting board, is hired for the job position. After selection, the recruits are oriented and familiarized with the organization s operations and with the specific aspects of their new job. These processes are key to the performance of an organization as they set the pace for subsequent performance in the organization and also foster a competitive advantage over other competitors in the same line of production. We will write a custom essay sample on The Centrality of the Role of Human Resource Management or any topic specifically for you Only $17.96 $11.86/page

Benefits And Benefits Of Employee Motivation - 2814 Words

Introduction Employee motivation through the use of rewards systems has been used for a millennia as people tend to be motivated to work harder when offered rewards for good work. The 21st century has experienced major changes liked to motivation within the public sector where professionals are today looking for a wider verity of motivators and not limited to financial incentives (Sandhya Kumar 2011). This makes challenging for managers and professional at work to coordinate and deliver high quality working environments and facilities so as to ensure the company professional remain on the job. Today a company workforce has become very choosy and they are becoming more particular on different aspect such as how they are treated and addressed by the superiors while at work. This has resulted public service motivation strategies greatly varying whereby professional are not limited to financial rewards and many professionals are actually concentrating on other forms of motivation besides money. To enhance motivation in the right manner at work and ensure high performance among employee it’s important to implement a wide range of motivational rewards approaches and strategies which will cater for each individual staff member’s needs (Dent Holton 2009). This requires for direct involvement of the employee on most decision-making processes as this allows for the motivational drivers to be identified and implemented. 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