Slaughters to send City partner to Brussels in anticipation of work on Brexit fallout
Magic circle firm bolsters Brussels competition headcount in advance of spike in work
July 15, 2016 at 06:18 AM
4 minute read
Slaughter and May is set to relocate a London competition partner to Brussels, in preparation for a spike in work advising corporates on how the UK's new trading relationship with the European Union (EU) in the wake of Brexit will affect them.
The timing of the move and the identity of the partner are yet to be confirmed.
Slaughters is bolstering its competition team in Brussels in response to rising client demand for competition and trade advice, in part driven by the UK's impending exit from the EU.
European businesses invested or trading in the UK and supply chains involving UK companies are paying close attention to the Brexit negotiations and how they are likely to impact on them.
Slaughters currently has three competition partners in Brussels, six in London and one in Hong Kong. Two of the Brussels partners had already moved over from London last year, after one returned to the City.
The firm has the smallest competition practice in the Belgium capital out of its magic circle rivals: Allen & Overy (A&O) has four partners in this area; Linklaters has five; Clifford Chance (CC) has six and Freshfields Bruckhaus Deringer has 10, according to the firms' websites.
However, all of Slaughters' European competition partners split their time between London and Brussels.
A&O said it had no plans to relocate partners to Brussels. It added that it already has a sizeable competition presence there as on top of its four permanent partners, it also has four partners that split their time between Brussels and other European capitals.
Likewise, it is understood that CC does not have plans to send partners to Brussels, owing to its access to a network of competition partners spread across Europe.
After last month's historic vote to leave the EU, the UK faces a range of options when it comes to negotiating its trading relationship with the rest of the bloc. If no deal is reached before Brexit takes effect, then World Trade Organisation (WTO) rules would apply.
The legal processes around this are likely to take years. A simple break from the EU is designed to happen in two years, once Article 50 – the untested procedure that governs how a member state leaves the EU – is triggered. Newly appointed Secretary of State for Exiting the European Union David Davis has said it should be triggered by the beginning of 2017.
However, it could take a lot longer for Britain to extricate itself from the EU and redefine its trading agreements.
Some of the options include following the Norway model and joining the European Economic Area (EEA); the Swiss route of managing its relationship with the EU through a series of bilateral agreements; or a free trade deal similar to Canada's landmark Comprehensive Economic and Trade Agreement (Ceta), which is not yet in force but has been in the making for seven years.
Whatever happens, partners anticipate a spike in work – untangling existing contracts between corporates, helping companies adapt to changes to competition and trade law, and drafting fresh contracts.
Top UK firms including Slaughters have also prepared for Brexit-related work by registering lawyers in the Republic of Ireland.
UK-qualified lawyers are applying to the Law Society of Ireland amid fears they may find it more difficult to practise EU law in the event of Brexit if they are not registered in an EU country.
It is understood that Slaughters has already funded one of its Brussels-based competition partners to join the Irish roll and acquire a local practising certificate.
Linklaters declined to comment. Freshfields did not respond to requests for comment.
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