Managing partner at Eversheds Sutherland Ireland Alan Murphy says that businesses need to be very conscious of a possible return to 'hard Brexit' territory following the U.K.'s formal exit from the EU last week.

Speaking to Law.com International, Murphy notes that while "Brexit fatigue" may be the current sentiment among businesses and clients, businesses will be watching monitoring developments very closely as trade negotiations begin.

"While a lot of the discussions on Brexit up to now were largely theoretical, a withdrawal agreement is now in place and the trade negotiations will be much more tangible for businesses", he argues.

Murphy says the firm's Brexit group is now "really ramping up again" to advise clients on the trade negotiations as they unfold and the terms of the withdrawal agreement, against the backdrop of a "lull" following the finalising of the withdrawal agreement.

Law.com International heard on the day of the U.K.'s exit from the EU from a number of lawyers across different practice areas, who agreed there will be a pick up in work. Murphy agrees that a busy period ahead for trade lawyers is expected, because it is still unknown what trade deals the U.K. will be able to agree.

Murphy explains that if the transaction period is not extended, then it will end on December 31, 2020. This will result in three possible scenarios on January 1, 2020: a comprehensive trade agreement agreed between the EU and the U.K., a basic trade agreement agreed between the EU and the U.K.; or no trade agreement will be agreed at all, meaning that the World Trade Organization (WTO) rules will reply – a "hard" Brexit.

He predicts an increase in demand for trade lawyers, as clients trading or carrying on business between the EU and the U.K. will need lawyers to advise on any scenario, and the impact those arrangements will have on their businesses.

"One would think lawyers with an expertise in employment and/or immigration law may see new lines of work flowing from the application of the withdrawal agreement", he said.

"Depending on how things pan out, there may also be increased corporate and M&A activity as businesses seek to restructure to take account of the new landscape under a trade agreement of WTO rules", he adds. If businesses seek new premises as a result, this will also provide real estate work.

Eversheds is one of many firms to utilise its Dublin presence to deal with Brexit-related work.

Other firms have continued to build their offerings in Dublin in response to the situation, with Dechert moving to larger offices and DLA Piper also growing its offering with a larger office and paralegal scheme.

2019 also saw a record year for firms bolstering the number of their solicitors on the Irish roll, with Linklaters seeing the biggest increase, according to data from The Law Society of Ireland.