While the U.K. government's announcement on Christmas Eve that it had finally reached an agreement with the EU on post-Brexit trade was a relief to many, several U.K. law firm partners have pointed to the deal's limitations, and have grave doubts over whether it provides enough certainty to the U.K. legal industry.

With much still at stake and the U.K. and the EU at loggerheads, a transition agreement had for months looked unlikely as the December 31 deadline loomed. But on December 24, Downing Street announced that a trade deal had been struck, potentially avoiding major disruption to the economy, the flow of goods and travel.