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Will Brexit make it even harder to get a training contract? Watch

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    Now that there's so much uncertainty with Brexit and markets are crashing, do you think firms will cut down on the number of Training contracts offered in 2018?
    They might wait awhile to see what happens before hiring?

    I really hope this is not the case.
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    Possibly a small reduction in TCs if we go into a recession.

    But law has been one of the more stable industries for graduate vacancies over the last 10 years. Even in 2008 they only dropped by about 8-10%, while other industries it was a much higher percentage.

    I expect the same, maybe with numbers remaining quite stable where lawyers are going to be kept busy with this for sometime.


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    Ar you sure? Because I feel this is worse than the recession. Corporate work will pretty much dry up wont it? IPOs and merger activity are pretty much going to freeze for the next couple of years
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    (Original post by worriedandangry)
    Ar you sure? Because I feel this is worse than the recession. Corporate work will pretty much dry up wont it? IPOs and merger activity are pretty much going to freeze for the next couple of years
    Not necessarily - M&A work might get quieter, but other areas of law get busier though during recessions. Plus there will be an awful lot of advisory work on the regulatory and competition side. Suspect there will be interesting developments in litigation work too.

    And unless attitudes transform over night, English law will still be used for a lot of international work, and therefore English qualified lawyers will be in demand.

    Things are going to be turbulent and it could get really bad, but I'd be far more worried if I was looking at finance roles or something similar, rather than if I was looking at the legal profession.


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    (Original post by J-SP)
    Not necessarily - M&A work might get quieter, but other areas of law get busier though during recessions. Plus there will be an awful lot of advisory work on the regulatory and competition side. Suspect there will be interesting developments in litigation work too.

    And unless attitudes transform over night, English law will still be used for a lot of international work, and therefore English qualified lawyers will be in demand.

    Things are going to be turbulent and it could get really bad, but I'd be far more worried if I was looking at finance roles or something similar, rather than if I was looking at the legal profession.


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    thank you for your answers, I was rather worried that english law might become redundant now that Britain loses its access to the EU free market. And in the short term there will be more advisory work, but in the long term ie in 2/3 years when financial and other business headquarters shift to the continent, there surely will be less work overall
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    (Original post by worriedandangry)
    thank you for your answers, I was rather worried that english law might become redundant now that Britain loses its access to the EU free market. And in the short term there will be more advisory work, but in the long term ie in 2/3 years when financial and other business headquarters shift to the continent, there surely will be less work overall
    Maybe. I don't think anyone really knows what will happen though. Assuming the worst is just as bad as assuming everything will all be ok.

    I personally cannot see English law becoming redundant, although an experienced lawyer might have a much more informed view on that.

    Things won't all change in 2-3 years. Even if organisations do move their HQs, there will be lots of legal work needed to do that. It's more likely to take decades for major change to really be seen, even if some immediate effects are present and visible.


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    I'd agree with J-SP here. There is, of course, an extreme amount of uncertainty at the moment surrounding exactly what is going to happen as a consequence of the referendum. That uncertainty is damaging in and of itself, but unusually we simply have no frame of reference for what will happen in the medium to long term.

    However, the reason why law is one of the more stable career options is simply because it is so broad that it has the ability as an industry to react to changing markets and conditions. For example, whilst I'm sure elements of commercial work were hit in 2008, I actually got my first 'break' in the Insolvency team of a major northern firm because, unsurprisingly, they were completely snowed under and there was work there to be done. From there I moved on to a permanent position within the same firm, then a different position, and then secured pupillage.

    Obviously a recession tends to make companies of all sides somewhat cautious, which can lead to lower recruitment. As far as I am aware that did happen following the crash in 2008, or at least it certainly did with pupillages to a degree. And you always have the possibility of major firms failing during hard economic times (such as Halliwells last time round, as well as a number of Chambers). But the industry as a whole always tends to bounce back and mould itself to changing environments. Ultimately whilst there may be reductions in training contracts in the short term, I wouldn't expect that to be of such a level so as to be a viable reason to be concerned about your future prospects.
 
 
 
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