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Almost half of City firms view Brexit as a threat and more than two thirds see other professional services firms as the overwhelming threat among recent entrants to the profession, according to a survey published yesterday. It found that almost a quarter of City firms named Brexit as the biggest challenge to their future success.

Smaller law firms specialising in insolvency work will be hit with a double whammy as Brexit favours big firms that can keep debt recovery costs down, while an Online Court will make it easier for litigants in person to pursue claims, a report has predicted. But the overall picture for law firms handling insolvency work was bright, it said.

The justice select committee has described the impact of Brexit on legal services as “a cause for concern, but not hyberbole”, in a report published today. MPs said that maintaining cross-border legal practice rights and access to “valuable regulations” on inter-state commercial law should be two of the four main justice aims for government negotiators.

An international finance and technology law practice involved in the online gaming and electronic payments industries, has become an alternative business structure to help its plans to grow as a group and set up offices across the European Union.

The ramifications of leaving the European Union are likely to be wide-ranging and could restrict the ability of barristers to practise outside England and Wales, the chairman of the Bar Council has warned. Chantal-Aimee Doerries QC said the Bar Council was setting up a working group on the impact of Brexit.