This month, I have been considering what Brexit is likely to mean in practice for the small to medium enterprise business. With the election just under a week away, this really is a very interesting time in our history.
At Leonard Curtis Legal, we have been giving some thought to the sort of things that we believe our accountant network of contacts and clients are going to need help with.
The most frequent questions we get asked by our clients is ‘what about employment law’? It seems unlikely that there will be a great deal of change in the basic framework of UK employment law. Employees will still have their rights protected and both the Labour and the Conservative parties are promising that if anything they will strengthen those rights and the rules surrounding TUPE will remain. However, a change in immigration may have a significant impact on the labour market and this may lead to a review of existing employment law and practice.
Companies that provide goods and services abroad will be wise to check that their terms and conditions are still workable, whether it’s a soft or hard Brexit, once the dust has settled on our new relationships with European partners.
Companies seeking finance are likely to face greater scrutiny by banks and finance companies who will want to understand how the business is going to operate in the changing economic market place. Businesses may find that their lenders take a different approach to working relationships in the future.
There is also bound to be opportunities to grow and develop new service lines, the recruitment sector for example, may well see significant growth with a changing economic dynamic in the UK. We work with a niche firm of specialist employment consultants who provide a range of added value services alongside LCL services. We are therefore able to offer specialist services to this sector.
Professional services should see considerable growth as they support clients with change and development of new opportunities. We provide a range of services to accountants and will continue to support them as they develop their range of services to their clients.
Our range of services is widening with the assistance of our network of law firms which are providing support to LCL. In recent weeks we have worked with external law firms to support clients with shareholder disputes, employment tribunal claims, construction litigation and the setting up of a new business in Scotland. The model of outsourcing work to other like minded professional businesses is likely to continue and to develop as the markets evolve.
We are continuing to grow our services lines and have now set up two distinct teams within LCL, namely contentious and a non-contentious. The non-contentious team is led by my colleague, Jennifer Moore. I am for the moment managing the contentious team, but we are recruiting for that role. In addition, we are looking to recruit a solicitor who is currently working in private practice at senior solicitor or associate level. The contentious team are receiving a growing number of contentious insolvency law related matters which require support. We are also finding that the Leonard Curtis Lifecycle membership of accountants are referring an increasing number of contentious disputes where we are required to give at least an initial view on how the matter could be resolved.
In summary then, whatever the outcome of the election, it is looking like LCL will continue to be busy with new opportunities to support the SME business community.
Thank you for your ongoing support.
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