Last week, in a historic national referendum, the United Kingdom voted to leave the European Union raising numerous questions for the country and various industries. Venable partners Ashley Craig and Lindsay Meyer reacted to the vote in several publications including Law360, SC Magazine, Chief Executive, Industry Week, Property Casualty 360, and Mergers & Acquisitions.
"While according to the EU Treaties negotiations for an EU exit may take up to two years, or even longer if all member states agree, from the moment the U.K. government notifies the EU of its intention to withdraw, the simple fact remains that, once exit negotiations are concluded, the U.K. will likely no longer be subject to EU law, and that it will likely apply its own national legislation across the board," Craig and Meyer said. "In such a scenario, U.S. firms operating in the U.K. will likely experience significant changes in a number of areas including trade and customs, banking and insurance, foreign investment, and access to human capital."
They added, "Many U.S. companies have established in the UK because, among others, they access to a large pool of qualified employees from other EU countries. According to EU legislation, EU citizens are largely free to pursue employment opportunities in any EU country, including the UK. If the UK leaves the EU, this will likely no longer be the case. While EU citizens currently employed in the UK may be permitted to remain in the country, further migration of EU citizens will be subject to serious restrictions. Accordingly, U.S. businesses – including law firms – may experience a shortage of talent from other EU countries."