London firms believe Brexit will not impact profitability or employment
The vast majority of leading London law firms surveyed by CBRE expect no impact on profitability as a result of Brexit.
The real estate business surveyed the CBRE Legal 100 - law firms with the largest real estate footprint in London - and found that they overwhelmingly expect no significant impact on employment levels (98 per cent) or profitability (95 per cent).
Similarly, 70 per cent of surveyed firms have no contingency plan to relocate any business from the UK to elsewhere in Europe. Just 16 per cent do have plans in place and 14 per cent are unsure if they do.
The majority of respondents thought two or less per cent of legal jobs could move, and 18 per cent expected three to five per cent to move. None foresaw more than five to seven per cent moving to Europe.
Frances Warner Lacey, senior director of the central London tenant advisory group at CBRE, said: “With a number of law firms actively seeking requirements, we expect take-up of office space by law firms to be strong this year, boosted by a number of international law firms who have expanded or plan to expand their presence in London including Sidley Austin, Quinn Emanuel and Akin Gump.”