Brexit: should potential trainees and NQs think outside the box?

Following the Brexit result in the June 2016 referendum, many students have been left with unanswered questions, including ‘What happens next?’, ‘Will this change the way I qualify?’ and ‘Will I still get a job after studying?’. In the months since the result, we have seen dips in the foreign exchange markets, changes with political parties and an air of uncertainty.

In terms of further training or becoming a lawyer, Brexit may affect your choices going forward. For example, last year Allen & Overy released its retention figures for qualifying trainees with a retention rate of 86%. This is in line with previous retention rates, but the amount of training contracts on offer and the number qualifying appear to be on a downward trend since they peaked in 2010. This can be contrasted with the Spring 2017 trainee retention rates of Slaughter and May and Mayer Brown, each of which has a 100% rate.

Berwin Leighton Paisner jumped on the Brexit bandwagon by announcing that it would be implementing a pay freeze for four months. This was due to the uncertainty of the United Kingdom’s position following the result. Other firms made similar moves, such as Addleshaw Goddard, but they have now lifted them.

A number of the international law firms and barristers’ chambers are looking at potential ways to keep a foot in the European Union. As part of their contingency plans they are said to be looking at lawyers qualifying in other jurisdictions, most notably, the Republic of Ireland. The Law Society of Ireland revealed in December 2016 that they had admitted a record number of qualified solicitors to the roll in the wake of the result.

If you have already finished studying and are searching for a training contract, there may be another option. Aside from the potential to qualify using the ‘equivalent means’ method of working in a paralegal position to gain the required experience, you could think about qualifying without the need for a training contract by passing the New York Bar. This could be a more efficient way of qualifying as the cost is circa £5,000, which could save you a significant amount of time. This isn’t for the fainthearted, but it would offer inter-jurisdictional experience, as well as the ability to apply to the SRA using the Qualified Lawyer Transfer Scheme (QLTS). As law firms of all sizes are left in limbo by the Brexit vote and the ongoing mystery surrounding Article 50 being invoked, it may be time to start thinking outside the box.

John Aslett is an executive officer in the B4 Justice and Security Litigation Team of the Government Legal Department.