The United Kingdom’s vote to leave the European Union (EU) is expected to have complex EU legal implications for the UK, EU and global marketplace. McDermott has an experienced team of lawyers who have been evaluating the potential legal ramifications of the referendum. McDermott’s Brexit Group draws from experience across our legal disciplines and offices throughout Europe, the United States and Asia. As the laws, policies, and practices of the UK and EU evolve to address this new economic and political reality, we are well-situated to help companies evaluate the consequences of Brexit and protect their commercial interests.
The UK will continue to be an EU member until procedures are completed for exiting the EU, which is likely to be a long process. Under EU treaty rules, the process will begin when the UK provides notice to the EU of its intention to leave. Notice will trigger a two-year deadline for the UK and EU to negotiate a withdrawal agreement, which deadline can be extended with the unanimous consent of the EU countries. During the negotiation period, EU laws and treaties will still apply to the UK. Any final withdrawal agreement will clarify which EU laws and regulations will no longer apply, and which, if any, will continue to apply.
Because the withdrawal negotiations will touch on all aspects of the EU’s legal framework, companies will need to understand and evaluate how possible changes in the legal landscape may affect their businesses in the short- and long-term. A vast number of issues are expected to arise in the disengagement process – many of which will be covered in various client alerts, media updates and events posted to this dedicated page.
McDermott partners are available to guide and advise on the evolving Brexit landscape. Please contact any of the partners below or your regular McDermott contact.