Britain begins Brexit, 500-year-old power will be legal key
The British government will formally begin the process of exiting the European Union today (Wednesday) when Article 50 of the Lisbon Treaty is triggered.
Among the challenges ahead is the huge task of converting existing EU laws and regulations into domestic law. The UK government’s planned Great Repeal Act will be at the centre of the move but is proving controversial.
That’s because it is proposing to use a 500-year-old power which will allow the government to convert the laws without the full approval of parliament.
The ‘Henry VIII clauses’ date back to the Statute of Proclamations of 1539 which gave the iconic king additional powers. However, it is likely the government of 2017 will promise to limit the scope of the clauses.
Meanwhile, while uncertainty lies ahead, a study by Herbert Smith Freehills shows optimism among the UK’s large corporates.
The law firm says that there have been no knee-jerk reactions to Brexit so far and year-on-year increases in spending is focussed on acquisitions. Corporates are prepared for an increased price of debt in the short to medium term.
Global firm invests in New Law startup
A New Law startup which aims to reduce costs and headcount for in-house legal teams has received a high-profile investor.
International law firm Pinsent Masons has taken a 20 per cent stake in Yuzu, a UK-based business founded by two award-winning general counsel; Robin Saphra, former GC of BTG plc, Emirates Integrated Telecommunications Company PJSC and Colt Group SA; and Reinhard Schu, former GC to KVH, a Fidelity-owned technology business in Tokyo, and later a subsidiary of Colt.
Yuzu offers its clients the opportunity to transfer parts of their legal function out of the business yet retain the best features of an in-house service. On its website the firm says that part of a client’s in-house team will transfer to Yuzu and work either at its customer service centre or at the client’s premises.
The client benefits from reduced costs which are also predictable.
Indian lawyers to strike action against banning strikes!
Thousands of lawyers in India will strike this Friday in protest over plans by the Law Commission to prevent them from striking.
The proposal of the Commission is included in amendments to the Advocates Act and would mean lawyers facing penalties if they were to strike.
The Law Council of India says that the change would also mean that non-lawyers would face disciplinary procedures decided by people “not connected to the legal profession.”
This Friday’s strikes will follow last week’s action which saw 6,000 lawyers walk out in Delhi.