Businesses in the UK have been heavily stressed out recently. With the elections just around the corner and Brexit (maybe) happening in January, it’s no secret that analysing how businesses are operating would be the first step in assessing how an what the future has in store for British companies. According to Forbes’ initial insights, in fact, it has been stated how 8 companies out of 10 aren’t passing basic legal health checklists. With this in mind, let’s try and analyse why and what businesses in the UK must do to ensure their legal side of things are futureproof.
Why Legal?
If you’re outside of the UK, you should know that the bureaucracy, overall, is pretty slim. In order to start a company, in fact, you just need £1, which effectively states to the government that you have the minimum capital required for any form of buying or selling. Legal procedures, as mentioned above, are associated with a pretty efficient business system and, therefore, they must be slim, easy to understand and, given the speed to which businesses are normally being developed, rapid enough to process everything a legal cause of claim may be related to. According to Forbes’ latest reports, as mentioned above, it has been noticed how a lot of businesses (even enterprises) were lacking this side within their architecture, which is mind-blowing.
Some Examples
Recently, some litigation solicitors Manchester have stated how the vast majority of the cases they’re dealing with are coming from big enterprises which tangibly confirms what said above in regards to the fact that even big companies are “struggling” with maintaining and building a solid legal architecture. In 2018, 30% of legal claims in the UK were coming from companies with a net profit of more than £240 million, which is insanely high, given how they are technically supposed to have a dedicated in-house team which is supposed to run and oversee every single legal aspect of the site.
Legal And Brexit
Having a dedicated in-house team to deal with HR-related cases or business-focused ones is mandatory ahead of the chaos Brexit is very likely to cause in January. If your company is heavily relying on talent coming from outside Europe, chances that they will be required a Visa, which will align to the (new) directives in regards to immigration, are pretty high. Having a dedicated lawyer for this may be a nice choice, even if temporary. There are companies, like Amazon UK, for example, who are already looking into this matter, as it’s very likely to become a tangible issue when Brexit (regardless of a deal or no-deal scenario), therefore it’s something which you should take into consideration, thoroughly.
To Conclude
The legal sector always gets lost within marketing, sales and other forms of business development, when it shouldn’t be. Ahead of drastic changes early next year, it’s almost mandatory for businesses in the UK to adapt or optimise their legal branches to a very unstable and unknown future, regardless of your political choices.
