After a lengthy campaign, the votes have been counted and the future of the UK's membership within the EU has been decided. The British public has decided that the UK will leave, and no longer be a member state of, the European Union.
The result will mean all EU directives and regulations currently in force in the UK could be repealed by the government. Immediate changes are unlikely as the UK is required to give two years notice of leaving the EU.
Peter Duff, Chairman at Shoosmiths, commented: 'Since its creation, no Member State has ever left the European Union so we have no clear precedent as to what happens next.
At Shoosmiths we will be assisting our clients through this uncertainty to contain disruption and minimise any negative economic impact.
Businesses will be searching for answers as to how this outcome will affect their workforce, their commercial interests and their trading relationships.
Many commercial contracts may refer to European legislation or refer to EU legal concepts - particularly in the fields of data protection, employment, environmental law and these will need to be reviewed. Additionally, contractual parties may have referenced Brexit as an event that necessitates a revision or renegotiation of key terms.
We will work closely with all our clients and contacts to support them through this period.'
To see what Shoosmiths has to say regarding the EU referendum result and its effect on Employment law, Competition law, Commercial contracts and Creative Industries, you can read our expert commentary here.
Shoosmiths LLP is a national law firm with 10 offices across the United Kingdom with 146 partners and more than 1400 lawyers and support staff. The firm was most recently named 'UK Law Firm of the Year' at Legal Week's British Legal Awards and last year announced a turnover in excess of £102.7m.