Companies have started restructuring some
of their contracts well ahead of Brexit, an enormous and
unprecedented task. Analysis by Axiom suggests that 7.5 million
contracts will need to be reviewed and amended by major
financial institutions across the UK and EU in the next 12
But while the scale of the task is
apparent, Brexit could have wider ramifications on English law,
making other jurisdictions more attractive than what has,
historically, been by the far the most popular legal system.
"Many companies are contemplating a
change in jurisdiction from the UK to the EU or from the UK to
a specific member state law inside the EU," said Chris DeConti,
Axiom executive vice president. "This process will take many
months or even closer to a year to complete."
Germany is said to be the country that is expected to
benefit most from companies turning away from English