If Scotland votes today for independence, it’s going to mean lots of work for the country’s lawyers, according to Bloomberg News.
That work, though, could be short-lived if companies move out of Scotland as a result of independence.
Bloomberg quotes Scottish lawyers as saying an independent Scotland would mean more work in cross-border trade, commercial arbitration, and the oil and gas industry.
Lawyers would also be involved in creating a new constitution, negotiating with the British government over currency, tax and corporate structures, plus redrawing around 13,000 international treaties.
According to The New York Times, if the “yes” campaign seeking independence for Scotland secures a majority, “it will herald the most dramatic constitutional change in Britain since the two countries united in 1707. The repercussions would be momentous, creating the world’s newest state and ending a union that once oversaw an empire and triumphed in two world wars.”
Work for Scottish lawyers would be transformed from local to international almost overnight, Bloomberg says.
“There’s an opportunity for Scots law,” Alistair Morris, president of the Edinburgh-based Law Society of Scotland, told Bloomberg. “There is a commercial advantage to raising a case in Scotland under Scots law. The difficulty we have is that the international law firms are seen as being English firms using English law.”
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