As well as challenges, Brexit also provides opportunities for solicitor firms, according to the Law Society’s July Small Practice Business Bulletin.
The UK left the EU at the end of January and is now halfway through a transition period that concludes at the end of 2020.
The bulletin says businesses throughout Ireland will be affected in wide-ranging ways, and most will need advice and support from a legal firm.
It adds that such work could also lead to other commercial work and new business clients.
The society has published a guide which includes a seven-step approach to positioning solicitor firms to earn Brexit-related income.
It warns that if legal firms are not proactive and enterprising, they risk giving other professional service providers, such as accountants, the opportunity to target this work and take it over.