Brexit plans must begin now before it’s too late, says law firm

Mark Thompson of A&L Goodbody NORTHERN Ireland companies have been urged to prepare now for Brexit, despite the uncertainty surrounding negotiations.

Corporate law firm A&L Goodbody urged Northern Ireland businesses to start their preparations now instead of waiting until March 2019 — the month when the UK’s exit from the EU is due to take place.

The firm urged businesses to start with an internal review covering departments such as sales, HR, IT, logistics and procurement.

A&L Goodbody held a breakfast event on Brexit in partnership with the NI Chamber of Commerce and Industry.

Mark Thompson, partner at A&L Goodbody, said: “It is critical that companies act now to start preparing for Brexit — they mustn’t be stalled by the ongoing uncertainty and volatility.

“Waiting until March 2019 will simply be too late.”

While the focus has been on whether there will be a deal or ‘no-deal’ scenario, Mr Thompson said that a grey area for companies was the most likely outcome.

“In reality, it will sit across a spectrum and is unlikely to have binary outcomes,” he said.

He called on business to focus on where they might fit on a spectrum. “Regardless of what deal is or isn’t negotiated, the post-Brexit trading environment will definitely be different and that’s what Northern Ireland companies need to focus on for now, while we await clarification on the degree and nature of the differences.

“Businesses can assess now their exposure in order to put in place an appropriate route map to deal with whatever changes flow from the final Brexit deal.”