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08 December 2017 at 00:18 BST

Brexit could cost British IP lawyers £1.7bn in fees

IP specialists have urged the British government to take urgent action to protect British businesses with EU-registered trademarks as UK lawyers are set to lose up to £1.7 billion a year in fees.

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A new study suggests that if a deal over trademarks is not reached with Brussels, the impact of Brexit on intellectual property lawyers could be as high as £1.7 billion a year in lost fees. The research showed that trademark lawyers in the UK dealt with nearly 25 per cent of all EU trademarks - more than work done by lawyers in Germany, and those in Spain and Italy combined. In fact, British lawyers were the biggest group of professionals in Europe acting for EU trademark owners outside the bloc and currently involved in more than 50 per cent of all EU trademarks registered by businesses from the US. ‘But there are worrying signs that international clients would leave their UK attorneys if rights of representation are lost,’ the institute said.

Preserve rights of representation

It called on ministers 'to preserve the rights of representation for UK chartered trademark attorneys at the EU Intellectual Property Office and ensure that all EU registered trademarks continue to have the same scope of protection in the UK following Brexit.'

Lose rights

The Chartered Institute of Trade Mark Attorneys responsible for the research has warned that without a deal British specialists would lose their right to represent clients in the EU. This would result in ‘increased costs to UK businesses, damage to key transnational business relationships and a shrinkage in the legal profession, the organisation said. 

 
   
 
 
 

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