Mr Hill resigned his post as Commissioner for Financial Stability, Financial Services and Capital Markets Union in the immediate wake of the shock outcome of the EU Referendum vote. At that time Mr Hill said that he was ‘very disappointed about the result of the referendum’. He said: ‘I came to Brussels as someone who had campaigned against Britain joining the euro and who was sceptical about Europe…I will leave it certain that, despite its frustrations, our membership was good for our place in the world and good for our economy. But what is done cannot be undone.’
But the vote to leave the EU has not been all bad for Mr Hill who, in his new part time role at Freshfields, will advise the firm and its clients on Brexit-related matters. To avoid conflicts of interest, he will be restricted from a number of roles including advising any of Freshfields’ financial services clients, advising Freshfields or its clients on issues related to the financial services sector or lobbying on behalf of Freshfields or its clients with the Commission on any financial services-related matters.
Mr Hill was made a life peer in 2010 as Baron Hill of Oareford, taking up a role as Conservative Parliamentary Under-Secretary of State for Schools in the Department for Education and was appointed as Leader of the House of Lords in 2013.
Freshfields senior partner Edward Braham said: ‘Jonathan brings outstanding experience and skill from a diverse and extensive career that is valuable both to our clients and to our firm. We have shown significant strength as a firm with regards to Brexit-related issues, and Jonathan’s contributions, while respecting his obligations, can only enhance our reputation and our efforts.’