General counsel at the UK’s biggest companies are less confident about Brexit readiness than board members, according to a new report launched in Belfast by Pinsent Masons.

Into the breach: The role of general counsel in navigating a successful business Brexit was unveiled in front of political and business stakeholders at a conference in Titanic Belfast, called “Brexit - Crunch time for Northern Ireland”.

Amongst its findings was that almost all (94 per cent) board members think their business is very well or quite well prepared for Brexit.

However, only 53 per cent of general counsel (GCs) - the most senior in-house lawyers who are typically being tasked with leading the operational response to Brexit - agree.

GCs on the whole take a much more cautious view of preparedness, and are seven times more likely than the C-suite to say their organisation is not particularly well prepared or not at all prepared for Brexit (45 per cent versus six per cent).

Of the board members that expect a detailed Brexit risk assessment from their legal team, seven in ten expect their legal team to have shared this with them by June 2018. In contrast, less than half (47 per cent) of GCs expect to be in a position to do so by this date.

The research also found that more than half (51 per cent) of companies surveyed have already triggered contingency plans that assume a no trade deal, no transitional agreement scenario.

Richard Murphy, head of energy (Ireland) at Pinsent Masons, said: “Today’s event is a fitting opportunity for Pinsent Masons to unveil our latest report in front of Northern Ireland’s key decision makers.

“With major trade links both North/South and East/West, and as the only UK region with a post-Brexit land border to an EU state, local businesses should be more prepared than most for the impact of Brexit.

“Our dedicated Brexit Advisory Unit is helping firms navigate these issues, and that experience and knowledge, combined with the strength in depth to conduct this quality of research and analysis sets us apart.”

Guy Lougher, partner and head of the Brexit advisory unit at Pinsent Masons, added: “Many of the corporate coping strategies for Brexit are inherently legal, so UKPlc is looking to its most senior lawyers for leadership like never before. What our research finds is that there is a gap in sentiment between the boardroom and those advisers.

“Executives are, on the whole, bullish about their levels of preparedness for Brexit, whereas their advisers are perhaps understandably more circumspect. The key here is to ensure there is an open and regular dialogue between the boardroom and the general counsel’s office to bridge any mismatch in expectations.”