In a recent development, Luxembourg has passed significant legislation that permits English- and Welsh-qualified lawyers to register with the Luxembourg bar and practise U.K. and public international law. As reported by Law.com, this move marks the culmination of productive dialogues between the Law Society of England and Wales and representatives in Luxembourg.
This adjustment to the EU-U.K. Trade and Cooperation Agreement ultimately resolves a post-Brexit stalemate, which had previously hindered U.K.-qualified lawyers from establishing a full-fledged presence in Luxembourg. It’s significant to note that Luxembourg, with its tax-friendly status, has amassed considerable direct investment and approximately 5 trillion in assets under management, thereby ranking as the second-largest investment fund centre after the United States.