A survey of senior decision makers at over 1,000 businesses across the UK, France and Germany by the firm found that only 26% of firms had a tangible plan in place for dealing with the risks arising from a so-called 'Brexit' vote. Just over half, or 53%, of respondents added that there had been no board level discussion about the potential commercial impacts of the 23 June referendum.
Guy Lougher, Partner in the Competition, EU & Trade team, said that many businesses may have been persuaded to do nothing until the result of the referendum emerged, given the "uncertainties" of a Brexit scenario.
"However, our advice to businesses is to start taking steps now," he said.
"While one cannot protect against all risks, it is possible to identify the risk areas and start thinking about how these could be mitigated. Many businesses now admit to being in denial during the Scottish referendum about how close the vote would be. People are more switched on this time, but I think find the prospect of Brexit a little overwhelming," he said.
Read more on Pinsent Masons' Out-Law website.