Scottish firm shifts cash to English bank account ahead of vote

With just eight days to go until the Scottish independence referendum vote, concern is ramping up among leading businesses over the impact of a yes vote on the Scottish banking system.

One leading Scottish law firm is among them. It has revealed to The Lawyer that it has already moved its money out of Scottish-registered bank accounts for fear that a vote in favour of independence could lead to a run on them.

With memories of what happened when Czechoslovakia split into the Czech Republic looming large, the firm – which preferred to remain anonymous – has taken decisive action to move its cash to English-registered banks rather than keep in in Scottish ones.

It is the first firm to have confirmed the move but The Lawyer’s feature this week on the country’s top 20 independents reveals that many Scottish firms are feeling the impact of nervousness surrounding the referendum. Some Scottish firms have performed well during 2013/14 but those like Dundas & Wilson, which merged with CMS Cameron McKenna and McGrigors, taken over by Pinsent Masons, may be glad they took shelter.

Either way, in eight days Scotland’s future – and indeed the future direction of its law firms – will be decided.

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