Business conditions are becoming tougher for top UK law firms in 2016-17, and Brexit is the main concern, according to The Lawyer.

The magazine's survey of the top 200 UK firms found that 70% of the 119 respondents believe that trading durning the current financial year will be tougher than in the previous year, while 22% neither agreed nor disagreed and only 8% disagreed. 

Brexit was named by 41% as the most significant risk in terms of potential impact on a firm's financial position.

The biggest single risk according to 41 per cent of respondents was Brexit.

The risk would be most acute if no deal on passporting rights in the financial sector is achieved.

Technology and cyber attack was the next most significant risk, cited by 36% of respondents.