The UK currently remains a member of the EU and there will not be any immediate change in either EU or UK law as a consequence of the “leave” vote. EU law does not govern contracts and the UK is not part of the EU’s monetary union. However, the “leave” vote now heralds the beginning of a lengthy process under which (i) the terms of the UK’s withdrawal from, and future relationship with, the EU are negotiated and (ii) legislation to implement the UK’s withdrawal from the EU is enacted (primarily in the UK, but also at the EU level and in other EU member states to the extent necessary). The ultimate legal impact of the “leave” vote will depend on the terms that are negotiated in relation to the UK’s future relationship with the EU, as described below. This is currently the principal source of uncertainty as to the legal implications of the “leave” vote. Each of the UK government and the EU will need to formulate their respective positions for the withdrawal negotiations over the coming months. Once this is done, the likely direction for the UK’s future relationship with the EU will become clearer, allowing for a sharper focus on the legal implications.