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Since the results of the UK EU referendum were announced on June 24, 2016, there has been a period of what can be politely described as uncertainty. The electorate went to the polls and by a narrow majority voted to leave the EU, but with leadership battles, resignations and even calls for a general election, the cries of ‘it’s business as usual’ have a hollow tone. Here’s what we do know:

The current plan is for the new prime minister Theresa May and her government to proceed with the formal exit process under Article 50 of the Treaty of the European Union following David Cameron’s departure from office on Wednesday, July 13, 2016.

If this timescale remains unchallenged by the EU, the UK will then have two years in which to negotiate the terms of its exit, but only with the unanimous agreement of the 27 remaining member states.

There will need to be a wholesale review of UK legislation, with much to learn about how to develop policy for new legislation that has traditionally been made in Brussels. According to Claire Darwin, a barrister at Matrix Chambers, Brexit is likely to keep lawyers and judges busy for decades.

Very broadly, the areas most heavily subject to EU regulation include financial services, capital markets, employment, data protection, energy regulation, construction and environmental law. Less affected will be private client and family law (other than in the case of cross-border disputes), property, tax (with the obvious exception of VAT), pensions (other than cross-border schemes) and civil litigation and criminal law.

Contract law (except in the area of consumer rights), tort and trust law are broadly unaffected by EU law.

To help gain an understanding of what could – or could not – happen with so many variables in play, we spoke to practitioners in a range of areas to gauge their reactions on the shorter and longer term implications of Brexit. From the impact on sentiment affecting M&A, to the potential cost implication of work visas if the freedom of movement is not maintained, to the effect on investment treaties. The models on which the EU and UK could develop their new relationship are also outlined.

In short, the only certainty is uncertainty. Which means the more information you can arm yourself with, the better.

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Read the expert practitioners’ reactions to the Brexit vote and its implications as it appeared on the Thomson Reuters’ Legal Current website.