Cross-border deals, a big source of revenue for law firms in Philadelphia and beyond, likely will take a hit from the British vote to exit the European Union, lawyers who specialize in international transactions say.

Mergers-and-acquisitions activity had already been softening by June 23, the day of the Brexit referendum, as high asset valuations had begun to discourage investors. But the British vote to leave the EU created a whole new set of problems. For many American companies, the United Kingdom long has been a launching pad for selling into the European continent. Britain's exit means that U.K.-based companies, or U.S. subsidiaries there, may lose the favorable trading terms that go along with EU membership.

Or they may not. The point is, no one knows, and that is turning off many investors.

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A handful of lawyers see a silver lining in the Brexit cloud, though.

Susan Laws, head of the London office of Center City's Duane Morris, said she expects deal activity to pick up as clients adjust to the new relationship between the EU and Britain, however that shakes out. Not only are assets more favorably priced now that the British pound has lost value, she said, but companies outside Britain and the eurozone will need new footholds in EU member nations if it turns out the U.K. loses its favorable trading relationship.

One possibility she foresees is a pickup in financial-services companies seeking to locate in Ireland, an EU member, to preserve access to European markets.

"There are people who see the U.K. as a cheap market and may be willing to buy now," Laws said. "Brexit is going to cause destruction, and creative destruction creates opportunities."

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