Law Firms Who's Who Detailed Listing of Ireland's Top Commercial Law Firms and the views of Managing Partners
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APRIL 2018 SURVEY Law Firms Who’s Who Detailed Listing of Ireland’s Top Commercial Law Firms and the views of Managing Partners
BP SURVEY C O M M E R C I A L L AW
Talent Competition Gerry Byrne hears from managing partners in the top
T
here are continuing increases in
revenue among Ireland’s top commercial law firms about sector competition, cybercrime
commercial law firms but the threats, Brexit fallout and staffing pressures
average level of profit growth in
the Top 20 firms has slowed, according
to the latest survey of the sector by
accountancy firm Smith & Williamson.
The survey shows continued
improvement in trading conditions and
many firms enjoying increased revenues
and profits through 2017:
l 78% of the Top 20 firms increased
revenue in 2017, with half the firms
enjoying an increase in excess of 10%.
l Profits increased in half of the Top 20
firms, down from 62% in 2016. Almost
half of these firms saw profits grow by
more than 10% through last year, though
one in ten firms reported a profit
decrease.
“Maintaining profitability is seen by
most firms as the biggest challenge
facing them as a result of increased
competition, fee pressures and
increasing salary and operating costs,”
says Paul Wyse, managing director at
Smith & Williamson. “Managing cash
flows presents issues for many firms, as
debtors and work in progress increase, as
a result of higher revenues.” Ronan Daly Jermyn relocated its Dublin office to the Exchange building in
Catherine Guy, managing partner at George’s Dock at the IFSC in December 2017. Pictured with managing partner
ByrneWallace, says her staff are running Richard Martin (right) and Jamie Olden (left), who heads up the Dublin office,
faster to stay in the same position. “We is new hire Peter Lennon
are happy enough with our profitability, “Margins are under pressure and we complex piece of advice on privacy law
although it is a tough business in which to have certainly seen increases in staff or tax advice might command a better
retain a reasonable margin and produce a costs and salaries, and I don’t think rate. On privacy issues, our specialists
reasonable return on investment.” that’s going to change anytime soon.” are working all the hours they can and
Richard Martin, managing partner at John White, managing partner at they command better rates.”
Ronan Daly Jermyn, says that during the Beauchamps, is more sanguine. “It’s a This view is shared by Brian
recession many clients had a hard look at tougher environment but a good deal of O’Gorman, managing partner at Arthur
legal spend. “That has combined with legal business is still going on, which Cox. “You have to differentiate between
intense competition in the marketplace, would still make one optimistic in domestic work for domestic clients and
plus intense competition for quality staff. relation to profitable growth,” says White. work for international clients,” says
So with costs increasing and downward “The market for legal services remains O’Gorman. At Maples and Calder,
pressure on revenue, profitability was highly competitive in both the public and managing partner Nicholas Butcher
squeezed.” private sector. Maintaining profitability is remarks: “Profitability remains key, but in
David Phelan, managing partner at a priority and our experience is that an increasingly competitive market,
Hayes Solicitors, agrees. “Tight margins clients continue to be sensitive but recruitment and retention of talent is
are a common feature in legal firms. pragmatic when it comes to fees.” critical and will be a significant focus for
There are still a lot of difficulties out The profit margin in legal work can us in 2018. The use of technology to
there for clients, so it’s inevitable that depend on the sector, explains Declan innovate is also important, in order to be
this translates into fee pressure,” he Black, managing partner at Mason able to improve client service in a secure
observes. At Whitney Moore, managing Hayes & Curran. “Conventional work environment whilst striving to find
partner John Lynch comments: will be competitively priced, but a efficiencies.”
50 BUSINESS PLUS APRIL 2018
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Michael Lavelle, managing partner of and profit. This confidence is echoed by “Our growth in headcount and our
Lavelle Solicitors, states that some Michael Jackson, managing partner at continued investment in learning and
finance-related clients are streamlining Matheson. “We had a stronger year in development are as a result of this
their costs and that is having an effect 2017 than the year before and I don’t strategy,” says Yarr. “The pace of
on the market. “However, there is more have concerns around the general technological change has really picked
work at the moment on the property economic environment.” up in the last couple of years. It helps
side and we are definitely getting work deliver the efficiencies and improved
W
that is more profitable,” Lavelle adds. hatever about profits and service that clients expect. It also means
“It’s my view that if you bring good margins, staffing issues are that our lawyers are involved in more
value to your clients, they will pay a fair common across the sector, interesting and varied work, and less
and reasonable fee, so I think it all according to the Smith & Williamson repetitive manual processes.”
comes back to bringing value to your survey. Not only are law firms in Walkers Ireland added six solicitors to
client,” suggests Alan Murphy, competition with each other for its headcount last year, according to Law
managing partner at Eversheds desirable hires, but large corporates and Society data. Though Walkers is
Sutherland. “Getting our client offering state organisations are also looking for international, managing partner Garry
right is our focus. Once this is right, experienced in-house lawyers. Ferguson, 43, has built the firm in
profitability will follow.” Meanwhile, UK firms setting up Ireland from the ground up. Walkers is a
Philip Lee, managing partner at greenfield operations in Dublin are also specialist in Insurance Linked Securities
Philip Lee, is interested in improving poaching staff. “That creates and Collateralised Loan Obligations,
cash flow as much as margins. “Unlike a competition and impacts on the reward sectors of Ireland’s thriving funds
cash business such as a grocery store, a culture,” says Paul Wyse, managing industry. Irish domiciled assets exceed
law firm often doesn’t bill clients for director of Smith & Williamson Ireland. €2 trillion, making Ireland the third
weeks or sometimes months into the A&L Goodbody is Ireland’s largest law largest centre of regulated funds globally.
work. You don’t get paid quite firm in terms of the number of solicitors Ferguson says that recruitment and
immediately,” he points out. employed. Managing partner Julian retention of staff is the operational issue
Bryan Bourke, managing partner at Yarr says that attracting and keeping that occupies most of his time. “We
William Fry, says the firm had a really the best people has always been a key operate in a fiercely competitive
positive year in 2017, growing turnover part of the firm’s strategy. continued on page 52
“ EFC is large enough to have the
knowledge and expertise clients need,
but are accessible and responsive.
Chambers Europe 2018
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Established 125 years ago, we are one of Ireland’s leading law firms, 3 Burlington Road
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market,” Ferguson explains. “Our lawyers broader economy is at near full At Matheson, Michael Jackson’s view
are heavily sought after by the law firms employment levels, and in the legal is that the priority for any law firm
in London, new entrants to the market market it is at full employment plus. should always be investing in attracting
and the large domestic firms. We work So the cost of employing the best is a and retaining the best people.
hard to keep our team engaged and challenge, but one we have to meet.” “Last year, there were a lot of Irish
enfranchised – we tend to be more open Mark Thorne, managing partner of lawyers looking to come home from
with our associates than the traditional Dillon Eustace, says the firm enjoys huge London, so we had a very successful
firms. To date, we have managed quite loyalty from its lawyers. “Our most recruitment year, finishing it with 20
well, but retention is not an area where recent partner appointments shows that more lawyers than we started with,” says
we can ever be complacent.” loyalty works both ways, as all of our Jackson. “The best people will produce
Barry Devereux, managing partner at new partners this year originally trained the best results provided that they are
McCann FitzGerald, says the firm invests with the firm,” says Thorne. “We have given the best support and the best
significantly in continuing professional also attracted a number of senior hires development opportunities.”
development. “We value our people’s over the past 12 months from other large For Orlaith O’Brien, partner in OBH
differences and encourage the firms.” Partners, finding like-minded people is
collaborative work practices that produce critical. “We like to ‘home-grow’ our staff
F
innovative thinking and creative or Brian O’Gorman at Arthur Cox, as far as possible with a view to having
solutions,” says Devereux. “Everything else people are the most important our trainees remain with us following
is secondary to this, as only through the aspect of the business. “So finding qualification, but this has been more
recruitment, retention and development the right people and retaining them is difficult in the current economic climate,”
of our people can we deliver the solutions always top of my agenda,” he says. “We says O’Brien. “Staff retention is very
that clients expect in the rapidly- are always looking for ways to make important to us because our collective
changing market for legal services.” people’s lives easier and more team experience is key to our ability to be
“One of the big challenges for us is the manageable in what can be a very able to service our clients’ needs.”
battle for talent,” admits William Fry’s demanding career. Our associates are Larry Fenelon at Leman notes
Bryan Bourke. “There is huge demand very good at letting us know what we “tremendous fluidity” at associate and
for legal services, but the other side of could be doing better, as well as what we senior associate level. “It’s less so with
the coin is that everyone is hiring. The are getting right.” continued on page 54
52 BUSINESS PLUS APRIL 2018
D U B L I N | LO N D O N | N E W YO R K | S A N F R A N C I S C O | S I L I C O N VA L L E Y
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juniors and trainees, but it is affecting
everybody. If you have to absorb rising
labour costs without passing them on to
the client, then you need to find the
savings somewhere else.”
Some skills are scarcer than others,
notes Declan Black at Mason Hayes &
Curran. “In the lead-up to the
commencement of the GDPR, there’s an
absolute flood of privacy work. If you are
a privacy specialist, you are in huge
demand.” New lawyers shunned property
during the recession, specialising instead
in litigation, employment and insolvency.
“That makes property lawyers hard to
find,” says Richard Martin at Ronan Daly
Jermyn, adding that the firm has grown
its property team from 12 to 23 people. A&L Goodbody, led by Julian Yarr (right), is one of a number of large firms
Brian O’Gorman at Arthur Cox says that have secured ISO 27001 accreditation to combat cybercrime
wage inflation has been “fairly chunky” to secure junior and senior solicitors. “In those who do not.”
over the past three years. “It’s running the past 12 months, we have witnessed ByrneWallace was the first Irish law
well ahead of wage inflation in the an increasing demand for talented staff firm to achieve ISO 27001 accreditation
general economy. Lawyers at associate from domestic firms, as well as UK firms but, as Catherine Guy explains, it doesn’t
level are in particular demand,” he adds. entering the market,” he says. “Staff mean the firm can rest on its laurels. “It
For Alan Murphy at Eversheds recruitment and retention will remain a was a lot of hard work. It’s not a box-
Sutherland, rising staff costs are key business priority.” ticking exercise and we get audited twice
inevitable as premier law firms seek to At Whitney Moore, John Lynch says a year to maintain it,” says Guy.
retain the best talent. recruitment efforts were successful over “You’ve got to do a huge amount of
John White at Beauchamps suggests the second half of 2017. “We are work in terms of your systems, your
that there is a UK factor at play. “A continuing to recruit but we still have a infrastructure and investment in
number of UK firms have already dipped number of vacant positions,” he says. expensive software. If you don’t have the
their toes in the water and are “We encourage professional and personal equivalent of an ISO, and if you don’t
aggressively pursuing staff,” he says. development via internal and external have policies and protocols that are
“This has had a further impact on training programmes and opportunities aligned with that type of accreditation, I
salaries right across the board.” for growth within the practice. This don’t know how you can operate safely. I
approach helps retention of talent that think it will become the market standard.”
M
ichael Lavelle of Lavelle Solicitors ultimately benefits our clients and our
R
says the shortage of talent, even business.” onan Daly Jermyn has also secured
at junior levels, is becoming a Philip Lee insists that his firm has ISO 27001. “We see security as a
major issue. “The larger firms appear to not had any huge difficulties in major issue,” says Richard Martin.
be paying a lot of money for trainees,” he recruiting. “Lawyers go where they will “A lot of our non-national clients,
explains. “We get good trainees but there get interesting clients and we have especially in the US, are approaching a
is much more competition for them, as Ryanair, Microsoft, the HSE, Disney, point where they are going to insist on it.
well as for newly qualified solicitors. As the Data Protection Commissioner and The questionnaires we see in tender
we are increasing staff numbers, An Bord Pleanála,” says Lee. “In terms submissions are running to over ten
recruitment is more of an issue than of recruitment, we have been successful pages on security issues, but having ISO
retention of staff, though our retention at attracting real talent into the firm, 27001 allows you to pretty much skip
rate compares well to most Dublin and this is acknowledged in feedback over them.”
businesses.” from clients.” William Fry’s Bryan Bourke describes
For Bernard McEvoy at McEvoy Cybercrime has become an issue that online security as a major focus for the
Corporate Law, attracting and retaining outranks even Brexit on the worry-list of firm. “We hold a lot of private client
lawyers with ability and good Irish law firms. According to Smith & information so we are significant targets
relationship skills is important to Williamson’s Paul Wyse: “Ransomware for people trying to get information. We
growing the business. “To do so we must grew 350% last year, and because law made a big investment in security
compete against the top firms. For firms hold client funds they are technology and training to achieve ISO
lifestyle reasons, a lot of lawyers don’t vulnerable to attack. Firms without 27001 certification, but we are
want to work 24/7. Our firm strives to sophisticated systems may not even consistently focused on doing more to
maintain a good work/lifestyle balance, realise they are being attacked. ensure we protect client confidentiality
which we believe is a good selling point.” Internationally, more commercial and client funds.”
JP McDowell, managing partner at organisations with a cybersecurity Julian Yarr at A&L Goodbody was
McDowell Purcell, says it is taking longer programme reported a breach than continued on page 56
54 BUSINESS PLUS APRIL 2018
NEW PARTNERS ANNOUNCEMENT Arthur Cox is pleased to announce the appointment of six new partners at its Dublin office, further strengthening the firm’s expertise in Corporate M&A, Finance, Competition & Regulation Markets, Property and Litigation. L-R: Patrick Horan, Deirdre O’Mahony, Brian O’Gorman (Managing Partner), Maeve Moran, Michael Coyle, Deirdre Sheehan and Darragh Geraghty. Ireland Law Firm of the Year 2017 Chambers Europe Awards www.arthurcox.com
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another early convert to ISO 27001. “It training,” he says.
seems to me that technical innovation in IRELAND’S “It’s a headache for everybody,” says
law firms is not being held back by lack Eversheds Sutherland’s Alan Murphy.
of ideas – it’s probably being delayed by
LARGEST “It’s the kind of thing we need to be very
the boundaries of information security,” LAW FIRMS aware of and surround with very strict
says Yarr. “Law firms are always going to policies and procedures. We also need to
have price-sensitive or otherwise ensure that those policies and
Practice Solicitors
interesting information, so they are a procedures are observed by everyone in
target for global malware attacks that A&L Goodbody 293 the organisation.”
are driven by governments as much as Brexit appears to pose a double
Arthur Cox 274
they are driven by cybercriminals.” challenge to Irish law firms, particularly
Mason Hayes & Curran runs dummy Matheson 268 in the wake of the registration of
phishing campaigns to heighten McCann FitzGerald 247 hundreds of English solicitors with the
awareness. “We see ourselves as being Law Society. Added to the continued
subject to attacks but none of them have William Fry 220 uncertainty around a final Brexit deal,
ever succeeded,” explains Declan Black. Mason Hayes & Curran 201 the law sector is wondering if English
“Perhaps we are targeted because we firms will establish full-service practices
hold money and transfer it on the ByrneWallace 127 in Dublin.
instructions of clients. If you can pretend Maples and Calder 115 “Lewis Silkin, which specialises in
to be a client, you might be able to get it employment law, is the fourth law firm
transferred to you. It’s easier to articulate
Eversheds Sutherland 103 to set up here recently,” Alan Murphy of
than to do, but we still must take Ronan Daly Jermyn 95 Eversheds Sutherland points out. “It’s
precautions.” interesting that they have come here,
Dillon Eustace 82
Arthur Cox’s Brian O’Gorman adds: because hitherto it’s been mostly funds
“I’ve heard it said that if you want to get Beauchamps 79 and aviation-type operations.
information on a major corporation, the Historically, Dublin had fewer
Eugene F Collins 59
best way is probably through their law international law firms than most of the
firm. We take cybersecurity very seriously LK Shields 56 other European capitals, so I for one
and the amount we spend on it has Hayes Solicitors 49 would welcome the competition.”
increased by more than 300% over five Brian O’Gorman at Arthur Cox notes
years. This is not discretionary spend – Walkers Ireland 47 that just because Freshfields now has 86
this is something you have to do.” Philip Lee 44 UK solicitors registered with the Law
Whitney Moore’s John Lynch believes Society doesn’t mean that the firm will
that every law firm in the country is McDowell Purcell 42 open an office in Dublin. “Once Brexit
probably affected by cyber hacking. “If Holmes O’Malley Sexton 38 happens, British-registered lawyers will
you think you’re not, then you probably lose the right of audience in front of EU
have a bigger problem,” he warns. JP Whitney Moore 36 institutions like the European Court of
McDowell at McDowell Purcell says his Justice, so to maintain those rights they
Practising solicitor numbers as of
firm also runs phishing drills so that need to be qualified in an EU state.
31 December 2017. Source: Law Society
staff learn what to look out for. “If they “International firms such as
fall for them, they are given extra continued on page 58
56 BUSINESS PLUS APRIL 2018
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WORKING SIDE BY SIDE WITH OUR CLIENTS, WE ACHIEVE MORE.
We believe clients get better commercial outcomes when their lawyers work alongside them, rather than a step
removed. We work hard to understand our clients’ goals and priorities because we believe the best advice and
solutions come from knowing what really drives a business. This hands on, pragmatic approach allows us to see
and deliver solutions quickly. Side by side with our clients, we achieve more. www.beauchamps.ie
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Eversheds, Maples, Walkers and Dechert
have been coming to Ireland for upwards
of 15 years. More recently, Brexit has had
a slight impact, but they are niche firms
in financial services, healthcare and
pharma, and specialist insurance. None
are saying they plan a full-service
offering in competition with the big five.”
Law firms reflect the economy to a
large extent, argues Declan Black at
Mason Hayes & Curran. “We are getting
a bit of a Brexit dividend prior to having
a Brexit cost. The bigger UK law firms
will follow their clients over here,” he
predicts. At William Fry, Bryan Bourke
expects more inbound competition in
the financial services area, which is a
focus for all the larger firms. “Dublin
might attract more work because the
Philip Lee (second from right) sponsored the CIF Annual Conference 2017.
sector becomes more sophisticated as a
Also pictured with CIF executives Dominic Doheny (left) and Tom Parlon
result,” says Bourke. (right) is housing minister Eoghan Murphy
Julian Yarr at A&L Goodbody expects
Ireland to benefit from overseas financial Overall though, we think Brexit is a bad it is unless we get something that is only
institution investment from corporates thing for Europe, for the UK and for half of Brexit, such as the UK remaining
that need access to European markets. Ireland.” in the customs union or in the Single
“We might also pick up some FDI from John White in Beauchamps concurs Market. When I look at sectors like
Asia for the same reason, as Ireland is a that the downside of a rancorous entertainment, broadcasting or health, I
good place to do business from a Brexit would far outweigh the benefits. see enormous problems. Every sector you
regulatory perspective. Overall though, I “At the moment, we are all seeing look into is a nightmare.”
think that without the UK being a people who can’t take the uncertainty However, Larry Fenelon at Leman sees
member of the European Union, Ireland any longer and are making strategic opportunity for his challenger firm to
is going to be in a more challenged place decisions to relocate head offices to strengthen relations with UK law firms
politically and economically than it has Ireland or other parts of Europe,” says that are not establishing bases in
been in the past.” White. “You would also hope that a lot Ireland. “Large UK firms with deep
Matheson’s Michael Jackson believes of inward US investment will be pockets can come over here and disrupt
that, in the short term, Brexit will directed to Ireland rather than the UK the status quo. Who wins? The client
benefit the legal sector. “We think it post-Brexit.” wins, solicitors looking for fresh
makes Ireland more compelling as an Philip Lee, founder of the Philip Lee challenges win, and Dublin wins by
international offering because we are law firm, is downbeat about the Brexit becoming a much more significant legal
the only English-speaking common law implications. “Is Brexit the enormous player in Europe.”
jurisdiction left in the EU post-Brexit. disaster that some people think it is? Yes, Survey continued on page 60
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58 BUSINESS PLUS APRIL 2018BP SURVEY C O M M E R C I A L L AW
‘We achieved significant savings for clients
by deploying machine-learning technology’
John Kinsella canvassed the views of Managing Partners
BARRY DEVEREUX in Ireland’s leading commercial law firms about their
Managing Partner activity, the economy and Brexit
McCann FitzGerald
ACTIVITY The past 12 months have seen
strategic investments yield dividends across all
major practice areas of the firm, including
Finance, Corporate, Real Estate (including
construction) and Litigation. We expanded our
Data Investigations Group from a team of 15
people to more than 50. In September 2017, we
invested in Neota Logic for the first
deployment of its AI software in Ireland.
During the past year, we achieved
significant savings in both time and money
for clients in a number of contract review
projects by deploying machine-learning
contract analysis technology. The cost to
clients is typically reduced by 40% over We are moving to a more agile way of in London will not automatically be able to sell
traditional document review methods. We also working, which will see increased focus and services across the EU. Those banks can opt to
created a new ‘R&D hub’ within DIG as a prioritisation of resourcing models that are establish an operation in Dublin to preserve
space where technology-driven solutions can flexible, and greater use of CRM to enhance their passporting rights, and there are several
be developed. The overarching mission of the client relationships. good reasons to do so.
R&D function is to replicate the firm’s long- NOTABLE DEAL We advised Allied Irish On the negative side, some economic
standing tradition of lawyering excellence in Banks on its €3.4bn IPO and admission to the disruption, even in the event of a relatively
the age of the algorithm. Irish and London Stock Exchanges. It was the amicable deal, is inevitable. Ongoing political
GROWTH DRIVERS We will continue largest IPO in Europe in 2017 and the largest uncertainty will lead to a holding back of
our investment in technology and the IPO by a financial institution since the investment, particularly in the UK.
digitisation of services for clients to financial crisis in 2008. USP We offer a supportive, collegial
complement our traditional legal services BREXIT If the UK maintains red lines around working environment, where everyone is
offering. Other ongoing investment jurisdiction of the European Court of Justice, respected and has a voice. We encourage
commitments will see us broaden our reach there will inevitably be regulatory disruption leadership, integrity, performance and
in the US and other new markets, as well when the transition period ends. It currently progress, and these values inform every
as align our internal structures with our appears probable that the UK will lose its EEA aspect of our work, ultimately benefiting the
revised strategic direction. banking passport, meaning banks established work we do on behalf of clients.
The Business Of Our Firm
Is Your Business
Lavelle Solicitors, Emerging Business Specialists
Lavelle Solicitors’ award winning Corporate and Commercial Group provide an
extensive range of legal services to clients on all aspects of corporate law.
For more information on our services contact
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T 00 353 1 6445800 www.lavellesolicitors.ie
60 BUSINESS PLUS APRIL 2018BP SURVEY C O M M E R C I A L L AW
BRIAN O’GORMAN
Managing Partner
‘It is important not to underestimate
Arthur Cox the Brexit threats’
ACTIVITY In the past year, a significant
development was our move to a new building the availability of credit has enabled
at Ten Earlsfort Terrace. While the new building transactions to proceed that were either put
is only up the road from our old offices, life in on hold or not entered into at all until the
the office has been transformed and it’s great economy began to rebound.
to be able to offer state-of-the-art facilities to KEY ISSUES The job of a Managing Partner
everyone. We now have outdoor spaces, a is to try and get the balance right with
restaurant and a gym, as well as sit-stand profitability, investment and staff
desks and laptops for everyone to facilitate recruitment/retention. Finding the right people
and encourage agile working. and retaining them is always top of my agenda.
Another major development for the firm We are always looking for ways to make
was the arrival in January 2018 of three new people’s lives easier and more manageable in
senior members of our asset management what can be a very demanding, challenging and
and investment funds team – Tara O’Reilly, exciting career. Our associates are very good
Cormac Commins and Ian Dillon. This is an at letting us know what we could be doing
exciting time for the funds industry in Ireland better (as well as what we are getting right!).
and they are a great addition to our very BREXIT The uncertainty in the wake of the
strong practice in this area. Brexit vote is now the new normal and
IRISH ECONOMY Not all aspects of the business life has continued, after an initial
economy have rebounded strongly in recent internationally. I think we have rebuilt that period of shock. I think that like most threats
years. We were starting from a very low base confidence and the world has seen that we there are some opportunities, but it is
and there was a serious lack of confidence in have restructured the country’s finances in a important not to underestimate the threats.
the country, both domestically and sensible and measured fashion. I think that Survey continued on page 62
At the core of Irish business
No.1 M&A law rm in 2017
for the 6th successive year
Ranked by Thomson Reuters, Bloomberg,
Mergermarket and Experian Corp nBP SURVEY C O M M E R C I A L L AW
CATHERINE GUY
Managing Partner
ByrneWallace
ACTIVITY We have maintained a healthy rate of
growth on all of the key metrics year on year
and are focused on ensuring that we maintain a
continuing and sustainable level of growth.
We have developed and added services in
the areas of regulatory investigations and
enforcement, procurement, EU and
competition, structured finance, tax advisory
and compliance, health sector, and energy
and renewables.
GROWTH DRIVERS We need to ensure that
we deliver excellent services in a way that Series A financing to date in relation to an
makes sense to our clients and adds value for ‘It is clear that Indian-based tech company.
them. The market is more sophisticated and IRISH ECONOMY The economic rebound
competitive than ever, and we embrace the our clients are up has been possible thanks to a very open
challenges that this presents.
We are well underway with a large project
for the challenge’ FDI environment, strong export performance
and a strong entrepreneurial spirit. There is
to upgrade and improve our practice also a general resurgence of confidence.
management system, which will provide NOTABLE DEAL We acted for technology No one thinks that it is going to be easy,
additional resources and support to our company Browserstack Ltd in relation to its but it is clear that our clients are up for
lawyers and our clients. We also have to $50m Series A funding round with Accel. the challenge.
continue to work hard to make sure that we The Irish entity that took in the funding is USP The feedback from clients and
attract and retain the best talent, and that we the holding company – Browserstack has non-clients is that we are commercial,
provide a good environment in which our operations in India, Ireland and the US – business-like, hardworking, accessible and
people can flourish and develop their careers. and as far as we are aware this is the largest very good to deal with.
NICHOLAS BUTCHER
Managing Partner ‘We promote Irish legal services
Maples and Calder to our global clients’
ACTIVITY Last year, in response to continued
business growth, our affiliate MaplesFS
relocated its Dublin office to Molesworth Street. NOTABLE DEAL Our Investment Funds
The new location signals that the Maples group team recently acted as counsel to Bank of
is well positioned for continued strong growth Ireland Private Banking in the establishment of
in Ireland, and underscores our commitment to a unique and highly innovative synthetic
investing in the resources necessary to support investment product for its Irish private wealth
our clients and our employees. investors, offering bespoke indirect exposure
We also established a branch of Maples and to a KKR-managed, Irish-regulated private
Calder Ireland in London last year, initially equity fund.
providing Irish legal advice in the areas of Asset BREXIT Overall, we are cautious in
Finance, Corporate and Investment Funds. New predicting any significant movement of people
partners have also joined, representing our as a result of Brexit. Certainly, this will be
Funds, Corporate, Finance and Litigation driven by legal and structuring requirements:
groups. Together, these developments all show asset managers and other clients in the
our continued expansion in and commitment to regulated space will need to have a physical
business in Ireland. presence, as required by regulators. However,
GROWTH DRIVERS We are constantly it does not necessarily follow that we will see
looking for ways to promote Irish legal significant relocations either to Ireland or to
services to our global clients, and this is front other jurisdictions.
and centre of our growth strategy. We have USP We are innovative and entrepreneurial,
opened Irish desks in our Cayman and Hong working very closely with our clients to find
Kong offices, as well as taking Irish legal commercial solutions that are right for their
services directly to our clients through our businesses.
Irish branch in London. Survey continued on page 64
62 BUSINESS PLUS APRIL 2018Pictured L-R: David O’Mahony, Partner, Banking; Maria Kennedy, Partner, Commercial Litigation and Dispute Resolution; Barry McGettrick, Partner, Tax;
Michael Jackson, Managing Partner; Kate McKenna, Partner, EU and Competition; Michael Hastings, Partner, Banking; Russell Rochford, Partner,
Employment, Pensions and Benefits; and Donal O’Byrne, Partner, Asset Management.
Ireland M&A Legal Adviser of the Year
New Partner Appointments Mergermarket European M&A Awards 2017
Ranked Ireland’s Most Innovative Law Firm
Financial Times Innovative Lawyers Report 2017
Matheson is delighted to announce the appointment of seven new partners at the firm,
International Firm in the Americas
right across our practice in the areas of Finance and Capital Markets, Corporate, EU and
International Tax Review 2017
Competition, Asset Management, Investment Funds, Employment, Pensions and Benefits,
Number One Ranked Irish Funds Law
Real Estate Financing, Litigation and Dispute Resolution. Our new partner appointments
Practice acting for 29% of Irish Domiciled
reflect the strength and continued growth of our business and, with five global offices, 84 Investment Funds by AUM
partners and tax principals, and over 650 legal and business support professionals, Matheson Monterey Insight Ireland Fund Survey 2017
provides the full range of legal advice and services our clients need, when they need it. European Financial Services Tax Deal of
Matheson. The Irish law firm of choice for internationally focused companies and the Year
International Tax Review 2017
financial institutions doing business in and from Ireland.
Client Choice Award Winners for Corporate;
For further information about our legal services, contact our Managing Partner Banking; and IT and Internet Law in Ireland
Michael Jackson at michael.jackson@matheson.com, or your usual contact at Matheson. International Law Office 2017
Dublin London New York Palo Alto San Francisco www.matheson.comBP SURVEY C O M M E R C I A L L AW
The government approval of the drafting of
‘We will tell clients what we would the Investment Limited Partnership
(Amendment) Bill 2017 will, it is hoped,
do if we were in their position’ increase the options available in Ireland for
fund promoters (including venture capital
and PE) which may have a knock-on effect
on M&A activity.
BRYAN BOURKE BREXIT We have been experiencing a real
Managing Partner spike in enquiries from UK law firms and UK-
regulated financial service providers fine-tuning
William Fry or activating their Brexit contingency plans. As
ACTIVITY 2017 was a great year for William the only legal jurisdiction that speaks English,
Fry. We worked on the most significant and and as the main common law hub in the EU,
noteworthy deals and cases in the market, our Ireland is particularly attractive to the US, but
team grew and we performed very strongly that doesn’t mean we don’t need to improve our
financially, with upper-single-digit percentage own language skills. It would be naïve and
growth. We invested in staff initiatives while complacent to think that the English language
growing key areas of focus, such as Financial will have the same ubiquity it had pre-Brexit.
Services, Technology and Corporate/M&A. In the context of Brexit, with new entrants or
Diversifying through hiring industry experts the expansion of existing firms, we anticipate
outside of the legal profession has also been the competition for associate level talent is
part of this strategy. Financial regulation, likely to increase. The higher price for talent is
regulation management and IRISH ECONOMY The government and IDA- likely to impact on smaller firms the most, and
GDPR/cybersecurity are key areas at the driven promotion of FDI have fuelled stable could ‘nudge’ greater consolidation at that level.
moment, as is food and agriculture. economic growth since the mid-1990s and USP Our teams are partner-led but very
NOTABLE DEAL William Fry acted as lead continues to contribute significantly to the business-focused and practical. We work to find
adviser to the Department of Finance on the competitive environment. Ireland was recently solutions for our clients, we will explain the
€3.4bn IPO by the Minister for Finance of a voted, for the sixth consecutive year, the best best options and risks and we ‘call it’ – in that
28.8% stake in AIB. This was the first retail country in the world for attracting high-value we will tell clients what we would do if we were
offer in Ireland since the Aer Lingus IPO in 2006. FDI, according to IBM’s Global Location report. in their position.
‘Our relentless
focus on financial
services has
driven our growth’
client, CDPQ, in a joint venture with GECAS.
This strategic partnership won the ‘Americas
M&A Deal of the Year’ at the Aviation 100
Awards 2018.
BREXIT For regulated firms who use their
these areas, and this is borne out by the licensing in the UK as a means for passporting
GARRY FERGUSON calibre of our clients, award-winning throughout the single market, Brexit is already
Managing Partner transactions and volume of new mandates a reality. Our regulatory team has doubled in
throughout the last year. size in the last year and will continue to grow
Walkers Ireland GROWTH DRIVERS We recently recruited in 2018. On a broader level, outside of financial
ACTIVITY We had another strong year across two new partners into the investments funds services, Brexit is a profoundly negative event.
our firm, but if I had to single out one team and we expect to double our partner USP What sets us apart, I believe, is our
achievement it would be the mutually bench in this team in the next 12 to 18 months, global reach in financial services. We have a
propelled growth of our Finance department and will continue to recruit at all levels. We large footprint in the Americas, Asia and
and our corporate services affiliate, Walkers also expect strong growth in our regulatory Europe. As a firm, we know exactly what we
Professional Services. Together they provide a and compliance team as Brexit-related are about and our relentless focus on
one-stop shop in Ireland for clients in aviation opportunities continue to emerge. financial services has definitely driven our
finance and debt capital markets. In my view, NOTABLE DEAL We established a $2bn growth in Ireland.
we operate in the top tier of firms active in aviation financing platform for Canadian Survey continued on page 66
64 BUSINESS PLUS APRIL 2018BP SURVEY C O M M E R C I A L L AW
MICHAEL JACKSON
Managing Partner
Matheson
ACTIVITY 2017 was a record year for
Matheson, with strong growth levels in terms
of revenue and significant new client wins
across the firm throughout the entire year.
The growth we have seen from our
international client base, and the many new
mandates received, has been accompanied
by some significant new instructions from
Irish-owned corporates and state bodies.
We built on our strong position in the
traditional FDI space by increasing our
presence on the ground in our foreign offices
and opening a new office in San Francisco. We
also more actively targeted indigenous Irish
internationally-focused companies.
Elsewhere, we have made strategic
investments in key areas like innovation and
technology, M&A, fintech, regulatory, state
aid and disputes and investigations, and have
particularly targeted Brexit-related business.
‘We continue to
MARK THORNE some groundbreaking work in most of our core
Managing Partner
practice areas in 2017/2018. We advised on the see growing
launch of one of the first direct lending Loan
Dillon Eustace Origination Funds for Tennenbaum in our funds activity in Brexit-
practice, while in banking we advised Nama in
ACTIVITY We have been the leading firm in
asset management and investment funds in
the Gem portfolio loan sale. In litigation, we related matters’
won for the Motor Insurers' Bureau of Ireland
the Irish market for many years. Our client
in the Setanta case, and in real estate we
base is broader, both geographically and in GROWTH DRIVERS We continue to see
advised on the financing and acquisition of the
terms of product type, than any other firm, growing activity in Brexit-related matters
Exo building, soon to be Dublin’s tallest office
which gives us huge advantages in the across our practice. We believe that we are
building.
experience and knowledge of our lawyers. acting for more financial institutions that
BREXIT Brexit is definitely an opportunity
We have also seen significant growth in our have filed Brexit-related regulatory licence
to grow existing and new clients. We act for
Banking and Real Estate division (where we applications with the Central Bank than any
numerous UK-regulated entities that are
have hired a number of senior people). This in other firm, and we believe that the total
looking for new approvals, or want to extend
turn has led to increasing domestic tax work number of live Brexit-related matters that
existing authorisations, to ensure they have
to add to our leading international tax the firm is advising on is also well in excess
access to the Single Market post-Brexit.
practice. Our litigators have continued to be of competitor firms.
USP We are a proactive, innovative and
flat out, enjoying huge success with the The rise in regulatory activity, both at
responsive firm, where clients’ key business
Setanta insurance case. domestic and EU level, has also presented
objectives are met through tailored practical
Our Corporate department has had a very significant opportunities, and we continue to
and common-sense advice. As a place to work
busy 12 months, with a wide range of invest heavily in this space. Our M&A group is
and make a career, we offer our staff the
transactions across sectors such as healthcare going through a period of record growth and
opportunity to advise on the most high-profile,
and nursing homes, leisure, sport, regulated we foresee this continuing as we increase
complex and challenging work, yet at the same
financial services and manufacturing. our market share in this area. Technology
time enjoy the collegiate atmosphere, and
NOTABLE DEAL It is difficult to single out and innovation, life sciences and fintech are
friendly and supportive environment, that the
one deal for the overall firm as we have done other areas where we see substantial activity
firm has always prided itself on.
and opportunities.
Our Energy, Projects, Commercial Real
‘Our litigators have continued to be flat Estate and Construction practices also
continue to grow, with a significant increase
out, enjoying huge success’ in the nature and complexity of the deals
being done and an emphasis at government
66 BUSINESS PLUS APRIL 2018BP SURVEY C O M M E R C I A L L AW
and private sector level on increasing
investment levels in infrastructure.
NOTABLE DEAL Matheson advised Gurnet
Point Capital, a €2bn healthcare investment
fund, on its €209m public takeover of
Innocoll Holdings plc, a Nasdaq-listed global
pharmaceutical and medical device company.
The need to comply with different legislative
frameworks and to satisfy distinct
supervisory authorities created significant
complexities.
IRISH ECONOMY The fact that Ireland
continued to provide legal, tax and regulatory
stability and certainty during its greatest
financial crisis has meant that our
international offering and our international
competitiveness have been further enhanced.
Ireland’s determination and willingness to
continue to defend its corporate tax rate has
not gone unnoticed internationally.
USP Innovation is embedded deep within
the firm’s culture and is something we take
great pride in. We foster a diverse,
collaborative and innovative culture, as well
as a forward-thinking work ethic which
transfers across all of our initiatives and
ensures we stay ahead of the curve.
Survey continued on page 68 Michael Jackson (left) with Simon Coveney, Minister for Foreign Affairs
At McCann FitzGerald, we’re proud to be home
to many of the most talented and experienced
legal minds working in the global marketplace
Why you today. We believe that their expertise is worth
paying for – but only when you need it.
shouldn’t Today, many tasks that used to be the exclusive
responsibility of lawyers can now be carried out more
always use efficiently and effectively with new technologies and
new methods of working – saving our lawyers for
when they can add true strategic value.
our lawyers. To find out more about Ireland’s most progressive
major law firm, contact our Managing Partner,
Barry Devereux, on +353 1 829 0000, or go to
www.mccannfitzgerald.com.
d u b l i n | lo n d o n | n e w y o r k | b r u s s e l s
mccannfitzgerald.com @BP SURVEY C O M M E R C I A L L AW
ALAN MURPHY
Managing Partner
‘Our tax offering is growing rapidly,
Eversheds Sutherland as it provides a unique service’
ACTIVITY Our Dublin and Belfast offices
continue to be star performers across the
NOTABLE DEAL We acted for Sojitz
Eversheds Sutherland global firm. We have
Corporation in relation to the acquisition
seen very strong growth across multiple
of a 60% interest in Evalair Ltd, which
practice areas, particularly in data protection,
holds a wind farm portfolio in Ireland,
cybersecurity, taxation and real estate. In
comprising 223 megawatts of capacity.
2017, we also saw significant growth in our
The purchaser was an SPV and the
regulatory consultancy division, with some
transaction was structured to provide for two
big account wins.
completion dates. This was a cross-border
GROWTH DRIVERS As business continues
matter that included Ireland, Japan,
to globalise, our global approach to the
Luxembourg and the UK.
provision of legal services will increasingly
IRISH ECONOMY One of the reasons
become relevant to all clients. Our tax
why our economy has rebounded is that our
offering, having specialist tax lawyers around
clients have proven to be very resilient – they
the world and perhaps most particularly in
have taken tough decisions and have used
Ireland and the US, is growing rapidly, as it
their business acumen to adapt their
provides a unique service to US companies
businesses to enable a growth cycle.
doing business in Ireland and to Irish
USP Eversheds Sutherland is the only
companies doing business in the US.
full-service international law firm in Ireland
Our GDPR team is world class and the
offering an all-Ireland and global presence.
quality of their offering to businesses across
With 2,400 lawyers worldwide, no other
Ireland is peerless. In a short period of time
law firm in Ireland can offer businesses
they have gained an outstanding reputation
access to this level of support on both sides
for excellence and innovation, and we expect
of the Atlantic.
strong growth in this area this year and next.
JOHN WHITE Infrastructure Group. The team was led by
partner Ainsley Heffernan, and supported by
Managing Partner partners in construction, banking and finance.
Beauchamps IRISH ECONOMY Levels of startups business
and entrepreneurship, supported by a series of
ACTIVITY We continue to experience government incentives, are increasing. The
increased activity across almost every emergence of private equity and new and
practice group and sector, and the firm is on alternative capital sources for businesses to
track to achieve double-digit growth again scale and grow quickly has been a welcome
this financial year. I am also delighted with ‘shot in the arm’ for business activity.
the addition of top-class talent joining our BREXIT My view is that a significant
team from the UK and leading Irish firms, as majority of UK firms will continue to rely on
well as the addition of new clients across all the local jurisdictional expertise and
practice areas. This is the result of a experience of Irish law firms, as and when
sustained and deliberate strategy focused on concrete proposals for Brexit emerge. If
our core practice areas. clients move substantial parts of their
With the recent addition of Dorit McCann as business to Ireland, then we can expect the
Head of EU, Competition and Procurement, and
Barry Cahir as Head of Insolvency and
‘Our partners law firms to follow.
USP When I meet our clients, I always
Corporate Restructuring, we have also seen
significant growth in these areas.
are available, ask them about their experience of working
with Beauchamps, and how we can improve.
GROWTH DRIVERS Our long-term growth
strategy remains focused on our core
accessible and The message is generally the same:
we consistently deliver a high-level of
commercial practice areas, where regulation
and compliance play a significant role. We
pragmatic’ professional advice, coupled with a
dedication to exceptional client service –
expect M&A activity to increase, and we are basically, we help clients get things done. In
also engaging with in-house counsel to NOTABLE DEAL We advised the practical terms, this means our partners are
provide solutions on a project-by-project or shareholders of Pallas Windfarm Ltd on the available, accessible and pragmatic.
consultancy basis post-merger/acquisition, or sale of an operational wind farm and under-
during significant change projects. construction project to The Renewables Survey continued on page 70
68 BUSINESS PLUS APRIL 2018Pre-eminent in Financial Services www.walkersglobal.com Global Legal and Professional Services BERMUDA | BRITISH VIRGIN ISLANDS | CAYMAN ISLANDS | DUBAI | GUERNSEY | HONG KONG | IRELAND | JERSEY | LONDON | SINGAPORE Walkers works in exclusive association with Taylors in Bermuda, a full service commercial law firm providing advice on all aspects of Bermuda law.
BP SURVEY C O M M E R C I A L L AW
JULIAN YARR ‘We have a relentless focus on
Managing Partner
A&L Goodbody developing brilliant people’
ACTIVITY 2017 was another very strong year
for us. We maintained market share across faceted, requiring multiple teams from our
our core areas and were involved in the corporate, commercial property, finance, tax
majority of the large, complex deals and and employment departments. The scale of
disputes that the market has offered. the transaction, in terms of the number of
What particularly pleased me was the properties involved, was unprecedented.
significant growth in the majority of our IRISH ECONOMY We are seen as global
specialist areas, from EU law to insurance, leaders in many important sectors, hence
tech and data and intellectual property, and there is a strong magnet for new related
financial regulation. investment. Our talent, tax system and
We have increased our headcount by 10%, access to Europe remains key. Consumer
with a healthy mixture of lateral hires from confidence has also returned and had a
other firms and trainees coming through the multiplier effect on the domestic Irish
system. We have also introduced a bespoke economy.
learning and development programme for our BREXIT While there have been a number
lawyers, and we refreshed our brand as a of businesses looking to locate operations
major part of a three-year client engagement in Ireland, it’s not at the level that some
strategy, which has been very positively were predicting.
received. USP We have a relentless focus on
GROWTH DRIVERS Our growth strategy attracting and developing brilliant people
matches the market, domestically and of the market to maximise on those who match our collaborative culture. How
internationally. While the Irish economy opportunities. well we work together, and with our clients,
is doing well, Brexit and the US NOTABLE DEAL We advised Irish house- has been commented upon by clients as a
administration present opportunities as well builder Glenveagh Properties plc on its strong reason for the high-quality service
as challenges. We have to stay a step ahead €550m IPO. It was complex and multi- and advice we provide them.
MARK WALSH
Managing Partner
Eugene F Collins
ACTIVITY There has been good growth across
the firm throughout the practice, in areas such
as banking, corporate, property and litigation.
This partly reflects the market but was also
due to some new hires. At the moment one of
the areas we work on most is staff retention.
What we offer our lawyers is access to
interesting work coupled with a proper life
balance. You know people will work hard when
the transactions are there, but they won’t be
in the office until midnight every night.
GROWTH DRIVERS I think you need to be are dealing with Germans, Italians and others,
proactive. We’re a full-service law firm, so you ‘I think you need and recently I was dealing with a firm from Hong
have to try and ensure that growth isn’t too Kong. The country’s reputation took a dent
concentrated in particular practice areas. We to be proactive’ during the recession but now Ireland is viewed
have a tradition of being a strong corporate as a country that has sorted itself out. So there
firm, with a good reputation for insolvency and is money coming in, with investors taking up
litigation. We have to keep our focus on these a complex, cross-jurisdictional restructuring some of the financing slack left by the banks.
areas even when corporate is booming and transaction that involved our banking, USP There’s a quote about the firm in ‘Legal
there is lots of M&A activity. You just can’t rest corporate, property and employment teams. 500’ from a client who had been involved in a
on your laurels – you have to focus on all the There were also litigation advices, so it was a corporate transaction. What he said was: ‘They
divisions and achieve consistent growth. good rounded transaction that pulled in all the are large enough to have the knowledge and
NOTABLE DEAL We were involved with different areas of the firm. experience we need, but they are familiar and
property developers Cannon Kirk and their IRISH ECONOMY Ireland seems to be an user-friendly’. And that kind of sums it up.
€100m refinance of debt owed to Nama. It was acceptable place in which to invest again. We Survey continued on page 72
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