JONATHAN KELLY

ACTIVITY We have continued to grow both staff numbers and new work. In fact, our firm has grown to such an extent that we relocated in January into a new 2,500 sq.m. HQ on Burlington Road. Our larger office space has a major focus on areas to facilitate collaborative working across our multidisciplinary teams of lawyers.

PETER STAPLETON

PANDEMIC FALLOUT With many industries now recovering after the disruption of Covid-19 restrictions, clients and seeking legal counsel to help them navigate new challenges. For example, the pandemic has led to worldwide supply shortages of raw materials resulting in a significant increase in costs. Our construction group has been advising clients on contractual risk allocation to mitigate against potential cost over-runs in housing projects.

M&A Private equity firms and institutional investors remain well funded and are still actively seeking deal opportunities, and Ireland remains high on the agenda for overseas investors, with ease of access to EU markets and with the reinforced certainty on Ireland’s corporate tax regime. As was the case during the pandemic, some sectors are likely to continue to thrive, such as the technology, and renewable energy sectors.

OUTLOOK I am reluctant to make predictions given the unpredictable nature of geopolitics and the global economy. However, Ireland is well-positioned to weather such challenges, given the very large multinational sector and the high quality and adaptability of its services sector. At a micro level, we think this firm has similar advantages, given its international focus and its strengths in certain practice areas that provide us with some ‘hedging’ against general downturns in transactional activity.

‘Ireland remains high on the agenda for overseas investors’

ACTIVITY Trading has been very good. M&A activity is particularly strong with a very good deal flow across a whole range of sectors. Investors, many of them from outside Ireland, continue to look for opportunities here. All other areas are reporting good growth too.

PEOPLE Hiring and retaining experienced talent continues to be a major challenge. Demand from international firms now entering the Irish market and from accountancy firms entering the legal market has added additional pressure to the recruitment pool.

There is also a movement by lawyers to industry jobs and away from professional practice, driven in part by lifestyle considerations and where the stresses and pressures of the job are quite different from those in private practice.

The pandemic has led a lot of people to figure out what exactly it is that they want from their working life. There’s a demand for far greater flexibility in relation to hours and place of work. There is unprecedented movement in the labour market, where those firms that offer real choice and flexibility will win out in the talent war, at least in the short term.

However, care is needed, as workplaces are important for learning and collaboration and are places where ideas and innovation are born.

OUTLOOK I see significant challenges over the next 12 months and beyond. In particular, increases in energy prices and inflation generally will affect the cost base of all businesses, including ours, and this is going to have a knock-on effect on investment and the performance of the economy.

‘I see significant challenges over the next 12 months’

ACTIVITY The first three quarters of 2021/22 were dominated by very strong transactional activity, across a number of teams, continuing the trend we saw towards the end of 2020/21. Overall this year we’re expecting to show improving income trends across the firm. Although we’re only three months into the merger, we are already beginning to see new work and referrals into and out of Ireland as a direct result of our combination. Transactional activity has remained resilient and the Irish real estate market is currently experiencing the same bounce as real estate markets in the UK and the rest of Europe, which is another positive trend.

CLIENTS Clients are looking for a tailored response and want to see a stronger presence in terms of online presentations, being available for Teams calls, and legal access remotely. At the same time, clients still want us to have a physical presence and to meet in person. Sometimes you need to meet in person to better understand their perspective and to explore an issue that is concerning them.

M&A The M&A market was buoyant throughout 2021 and we expect that to continue this year. Areas such as tech, energy and manufacturing remain particularly attractive, and there is strong interest supporting Irish businesses’ growth plans from UK and non-UK investors and private equity.

OUTLOOK As a result of our merger, we are in a stronger position to support our clients, whatever challenges or opportunities arise in the local market as well as beyond Ireland. Obviously there is still a lot of uncertainty in both the short and medium term, but our aspiration, given the investments we are making both in people and our platform, is to continue to grow.

‘Our aspiration is to continue to grow’

‘Our practice groups are posting double-digit revenue growth’