‘The potential for policy changes seems unlikely to help the economy’
OWEN O’SULLIVAN
ACTIVITY Whilst the last 12 months have been challenging for Ireland as a jurisdiction, William Fry has performed extremely well, especially in key practice areas including Corporate/M&A, Financial Services and Dispute Resolution. Our Corporate M&A department had one of its strongest years in 2023, and 2024 has had a really strong start.
Financial Services continued to be extremely busy, advising on key transactions including the bridge financing of Smurfit Kappa’s cross-border merger with WestRock, the refinancing of the Flutter Group, and the authorisation of Seedrs Europe as the first crowdfunding service provider in Ireland. Dispute Resolution has been busy both with general litigation but also with a large number of restructurings and insolvencies. We also act for Donegal County Council in the defence of over 2,000 claims brought by homeowners alleging damage to homes as a result of defective concrete blocks.
Looking ahead we will continue to invest in our core areas but we are also focusing on areas like FS Regulatory, FinTech, MedTech and InsurTech as Ireland seeks to develop a hub for this type of work. ESG is also high on our agenda, and we are also exploring how we can incorporate technological advances to improve our client offering and give us a competitive advantage in the market.
AI We are using pilots to identify use cases, efficiencies and opportunities in the technology, and also to help us create policies and frameworks around the technology’s use. We recognise the transformative opportunities which AI can bring, but as one of the leading
AI law practices we are also keenly aware of the risks.
OUTLOOK The outlook for Ireland during 2024 and into 2025 is mixed. On the one hand, a more stable interest rate environment coupled with Ireland’s resilient economic performance will encourage positivity, with many Irish companies continuing to punch above their weight. Conversely, it will be difficult for the Irish market to avoid the considerable risk that negative international factors could have, and lead to a conservative approach being taken by businesses in the next couple of years.
Like some of our key trading partners, including the US and the UK, Ireland also faces the prospect of a national election at some point in the next 12 months. The potential for significant policy changes domestically and abroad seems unlikely to help the economy in 2024.