UK Law Firms Looking To Move Into Irish Market Ahead Of Brexit

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UK Law Firms Looking To Move Into Irish Market Ahead Of Brexit
UK Law Firms Looking To Move Into Irish Market Ahead Of Brexit

A recent survey of Irish law firms has shown that nearly half of them have been approached by British rivals regarding possibilities of an acquisition or a tie-up, reflecting the intention of British firms to set up operations in the country after the Brexit vote.

The survey has been carried out by Smith & Williamson a financial and professional services firm working in areas of tax, accounting, and business services.

According to Paul Wyse the company’s Managing Director for Ireland , a number of companies had set up “small greenfield operations”  so far but many were having big ambitions as well. He noted that some had even commented that they intended to be among the top 10 in the country.

Increasing UK Lawyers Acquiring Irish Practicing Certificates

Wyse further pointed out that nearly 1,100 solicitors from the UK had recently registered with the Law Society, and that around 20 percent of them had taken out the mandatory practising certificates.

Wyse highlighted that one of the largest law firms, Freshfields was yet to open an office in Ireland but already had 87 solicitors possessing practising certificates.

According to Wyse, this shift was the “number one issue” for the top 20 firms of the country. Firms were already struggling to find talent and this problem is likely to continue.

Firms Yet To Prepare Brexit Plans

Wyse also expressed worry that a number of firms were yet to develop a Brexit plan. He said that 97 percent of law firms outside of the top-20 had no formal Brexit plan at this point in time.

Wyse additionally highlighted cyber security as a major issue calling it “an increasing problem.”

According to survey findings, 70 percent of the firms cited cyber threat as their biggest risk. Wyse said that a 60 percent jump in number of cyber attacks had been reported by the country’s top-20 firms. He said that the law firms were targets because they carried sensitive data and deal with client funds.

The research has also shown a significant increase in revenue for Irish law firms in the last year. But Wyse noted that their profitability was declining despite higher revenues due to increasing operating costs.

 

 

 

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