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Overview
It takes a downturn to separate the main firms from the chasing pack; as clients retrench, it becomes clear which firms are winning the lion share of the dwindling mandates. The Big Five ( A&L Goodbody, Arthur Cox, McCann FitzGerald William Fry, Matheson Ormsby Prentice) are the gold standard in this market. These firms set themselves apart on the basis of experience, size and ability to specialise, and so inevitably those firms continue to garner a steady flow of instructions at the expense of the mid-tier. However, smaller firms remain upbeat, expecting that as the recession bites, clients will be re-evaluating legal counsel and opportunities to lure work away from the traditional choices will create a more open market.
Maples and Calder’s recent hiring spree is the headline news of the past year. The firm hired corporate partner Edward Miller from Matheson Ormsby Prentice, funds specialist Barry McGrath and leading finance partner Nollaig Murphy, both from A&L Goodbody. The firm is expected to make significant inroads into the domestic funds and corporate finance markets in 2009.
Mason Hayes+Curran has also positioned itself well. A timely merger with healthcare, education and charity specialist Arthur O’Hagan in October 2008 appears to demonstrate excellent foresight in the current market. More consolidation is predicted as the work dries up, but so far the only other notable merger was Ronan Daly Jermyn’s acquisition of William Glynn Solicitors towards the end of 2007.
In July 2008 A&L Goodbody boosted its IT/IP team with the hire of John Cahir as partner from Matheson Ormsby Prentice. It also hired litigator Mark Traynor from Maples and Calder. The firm’s recently opened Belfast office adds to an existing network of international offices in London, New York, Brussels and Boston.
Arthur Cox had a good year; in particular its outstanding banking and finance reputation was further strengthened by the Irish Government’s decision to instruct it on its controversial bank guarantee scheme. The firm also has offices in Belfast, London and New York.
Investment funds head Máire O’Connor stood down from the partnership at McCann FitzGerald to become a consultant and Mark White takes up the mantle. The firm maintains its North South Legal Alliance with L’Estrange & Brett and has offices in London and Brussels.
William Fry bolstered its corporate team with the hire of new partners Adam Synnott from Slaughter and May and Shane Kelleher from Amnesty International. North of the border the firm retains excellent links with Tughans in Northern Ireland and it also has an office in New York.
Matheson Ormsby Prentice has welcomed three new hires over the past twelve months: banking partner Ken Rush from Clifford Chance; consultant Gráinne Ní Dhubhghaill, formerly of Denton Wilde Sapte LLP; and shipping specialist Helen Noble from Mason Hayes+Curran. In addition to Dublin, the firm has offices in London, New York and Palo Alto as well as an All Island Legal Alliance with Cleaver Fulton Rankin.
BCM Hanby Wallace responded with vigour to the financial slump by hiring Gavin Simons from Eugene F. Collins to establish (and lead) the firm’s insolvency practice.
In a major coup for public sector heavyweight Philip Lee, it hired litigation specialist Anne Bateman from A&L Goodbody. In line with its strong EU and competition slant, the firm also has an office in Brussels.
Hayes Solicitors received a boost to its employment ambitions with the arrival of Breda O’Malley, who recently joined from McCann FitzGerald.