Barry Devereux, managing partner of Irish leader McCann FitzGerald, is not letting the bad Irish weather dampen his spirits. ‘The Irish market is buoyant and there are a lot of things going on. The economy is growing, markets are good and debt is relatively inexpensive. The climate is good for deal-making. Brexit is the reality, but it will undoubtedly provide opportunities across the financial services market in Dublin. It has given a fillip to the market in terms of the interest in real estate, and people looking for accommodation and office space. Dublin is doing very well.’
Dublin’s legal market continues to boom. The impact of Brexit undoubtedly dented the transactional market in the last six months of 2016, but the shock has, for the most part, subsided and many practice areas are busy. Real estate has enjoyed a particular resurgence after the painful post-bailout year, while corporate and finance lawyers are always in high demand. But the Irish market is also enjoying a boom in more niche areas, including data protection and intellectual property, particularly with the incoming General Data Protection Regulation (GDPR) and legal works in the fields of fintech, regulatory investigations and online gaming.
Following on from our inaugural report in 2014, Legal Business again canvassed a wide range of participants in both Dublin and the UK to identify Irish partners promoted between 2012 and 2017 who are cited as the outstanding young practitioners in their chosen sectors.
Building strong foundations
‘Property really went through a tough period between 2008 and 2012,’ reflects Arthur Cox’s managing partner Brian O’Gorman. ‘But it has been resurgent since then and our team has grown significantly in that period.’
As ever, real estate remains one of the best areas for Irish lawyers to make their name and there is a strong line-up of new partners, thanks to the demand for both commercial and residential buildings in Dublin – evidenced by the number of cranes that dominate the city’s skyline.
The pool of good real estate lawyers has been able to take advantage of the influx of new entrants to the Irish business landscape over the past couple of years as well as the frequent rumours over who may be needing sizeable office space post-Brexit.
At Beauchamps, one of the most prominent real estate firms in Dublin, commercial property partner Fidelma McManus, who was promoted in 2016, comes highly recommended. McManus is known for her track record advising on the acquisition, structuring, financing, disposal and leasing of all types of property, including mixed commercial and residential developments, shopping centres, retail parks and office developments. Recently she advised the National Asset Residential Property Services Designated Activity Company, a subsidiary of the National Asset Management Agency (NAMA), on its social housing initiative, which involved the acquisition of 2,200 residential units from NAMA debtors and receivers.
‘Property went through a tough period between 2008 and 2012. But it has been resurgent and our team has grown significantly.’
Brian O’Gorman, Arthur Cox
Matheson’s Sally Ann Stone, also promoted in 2016, is likewise much cited. Described by peers as ‘commercially astute’ and ‘responsive’ with a ‘strong future ahead of her’, Stone has acted on some of the largest single real estate transactions in Dublin in the last three years, including the Vertium on Burlington Road and 200 Capital Dock.
Other partners to watch in the real estate space include Shane Sweeney at McCann FitzGerald, who is described by Devereux as a ‘young, hungry, energetic lawyer who has great business savvy and nous’, and Alison O’Sullivan at ByrneWallace, who was appointed as a partner in 2012 and advised pharmaceutical giant Shire Pharmaceuticals regarding its headquarters at Miesian Plaza.
Recent work highlights for Sweeney include acting for the Central Bank of Ireland on the purchase of substantial office premises in Dublin’s Spencer Dock for over €100m and the world’s largest independent aircraft leasing company AerCap on the letting of its global headquarters at LXV on St Stephen’s Green.
Devereux says that the sizeable pool of real estate in Ireland makes it easy for Dublin firms to get strong practitioners. ‘In the real estate sector it is easier for us in the market because there are a lot more lawyers in Ireland – all across Ireland – that do real estate work. With financial services and corporate you are generally confined to Dublin and London.’
At Arthur Cox, commercial property partner Simon Hannigan is highlighted for the scale of the practice he has built since his appointment in 2012 and his ability to look after institutional relationships in the firm as well as building new client relationships.
Hannigan is particularly cited for his work with a number of leading global technology companies. O’Gorman notes: ‘[Hannigan]’s record of developing new clients on the property side and broadening those relationships into a range of other areas, including corporate, tax, litigation, data privacy, construction and utilities, has been particularly impressive.’
And at Maples and Calder, which originally came into the Irish market on the funds side, head of commercial property Diarmuid Mawe, who joined from A&L Goodbody and was promoted in 2013, is highly rated by one recruiter for ‘building his practice from scratch’. He is cited in The Legal 500 as having ‘attention to detail in completing due diligence, his business acumen and his industry knowledge are second to none’.
Corporate stars, famous funds
The corporate market in Ireland took a hit due to an initial Brexit shock, yet firms are always on the lookout for good transactional lawyers.
According to William Fry’s mid-year M&A review, there has been steady activity in the country’s transactional market, with 60 deals with a combined value of €8.2bn in the first half of 2017. While 18 private equity transactions worth €7.5bn represented the highest first half figure on record.
One very highly-rated partner in the corporate space is William Fry’s Mark Talbot who received a number of nominations from peers and rivals alike. Promoted to partner in 2014, Talbot is described by William Fry’s managing partner Bryan Bourke as ‘a really clever guy’. Bourke adds: ‘He really gets it. He works right across public and private M&A, but has particular strength in public and in equity capital markets. He has had a really strong couple of years.’
Talbot’s recent experience includes acting for the Department of Finance on a number of capital markets mandates relating to the state’s investments in the Irish banking sector, including the capital restructuring of Allied Irish Bank (AIB), the Holdco reorganisation of Bank of Ireland and the €3.4bn float of AIB. Talbot also acted for Candy Crush maker King Digital Entertainment on its $7.1bn listing on the New York Stock Exchange and subsequent $150m on-market buyback programme. Mark Quealy, who was promoted in 2014 and whose recent transactions include advising International Consolidated Airlines (IAG) on its €1.4bn acquisition of Aer Lingus, is another notable name in the corporate department at William Fry.
Unsurprisingly there is a strong corporate offering at one of Ireland’s top domestic firms A&L Goodbody, with plenty of partners coming through the ranks. Charles Carroll, who has experience in advising Permanent TSB/Irish Life on its €2.7bn capitalisation by the Irish government and XL Group’s $4.2bn acquisition of Catlin Group, is widely cited as well as Ronan Lyons, who is described by one recruiter as ‘coming up a lot, even with firms in London who rate him’. Lyons, who is a member of A&L Goodbody’s China group, advised Johnson Controls on its migration to Ireland and its $20bn merger with Tyco.
Matthew Cole, previously a senior associate at Ashurst and Shearman & Sterling in London, is also tipped as a partner to watch in A&L Goodbody’s corporate department. Cole, who moved to Ireland and was made partner in 2013 at Mason Hayes & Curran, joined A&L Goodbody as a partner last year. According to one rival, Cole has ‘built his practice at A&L and in Ireland nicely, which is hard for someone who isn’t Irish’.
‘Brexit is the reality, but it has given a fillip to the market. Dublin is doing very well.’
Barry Devereux, McCann FitzGerald
In the funds arena, long a bellwether of the Irish legal market, there are a number of recognisable names among Ireland’s top firms. ‘The funds industry has been one of the great success stories of the wider Irish economic story,’ notes O’Gorman. ‘We have seen international firms like Maples and Walkers and Dechert come into Ireland focused exclusively on funds. It is always an area which attracts attention.’
‘Funds is solid, it’s important, it’s growing,’ agrees Matheson’s partnership chair Liam Quirke. ‘You always get rich on it.’
Matheson has a particularly strong funds offering in the Irish market, with Liam Collins and Philip Lovegrove touted as names to watch. Matheson’s managing partner Michael Jackson highlights Collins as ‘very strong’ and ‘an excellent guy’. At William Fry, Vincent Coyne is described by a rival as ‘a rising star’. Currently based in the firm’s London office, Coyne advises a wide variety of clients on regulatory and structural issues associated with the establishment and management of investment funds in Ireland. Other partners building profiles in the funds community include Eimear O’Dwyer and Stephen Carson, who were made up in 2015 at Maples and A&L Goodbody respectively, as well as Kerill O’Shaughnessy at Walkers, who was made up to partner this year.
In the area of tax, Maples’ William Fogarty, whose advice is particularly sought after on high profile, novel or complex issues, is described by a recruiter as ‘excellent’. Fogarty was previously at Macfarlanes and Linklaters before he joined Maples. Catherine O’Meara, who is a partner at Matheson, is also highly rated. She is described by managing partner Jackson as ‘a very bright and very energetic partner who will build strong relationships’.
Money in the bank
In the finance space, including asset finance, there are a number of bankable stars. Perhaps the most cited is McCann’s Tom Dane, who is repeatedly mentioned by peers. Dane, who was made a partner in 2014, specialises in alternate lending – a fast-growing sector in Dublin – and according to Devereux is ‘a very confident, able guy and the clients love him’. Work highlights for Dane include acting for Bank of Ireland in relation to several major development finance and real estate investment transactions. Dane trained at SJ Berwin in London before joining McCann in 2007.
In aviation finance, Matheson’s Stuart Kennedy, promoted this year, is described by Jackson as a ‘people manager’ who ‘exudes enthusiasm’ and has ‘very good technical skills’. Other noted names in aircraft finance include David McGovern at Walkers, who was promoted in 2014. According to the firm’s managing partner for Ireland Garry Ferguson: ‘David has emerged as a leader in the aviation finance industry in recent years. In the last year he has been particularly active in the Asian aviation finance market, with a unique focus and expertise in South Korea.’ At Mason Hayes, Daniel Kiely is recommended, with managing partner Declan Black describing Kiely as ‘someone who has taken every opportunity to work with the industry’.
At Matheson, Darren Maher, who is head of financial institutions at the firm, has ‘done very well for himself’, according to one peer. He was promoted to partner in 2012 and is also currently involved in a lot of Brexit advisory work for Matheson’s clients.
In litigation, Catherine Derrig at McCann is described as having a ‘formidable practice’ and a ‘good reputation’, while Michael Twomey at Arthur Cox is marked out as a ‘polished lawyer’ who is ‘confident and mature beyond his years’ by managing partner O’Gorman. Karen Reynolds at Matheson is also well regarded in the market.
In employment, Loughlin Deegan at ByrneWallace is recommended by The Legal 500 this year as a ‘next generation lawyer’. Prior to joining ByrneWallace in 2014, Deegan served as special adviser to the Irish Attorney General and was acting head of employment law with national association Ibec. As part of the ByrneWallace public sector team, Deegan helped to develop a new suite of HR policies for the civil service.
In the competition and regulatory fields, William Fry’s Claire Waterson is ‘highly sought after for her expertise in telecoms’. In Ireland she advised regulators on contentious High Court and non-contentious matters, including the imposition of remedies, dispute resolution and the enforcement of compliance by Eircom.
And there are plenty of up-and-coming partners in the fast-growth sectors too, especially in data privacy and protection which are currently very busy thanks to GDPR.
‘Corporate lawyers are always in demand and we are actively recruiting. That is where we have had the highest level of lateral activity over the last few years.’
Catherine Guy, ByrneWallace
Technology partner John Magee at William Fry was promoted in 2016 and has extensive experience in commercial and technology law, including licensing, outsourcing, e-commerce, data protection and privacy, cyber security, cloud computing and intellectual property. Meanwhile, Marie McGinley, head of intellectual property, technology and data protection at Eversheds Sutherland, is described by managing partner Alan Murphy as ‘very active around the data centre piece’. McGinley joined the firm in 2015 from A&L Goodbody.
Despite a lull in the Irish market immediately post-Brexit, and a drop-off in some transactional activity, the mood has improved considerably during 2017, providing more opportunity for young partners to make their name. Although becoming a partner at a top Dublin firm is harder than ever, with profits at leading firms closing the gap with London counterparts, there is no shortage of thrusting lawyers fighting to join the club.
Devereux concludes: ‘From the point of partner onwards it is drive, energy, ambition, hunger. Those are the kind of things that drive you forward. Like feeling ill when you see a deal in your sector that you didn’t do and doing something about it. The real forces here are the people that care so much about it that they live and breathe it. They are so full of energy, enthusiasm and they are utterly driven about their practice. I would say it is the same everywhere you go – whether it is business or law.’ LB
kathryn.mccann@legalease.co.uk
‘Who’s coming knocking?’ – Brexit energises Dublin’s lateral recruitment market
News in July that Arthur Cox had managed to tempt a three-partner funds team from rival William Fry – the first bona fide team move between Ireland’s top-five firms – has caused a noticeable stir in Dublin.
‘The Irish market for lateral moves is changing and we are beginning to see some team movements, which we have never seen before, although it is commonplace in London and New York,’ says Barry Devereux, managing partner of McCann FitzGerald.
‘It was three equity partners. At [William Fry] most of the partners are salaried, so three equity partners will have had a significant impact. I wouldn’t want to be in that situation,’ adds a managing partner at another top Irish firm.
Ireland’s lateral hire market has been historically more static than London. However, in the last couple of years, and more specifically since last June, the market has become increasingly mobile. Some of this is driven by an increased interest in Irish partners from UK and international firms since the Brexit vote highlighted Dublin as an attractive alternative to London.
‘Certainly since Brexit there are a lot more conversations around opportunities, who is coming knocking, will they turn up – will Linklaters offer us all jobs?’ says a senior Irish partner.
‘In the last year the number of phone calls coming into this firm has increased significantly and our people are getting calls from agents acting for undisclosed principals saying: “We are acting for a City firm or a global firm and we are looking to hire the best financial services lawyers, insurance lawyers, funds lawyers in Ireland,”’ adds Devereux.
However, the increased flexibility in the market is also partly a result of a greater need for lawyers with particular specialisations and a new generation of associates or more junior partners that have a more mobile outlook.
‘There are more people moving at junior than partner level,’ says Emmet Scully, managing partner of LK Shields. ‘At partner level people need to be careful about decisions they make. The new generation are a bit more mobile and confident in their outlook, but if you have chopped and changed in too many places it won’t look good.’
‘The lateral hiring market has changed in the last two or three years,’ adds Alan Murphy, managing partner of the Dublin office of Eversheds Sutherland and chair of Eversheds International.
‘The practice of law is becoming increasingly complex, requires increasing specialisation and leads to greater opportunities for good lawyers. And creates openings within law firms for particular specialisations.’
Observes Mark Thorne, managing partner of Dillon Eustace: ‘There seems to be a reasonable amount of activity in the market in terms of lateral movement. And maybe people are looking at moving more frequently than before. I’m not sure whether that is because of Brexit or because of the nature of life now that people may have a number of careers or work for a number of organisations over the course of their careers, whereas previously they would have spent their careers in one organisation.’
Laterals are in particularly high demand in the Irish market, specifically in growth practices such as intellectual property, technology and data privacy, but also in more traditional areas such as real estate and corporate. And the Irish market is not immune from the lure of in-house, with technology firms and the aircraft finance industry proving particularly attractive for associates and partners alike.
‘Corporate lawyers are always in demand and we are actively recruiting,’ says Catherine Guy, managing partner at ByrneWallace. ‘That is the team in which we have had the highest level of lateral activity over the last few years. At a certain level there is also a dearth of transactional experience. If you came through at a certain point in the last few years, you would only have started to get into transactional work.’
‘There have been various ups and downs over the past year,’ says David Phelan, managing partner of Hayes Solicitors. ‘From time to time, there have been periods of business when it comes to lateral hires – and we are in one of the more busy stages at the moment. That might only continue for a limited period of time.’
And although there are plenty of rumours around potential international firm launches in the Irish market, only one – Pinsent Masons – has made a concrete commitment recently. The general consensus from Irish firms is that UK players will find it surprisingly difficult to hire good people and make a demonstrable impact on the domestic market – in the short-term at least.
According to one managing partner, this is because UK partners consistently underestimate the Dublin market.
‘UK firms totally underestimate the sophistication and level of complexity in the Irish market,’ says one managing partner. ‘They think it is the Isle of Man. It isn’t the Isle of Man. It is probably one of the most sophisticated, advanced legal markets in Europe. Despite the size of the island’s population, we have strong markets in aviation finance and leasing, funds as well as a number of multinationals that have European headquarters here and a strong indigenous business.’
Additionally, Irish equity partners at the top five firms in Dublin are more generously remunerated than many London-based partners.
‘I would say what equity partners get here wouldn’t match the likes of Slaughter and May – but it is well above what the mid-tier partners in London are getting,’ comments Liam Quirke, partnership chair at Matheson. ‘A Pinsents or a DLA wouldn’t be able to shift an equity partner from the top five.’
Despite this, Murphy has some tips for those UK and international firms considering a Dublin base.
‘The advice I can give to UK firms is – don’t underestimate the market. It is a very sophisticated market where there is a very good bunch of lawyers and where lawyers practise their art at a very premium level.’
Adds Devereux: ‘If you are looking to relocate into Ireland – it’s not construction, it’s not real estate, corporate or litigation. It is more likely to be targeted at financial services.’