As speculation continues in the Irish market as to which international law firm will be the next to come knocking on the door of local partners, Simmons & Simmons has confirmed plans to launch in Dublin with a lateral hire from Mason Hayes & Curran (MHC).
Simmons, which had long been rumoured to be considering a launch in the city, has hired MHC’s head of investment funds and financial regulation Fionán Breathnach. The firm will focus on asset management initially, a core practice area for Simmons, with plans to expand further into the financial institutions sector with more local hires.
Irish partners are notoriously difficult to recruit, particularly equity partners at the leading firms. However, speaking to Legal Business, Simmons managing partner Jeremy Hoyland said the firm’s client base, together with its reputation in funds, makes it an attractive proposition for laterals.
‘It is not a very big market and the Irish firms, particularly in funds, have been very profitable and people are well remunerated. But we have a fabulous client base in this area, and we are the best firm in terms of the funds business in Europe and in Asia, and that gives us an advantage when it comes to hiring in that area. It is one of those situations where we genuinely have a market position that will benefit laterals. But it is a difficult market and good people are expensive.’
Hoyland also confirmed that although Simmons has not currently secured office space for the launch, the office opening is planned for the first quarter of next year.
Breathnach, who joined MHC in 2003, was previously legal counsel at HSBC. His clients include a number of fund managers, including Comeragh Capital, Heptagon Capital and Thornburg Investment Management.
Commenting on Breathnach’s departure, Declan Black, managing partner of MHC, said: ‘Fionán has made a great contribution to MHC over the years. Younger partners like Rowena Fitzgerald and Conor Durkin represent a new generation for us, and we look forward to their continuing to develop our funds and financial regulation practice.’