Turnover at leading Irish law firm Mason Hayes & Curran rose by 7 per cent to €114 million last year, driven by “robust demand” across each of the firm’s core industry sectors.
Speaking to The Irish Times, Will Carmody, the firm’s managing partner, described 2023 as a year of two halves. “The second half of the year was much busier than the first half,” he said.
“We’re pleased with the overall outcome. Our technology group continued to be really busy and there were a lot of legislative developments there that had an impact. The areas that were less busy won’t surprise. They were real estate, which was more difficult last year, and M&A [mergers and acquisitions] deal activity was a more challenged environment.”
On the outlook for 2024, Mr Carmody said he was “cautiously optimistic” about the year, while noting the volatile geopolitical landscape. He said a likely reduction in interest rates later in the year and a softening in inflation should support increased M&A deal making and “more general corporate activity”.
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“I’d be hoping for mid to high single-digit growth again,” he said.
Mr Carmody said Mason Hayes continued to expand its international presence, doubling its numbers in London (to 14 now), while also adding lawyers at its San Francisco office (taking the number to four). “For 2024, we have plans for a New York office, which are at an early stage right now. We have a representative in New York but we’re looking at a couple of permanent positions.”
He said the firm also continues to assess its office options for Dublin, where it is currently operating out of three buildings. The firm appointed Savills to advise on the process, with one option being a consolidation at one site.
“With our growth and the increase in staff numbers, and with a gradual uptick in the presence in the office, if that trend continues in the medium term space requirements will come back on the agenda. We’re not under any pressure but if a good opportunity comes up we’d be in a position to move quite quickly.”
Mr Carmody said attendance in the office averages between 50 and 60 per cent across the week, and more than 60 per cent on the “core” days of Tuesday, Wednesday and Thursday.
Staff numbers increased by 4 per cent to about 600 in 2023, with 117 partners now at the firm.
Among its client work, the firm acted for Meta in appeals and judicial review proceedings before the Irish High Court, as well as annulment actions before the General Court of the European Union, of various separate decisions of the Data Protection Commission in Dublin to fine Meta for infringements of the GDPR. These include the appeals against the recent highly-publicised decision relating to transfers of personal data by Facebook from Europe to the United States, which resulted in a €1.2 billion fine against Meta.
Other assignments included acting for CDB Aviation in its insurance claim to recover the sum of about €411 million from its insurers arising from losses sustained from the leasing of nine aircraft to various Russian airlines.
And the firm advised Meta in a transaction to purchase renewable power from two of the largest new solar farms in the country to support its operations in Ireland, including its data centre in Clonee, Co Meath.
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