Friday 28 April 2017

Irish law firms have bleak outlook on Brexit's impact

The Law Society has reported a record number of solicitors from England and Wales – 472
so far – having applied and been admitted to practice in Ireland this year. Stock photo: PA
The Law Society has reported a record number of solicitors from England and Wales – 472 so far – having applied and been admitted to practice in Ireland this year. Stock photo: PA
Shane Phelan

Shane Phelan

The Brexit vote has had a serious impact on the outlook of Irish law firms, with only half of practices expecting business in the sector to improve in the next 12 months.

The level of pessimism is even greater when it comes to the view of the country's top 20 firms, where only two in five expect an improved outlook.

All of the top 20 firms who provided information to Amárach Research for the annual survey, published by accountants and management consultants Smith & Williamson, believe Brexit will have a significant impact on the legal market over the next five years.

The research was conducted with 107 firms in recent months, including 13 of the top 20 firms in the country, 17 mid-tier firms and 77 small firms.

Half expressed concerns about levels of new business long term, while there are concerns about increased competition from UK firms setting up here to get a foothold in the EU.

The Law Society has reported a record number of solicitors from England and Wales - 472 so far - having applied and been admitted to practice in Ireland this year.

Despite the uncertainty, 64pc reported an increase in revenues in the year, while profits increased in 57pc of firms.

Irish Independent

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