Lawyers to take a big cut as estimated total bill of action heading for €30m
Published 07/04/2011 | 05:00
This legal action will incur hefty costs. One lawyer suggests that whoever loses will be facing a bill of €30m -- the cost of repaying the original €25.3m loan plus interest -- and the legal costs that will run into millions.
More than forty solicitors and barristers attend each day.
The Lynch family have hired former Justice Minister, Michael McDowell and Brian O'Moore, both senior counsel to argue their case in the Commercial Court. Their team also includes barrister, Alan Doherty. The family's solicitors are Byrne Wallace, a Dublin firm that is represented at the court every day by a team headed by partner, Gary Byrne.
AIB also has two senior counsel who are defending the bank in this action, Michael Collins and John Hennessy with barrister Anthony Fitzpatrick. The bank's solicitors are Maples Calder who also have a team there for the hearings.
The two law firms the Lynch's are suing are LK Shields and Matheson Ormsby Prentice (MOP). LK Shields is represented by senior counsel Paul Sreenan and barrister Brian Kennedy. The firm's founder, Larry Shields, attends the court with colleagues as well as a team from the firm it has hired to represent them, Ernst Cantillon & Co.
MOP is being defended by senior counsel, Michael Cush and barrister Declan McGrath. Solicitors from the firm also regularly attend the court and are being represented by Mason Hayes Curran solicitors.