As the saga of Brexit continues to rumble along, the United Kingdom’s nearest neighbor has been quietly going about it’s business as usual.
The Irish economy has been growing steadily since 2013, with 2018 being a standout year of growth, three times faster than any other country in the wider euro area. This economic growth has continued into 2019, and this has been reflected in the legal market. New entrants to the market have put pressure on the traditional local players to secure top talent and up salaries to remain competitive. Areas such as corporate, banking, funds, and property have proved to be major areas of focus for expansion.
Lawyers in the UK are preparing for Brexit by signing up en masse to join the role of Solicitors in Ireland. Since the beginning of 2016, 1,644 English and Welsh solicitors have joined the Irish Roll of Solicitors. This compares starkly with previous years, where only 101 and 51 UK solicitors transferred in 2015 and 2014 respectively.
Although it appears as though many of these lawyers do not intend to set up a physical practice in Ireland, it does at the very least open them up to the idea of practicing in Dublin. The attractiveness of Dublin as a location has been on the rise long before Brexit, where the infamously low corporation tax rate has attracted a score of multinationals. These multinationals bring with them not just attractive in-house roles for lawyers, but also represent a phenomenal level of client.
Brexit will leave Ireland uniquely positioned as the only pure common law jurisdiction in the EU (Malta is a mixed common and civil law system), and along with the uncertainty of the UK’s economic future, should see the market continue to grow exponentially. Increased foreign talent and a growing “returner” Irish lawyer pool, combined with the new entrants in the market, make this a hugely exciting time in the Irish legal market.
Here at Hydrogen, we are committed to being at the forefront of recruitment for the Irish legal market. If you would like to know more about recent developments in the market or have a confidential discussion about potential opportunities or hiring, please feel free to get in touch on +44 (0)2070020140 or firstname.lastname@example.org.