This post originally appeared on LinkedIn
December 15, 2016
Ireland has a globally focused economy that provides a perfect gateway to Europe for a huge number of multinational businesses from across the globe looking to trade with one of the world’s largest single markets. While the UK economy has been a little more unsettled in recent months Ireland has continued to show robust growth: GDP expanded by 26% in 2015 and is forecast to grow more than any other European nation in 2016.
What’s changed? Why now?
In-short, nothing! Ireland has been growing its economy for a number of years by offering an attractive business environment to multinational corporates from all over the world. The country boasts one of the lowest rates of corporation tax combined with an extensive tax treaty network allowing for straightforward trade with 72 other countries. As a result of this, combined with significant investments in infrastructure and a business-friendly regulatory regime, many of the world’s leading aviation, financial services, IT, and telecoms firms have chosen Ireland as their home.
Ireland, especially Dublin, already boasts a range of high profile players in the financial markets: 18 of the world’s 20 largest asset managers choose to domicile products and funds in Ireland and more than half of the world’s aviation lessors are based in the country. Post-Brexit Ireland looks even more attractive. The recent uncertainty in the UK has swung the Irish economy under the spotlight as an alternative, common law, English speaking EU member state in which international firms and multinational businesses can continue to develop their European offering. Of particular relevance to financial sector, those domiciled there will maintain their rights under MiFID and access to the EU-wide marketing passport for their products.
As a result of this strong and outward-looking economy the legal market in Ireland remains incredibly buoyant. Law firms have continued to thrive, with many firms looking to grow their teams across multiple areas. Funds, Corporate and Asset Finance remain key practice areas, but post-Brexit there is an expectation that an increasing amount of work will shift to Ireland, creating a real opportunity for lawyers looking to undertake great quality work but with a slightly different lifestyle to being in London or elsewhere. Firms are happy to consider those moving from further afield, with those in Australia and New Zealand also in high demand.
The vast array of corporates domiciling in Ireland also creates a plethora of opportunities for lawyers looking to work in-house. Financial institutions across the board are continuing to strengthen their internal legal functions, with particular demand in the asset management and aviation leasing industries. Opportunities are not, however, confined to the financial sector. Ireland has one of the most advanced telecoms infrastructures in Europe and large scale deregulation of the sector has encouraged a number of international companies to enter the market offering data services, outsourcing, and technology solutions to clients across the EU and beyond, all of which generate an interesting and complex diet of work for the in-house lawyer.
If you are interested in discussing a potential move to Ireland, please contact Thomas Hartwell (Private Practice) on [email protected] or +44 (0)2070020217 or Daniel Griffin (In-House) on [email protected] or +44 (0)2070020178