More competition, an increasingly complex regulatory environment and a call to radically upskill are amongst the challenges and opportunities for the Irish legal profession. Speaking at the IBA’s 12th Annual Bar Leaders' Conference in Belfast, Mr Stuart Gilhooly, President of the Law Society of Ireland, delivered a sobering yet optimistic speech outlining the likely outcomes from the Brexit decision. ‘Momentous decisions like Brexit can lead to terse, personal and short-sighted public discourse. The unintended fall-out can be violently disruptive, grave and costly - costly to our governments, costly to our economies and costly to our people across these islands.’

Top firms best positioned for Brexit

In recent research within the Irish legal profession, around 95 per cent of law firms in Ireland see Brexit as negative or of minimal impact to their clients. Most firms viewed the top tier firms as the best positioned to benefit, with the increased competition for native talent impacting hardest on private practices. With more than 1,100 UK solicitors joining the Irish Law Society in Dublin since the Brexit referendum, the Law Society president Stuart Gilhooly also said that UK firms Pinsent Masons LLP and DLA Piper LLP  were looking to establish offices in Dublin. 

Smart choices

However, he said that whilst the challenges were great, smart choices could be made. ‘Ireland will be the only English-speaking common law country in the EU – and that can bring us a competitive advantage over other EU competitors as we vie for talent and investment. However to take advantage we need to upskill in languages, and focus our infrastructure and education systems towards improved information and data management.’ He also added that ‘most critically, at a political and systemic level, we need to keep the UK close - even if our allies are keen to push them away.’

Great strains

Mr Gilhooly said that the future of the legal profession – both in Ireland and the UK – ‘ will face great strains over coming years. I have no doubt the Irish legal profession will be in a continued state of transition for the foreseeable future. But I have great optimism that if we identify and act upon the competitive advantages that Brexit will bring, then we can emerge a stronger and more central force within the EU and continue to be a close ally of our UK neighbours.’