William Fry, one of the largest corporate law firms in the State, has confirmed it is in talks with senior representatives from the Irish affiliate of Eversheds Sutherland about a tie-up, as deal-making across the sector gathers pace.
A potential agreement would see Eversheds Sutherland Ireland’s partners and staff joining William Fry, the top-six Irish corporate law firm said in a statement to The Irish Times on Thursday.
Senior figures at William Fry were previously known to have been advising outsiders in recent days that the firm was not in discussions with Eversheds Sutherland, at a time when this news organisation was seeking to confirm the talks amid heightened industry speculation.
“Any potential transaction remains subject to the approval of both partner groups and any applicable regulatory approvals,” said the firm in the statement.
William Fry had 208 practising solicitor certificates at the end of last year, according to the Law Society. It employs about 500 people. It has been led since the start of November by managing partner Stephen Keogh and is chaired by Liam McCabe.
A spokeswoman for Eversheds Sutherland, which had 98 practising solicitor certificates at the end of last year, leaving it in 14th position among firms in the Republic, declined to comment. Alan Connell, managing partner of Eversheds Sutherland, which has 290 staff, did not respond to calls seeking comment in recent days.
The development comes within weeks of two merger announcements in the sector. ByrneWallace, the number eight player in the Republic by solicitor certificates as of the end of 2023, said on November 29th it had agreed to join forces with smaller peer LK Shields, to create a firm with 430 employees, including 220 solicitors. That merger will take effect from January 1st and the combined firm will be known as Byrne Wallace Shields.
Byrne Wallace managing partner Feargal Brennan will become the first managing partner of the new firm. LK Shields managing partner Richard Curran will become senior partner.
On November 28th, Flynn O’Driscoll said it is merging with fellow commercial law firm Vincent & Beatty, in a transaction that will take their combined total headcount to 140.
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Dublin’s corporate law services sector, which had stood out as an anomaly across western economies as a tight-knit community dominated by the storied six names of A&L Goodbody, Matheson, Arthur Cox, McCann Fitzgerald, Mason Hayes & Curran, and William Fry, has become a hotbed of activity in the past seven years.
However, the most recent moves by Irish firms to come together follow a slew of deals involving overseas law firms merging with local players, driven by the effects of Brexit, the scale of US multinationals based in the State, and strong growth of the domestic economy over the past decade.
London-based Fieldfisher made waves in 2019 when it merged with top 20 Irish firm, McDowell Purcell.
UK outfit Addleshaw Goddard made a move in early 2022 on Eugene F Collins, a Dublin-based firm that traces its roots back to 1893.
Elsewhere, Detroit-based Clark Hill, which set up an office in the State in 2018, has, over the past three years, mopped up O’Gradys Solicitors, Eames Solicitors, and HMVO Solicitors, formerly known as Noel Smyth and Partners.
Consolidation across the sector in recent times has also occurred against the backdrop of a surge in demand for in-house counsel by Irish corporates and multinational companies based in the State. In-house solicitors now make up over a quarter of the profession, with AIB the largest private-sector employer of solicitors, and the Chief State Solicitors’ Office and the Central Bank of Ireland leading the way across the public sector, according to the Law Society.
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