Leading law firm reports 14% rise in turnover to €36.3m

DUBLIN-BASED law firm Mason Hayes+Curran has revealed that its turnover rose by 14 per cent in 2008 to €36.3 million.

Much of this increase related to a six-month contribution from the Arthur O’Hagan firm, which Mason Hayes+Curran merged with last year.

Mason Hayes+Curran, which has 45 partners and 285 staff, is the only leading Irish law firm to reveal its annual fee income.

Managing partner Emer Gilvarry said the firm was “trying to be resilient” in the current difficult economic climate.

To date, Mason Hayes+Curran has not made any staff redundant or introduced pay cuts. “It’s constantly under review,” Ms Gilvarry explained. “The biggest challenge for all law firms is the lack of a crystal ball.”

The firm’s litigation department reported a 15 per cent increase in turnover last year with a sharp rise in the volume of banking, insolvency, real estate and construction disputes arising from the economic downturn.

Its financial services practice increased revenues by 10 per cent. It advised Irish and international banks operating here in relation to the State Guarantee Scheme.

The firm said activity at its corporate department was down but it was seeing an increase in foreign direct investment.

It is currently representing social networking website Facebook in establishing its European headquarters in Dublin. It has also assisted Nasdaq-quoted PPD Inc, which is creating 250 jobs at a contract research facility in Athlone.

Mason Hayes+Curran was involved in a couple of high-profile corporate law cases in 2008.

It represented Kerry Group in its successful High Court appeal against a decision by the Competition Authority to block its acquisition of Breeo Foods.

It acted for the Irish Takeover Panel as it defended a challenge from Ryanair to one of the panel’s decisions in relation to the recent Aer Lingus takeover process.

Commenting on the current economic climate, Ms Gilvarry said the firm’s expertise in litigation and restructuring “should ensure we deliver a reasonable performance” in 2009.

One source of new work for Irish law firms could be the National Asset Management Agency (Nama).

Dr Michael Somers, head of the National Treasury Management Agency, which is overseeing the establishment of Nama, recently told an Oireachtas committee that “people down in the courts” were “delighted” at the setting up of the agency and were in line for “a bonanza” given the disputes that could emerge with developers.

Ms Gilvarry said: “I do think there will be a need for legal services with Nama.” But she was not convinced there would be a feeding “frenzy”.