SHAUN O’SHEA took over as managing partner at Beauchamps Solicitors in Dublin in May, 2008, just as the financial markets were preparing for the worst.

He says the firm, which has almost 25 partners, recognised the impending difficulties early last year and acted quickly by adjusting costs, reallocating resources and ceasing recruitment related to property. But that doesn’t mean the firm is retrenching completely.

“Some areas of our business are counter-cyclical and opportunities exist even in this environment,” he says. “We’re investing in areas of the practice experiencing demand such as employment, restructuring, insolvency, commercial litigation, corporate governance, renewables, construction and procurement.”

The reality is, however, that external conditions are unhelpful. O’Shea says transaction flows have fallen in both number and size, as clients simply aren’t investing. “Now, we are finding that clients are more keen to ring-fence potential downsides, a dramatic change from times past, when completing transactions was the main driver. Deals are increasingly being driven by economic necessity rather than any form of strategic growth plan.” O’Shea reckons most of his clients have been surprised by both the level and pace of the economic decline, “and the fact there is no obvious end in sight”.

“They are taking similar steps to us, examining their costs and managing their cash, which is crucial for survival.” As for the legal sector, O’Shea says he is prepared for whatever might come the way of Beauchamps.

“The slowdown will undoubtedly bring about consolidation and mergers and we will continue to keep an open mind in this regard.” O’Shea wants to see “leadership from the top and transparency on the plan to get us on the road to recovery”.

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