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Moving on

Like all successful businesses, we quickly got used to the changed environment, and have now moved on in terms of our business to concentrate on staying strong and, indeed, seeking out the opportunities that can come with an economic downturn. The firm’s balanced practice has proved itself in this climate, and we work towards remaining resilient so that we will emerge as a fit and robust practice. This year, we reported a 12% increase in revenues, largely due to the very successful merger with Arthur O’Hagan, which went live last October. The merged firm settled very quickly, and the enhanced benefits for clients have been clear and tangible. We have sought out other opportunities to further the growth of our firm, and have developed existing, successful, practices – for example, by recently recruiting another partner to join our leading Financial Services team.

In addition, we recognise the need to provide support for our clients in these difficult and challenging times, and to reciprocate for choosing us as their legal advisers. We achieve this in a number of ways. For instance, last year, we commenced a programme of “Meet to Motivate” seminars, choosing topical subjects of interest to our clients. These seminars have been very successful, and they have prompted us to commence a new type of master class, running alongside the Meet to Motivate programme, aimed specifically at in-house counsel. The first of these master classes took place during the month of April, and we intend to run a series with different topics on a number of dates during the course of this year. As a consequence of this, our clients get the opportunity to obtain useful information, discuss relevant topics and experiences, exchange ideas, and identify areas of mutual interest in order to advance the interests of their businesses and organisations in these difficult times.

Unique position

All of these initiatives allow us to maintain a unique position as a law firm. Concentrating on training and recruitment of quality lawyers, aligning our practice with current needs, having a uniquely open and fresh attitude to the media and our own constituency by publishing annual results, working alongside our clients to assist in improving their businesses in these times, and providing added ‘give-something-back’ benefits, such as our master class series, all help us to distinguish ourselves from our competitors, and continue to be the law firm of choice for the particular international and domestic clients we serve.

State of the Economy

In common with other countries, Ireland is experiencing particular issues in its banking and financial sector. At the core of this is the concern of capital markets with regard to the adequacy of banks’ existing capital to cover possible future loan impairments. Fortunately, the Irish Government has recently announced decisive action to deal with the banking issues in Ireland to ensure the flow of credit to the real economy. The creation of the National Assets Management Agency (NAMA) was announced in April, and it is expected to operate as an agency which will stabilise and strengthen the Irish banking system. While the plight of the banks is well documented, and has been the subject of international comment, there is no doubt that Ireland as a country, given its entrepreneurial spirit, its well-educated workforce, and its commitment to ‘Ireland Inc.’, will continue to attract foreign direct investment and to create the required level of new start-ups, while tenaciously bringing itself back to a centre stage position in international commercial activity.

Conclusion

‘Green shoots’ is the new phrase used for ‘light at the end of the tunnel.’ Some shoots are already visible, but it is still too early to estimate when we, as a country will come out of the recession. However, MH & C continues to look towards strategic growth, continued alignment with clients, and a positioning that will help us to emerge even fitter and stronger from the current downturn.

Emer Gilvarry
Email: egilvarry@mhc.ie