We have released details of our turnover for 2022, with an increase in revenue by 8% to €106 million. Mirroring the overall Irish economy, work for both domestic and international clients grew.
In the sectors where the firm is focused, there was particularly strong growth in financial services across structured finance, transactional work such as loan portfolio sales, and international and domestic financing, acting for clients such as Morgan Stanley, Goldman Sachs, Citibank, Allied Irish Banks and Bank of Ireland. Advisory work on financial services regulation also grew.
Work in the technology sector also increased. This includes advisory work for major multinational technology companies, transactional work for strong indigenous Irish technology companies, and regulatory advice on investigations and litigation in the sector. The firm advised clients such as Meta, Etsy, WhatsApp, Kinzen and Instagram across these areas.
The energy sector continued to generate significant levels of legal work, with a strong focus on renewables. The firm is advising funders, investors and developers contributing to Ireland’s energy transition to solar, onshore wind and offshore wind energy generation projects. SSE and EirGrid remain longstanding clients of the firm.
Work in the built environment sector for investor and tenants saw a high level of transactional activity including for clients such as BNP Paribas REIM and TikTok. The firm saw significant demand for planning and environmental law advice plus a mix of advisory and contentious work on construction and infrastructure projects.
Reflecting growing international workstreams, the firm’s London and San Francisco offices both expanded to accommodate more staff, including the appointment of new heads for each office. The firm is also reviewing its office accommodation options in Dublin, including either additional space to supplement its current location, or a new consolidated HQ location.
The firm continued its investment in growing practice areas including Insurance Regulation, ESG, Product Liability and Artificial Intelligence, which reflected the growing market demand in these areas.
During the year, 15 new partners were promoted and 4 new partners joined from other domestic and international firms. Overall staff numbers increased by 6% in 2022.
The partnership's social responsibility programme continues to be a focus for the firm including support of the Unicef Children in Ukraine campaign and the €1.2m Engage and Educate Fund, which won a Chambers Ireland Sustainable Business Impact Award. Probono activity includes work on The Chancery Project, an initiative to develop contractual clauses aimed at delivering climate solutions.
Commenting on the results, new Managing Partner Will Carmody said, “In a time when businesses are challenged to navigate an increasingly complex political and economic environment, we will continue to provide our clients with sure and trusted legal advice, delivered with the highest levels of service. We are very aware that the success of our business is completely aligned with the continued success of our clients - which incentivises us to protect and enhance their best interests at all times. I am confident that continued focus on those principles, together with providing an environment that both nurtures and develops the very best people in MHC, will ensure the continued growth of our firm”
Declan Black said of his last year as Managing Partner, “During my nine years as Managing Partner, the firm has more than doubled in turnover and size. The numbers are satisfying evidence that clients appreciate the quality and calibre of the work we do and that talented staff appreciate the opportunity we provide to develop and prosper. As an indigenous Irish law firm in a highly competitive legal market, I am particularly grateful to our clients, old and new, that have supported us throughout my tenure, and to our dedicated partners and staff.”