Managing partners of some of Ireland’s top firms tell Ben Haugh about the biggest legal challenges that businesses should be aware of this year.

ACTIVITY

The biggest challenge for our firm in the past year has been recruiting and retaining young solicitors. Talent is key to the growth of the firm, and we have spent a significant amount of time and money over the last 12 months ensuring we are best placed to get the right people.

On the opportunity side, we have leveraged our IT systems significantly. In December alone, our new homes section conveyed nearly 1,000 homes, with the capacity to handle even more if needed.

INNOVATION

Together with our TerraLex partners, RDJ undertook an extensive due diligence of all marketing leading AI-powered tools, designed to further enhance legal research, document analysis and workflow efficiency.

For a number of years now, RDJ has utilised various AI tools to increase efficiencies in data review, investigation and eDiscovery. We are also working with Phased AI to ‘RDJ has utilised various AI tools to increase efficiencies in data review, investigation and eDiscovery’ design and execute our AI adoption strategy.

This includes streamlining core legal processes such as legal research to reduce human effort and accelerate turnaround times, all with the ultimate ambition of staying competitive by delivering costs savings for our clients while staying loyal to our values and not compromising on the quality of our work.

CHALLENGES

The Screening of Third Country Transactions Act 2023 commenced on January 6. The act makes it mandatory to notify investment and acquisition transactions in certain sectors and involving the acquisition or change of ownership or control of Irish undertakings or assets from outside of the EEA to the minister for enterprise, trade and employment before the completion of the transaction.

Where the transaction affects, or would be likely to affect, the security or public order of the state, the minister enjoys a variety of powers, including the power to direct that the transaction not be consummated.

The legislation is wide-ranging and complex. If one is considering investment or M&A activity in 2025, it would be prudent to consult the guidance that has been produced by the Department of Enterprise, Trade and Employment and to take legal advice as to whether the 2023 Act might be applicable, at the earliest opportunity.

For many organisations, CSRD will be coming into focus as reporting obligations will arise for fiscal years starting on or after 1 January 2025 for companies meeting the criteria for a ‘large company’ under company law (the same regime for determining company size for financial reporting purposes).

Of course, recent EU developments aiming at reducing regulatory obligations on firms complicate this even further, so getting good advice on whether or not your company is within scope of CSRD becomes even more important