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

Our Dublin team has grown significantly in recent years and expanded into new practice areas including insurance advisory and the emerging landscape of AI and generative AI.

We advise across multiple sectors including SaaS, cyber security, drone technology, robotics and fintech. The needs of our clients continue to change and grow with an increased shift towards international mandates. Our clients operate in an increasingly complex global regulatory environment and value advisors who can offer seamless cross-border support.

DAC Beachcroft continues to strengthen its international footprint, most recently with new offices in New York and Los Angeles, to support our clients’ growing ambitions both nationally and internationally.

OUTLOOK

Geopolitical changes are likely to be key drivers of change in the coming months. Many of our clients are assessing the likely impact arising from the move to a lighter-touch regulatory approach in the US and, in particular, significant shifts in US policy in relation to ESG and anti-bribery.

ESG reporting obligations introduced by the EU requiring more detailed disclosures on environmental impact, social responsibility ‘Geopolitical changes are likely to be key drivers of change in the coming months’ initiatives and governance practices have given rise to an increased need for corporate governance support.

We have expanded our cross-border ESG advisory services to help clients understand and meet these new requirements. We welcome the European Commission’s recent package aimed at simplifying these rules, particularly for SMEs.

We also continue to support our healthcare clients in the face of increased regulation. In particular, DAC Beachcroft’s healthcare practice has been advising clients navigating the introduction of the AI Act, which sets out a regulatory framework for the governance of AI technology at EU level.

Challenges

New entrants to the Irish legal market, consolidation of existing players and the continued expansion of professional advisory firms into the legal sphere has increased competition in an already competitive market.

This has forced firms to have a key focus on talent retention and attraction strategies, and has led to increased competition in securing client mandates.

Client needs are ever more sophisticated, requiring a tailored approach on a matter-by-matter basis. DAC Beachcroft’s approach of investing in long-term client relationships allows it to pre-empt, adapt and respond to evolving client requirements, and ensures the flexibility and resilience required to meet the challenges of a highly competitive market.

TECH

Innovation is part of our firm’s DNA, and we strive to identify new ideas, encourage new ways of working, and embrace the latest technical innovations.

For the past two years there has been a real focus on AI. We have implemented AI initiatives tailored to specific departments, and we are continuously exploring what more could and should be done to benefit our business, our clients and our people. Integration of digital technologies into legal practice is transforming how legal services are delivered.

Our firm is investing in cutting-edge legal technology and providing continuous training for our team to stay at the forefront of digital transformation.