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According to the latest survey of Smith & Williamson's Irish Law Firm, six of the country's largest law firms were contacted by a British law firm last year in order to from a merger, acquisition or strategic representation related to Brexit.
The seventh annual survey also revealed that, while 55% of law firms are more concerned about the potentially serious and lasting impact that Brexit will have on their business than 12 months ago, nearly eight out of ten not yet developed strategy or plan.
Paul Wyse, general manager of Smith & Williamson Professional Services, said the lack of contingency planning for Brexit indicated that the Irish legal sector was not prepared for the impact that the Brexit would have on his activities.
"The results underscore an increase in industry concerns about Brexit, with many companies admitting that they remain uncertain about what form it will take in the future," Wyse said. "We hope that Irish law firms will take the time to review their plans for Brexit".
Following Brexit, a number of leading British and international law firms, including Pinsent Masons, Simmons & Simmons and DLA Piper, opened offices in Dublin.
The new openings have worsened the war of the best talents and have resulted in higher salary increases than inflation.
Talent and recruitment were identified by approximately 80% of the 20 largest law firms as a major issue in the Amarach Research survey of 123 large, medium and small law firms.
Cybersecurity remains the main problem in the legal sector, with 36% of all companies reporting having been cyber-attacked in the last year. During the same period, nearly 70% of the leading companies recorded a cyberattack.
The sector continues to experience strong growth, with 69% of companies recording an increase in their revenues and 60%, an increase in their profits.
Irish independent
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