Several Irish law firms have been recommended in an influential European survey for use by in-house corporate lawyers. Arthur Cox emerged as the top corporate law firm in the Republic, followed by McCann Fitzgerald, A&L Goodbody, William Fry and Mattheson Ormsby Prentice.
The European Counsel 3000 survey says the Irish economy is currently the fastest-growing in the EU.
"International work has increased significantly, particularly with the large amount of inward investment from the USA, UK and Germany," the survey remarks. "Not surprisingly, this has had an effect on the legal market, and there have been several changes of premises and lots of moves."
Arthur Cox received a "highly recommended" mark from the survey for 13 areas of legal practice, including banking, corporate finance, insolvency, employment, litigation, and EU/ competition.
McCann Fitzgerald was recommended for 13 areas, including pensions and tax. A&L Goodbody received 11 top marks for areas including intellectual property and information technology.
The survey says despite the increase in corporate legal activity, there is a limited number of law firms available to do work: "Conflicts [of interest] are a problem. It is a small market and the largest five firms will often have acted for the other party. Chinese walls often seem the only possible way out, and they remain a well-established phenomenon."
It also warns that while fees have "not increased significantly since last year, the market is still very competitive, so negotiate".
On average, partners in Dublin firms bill their clients £150-£250 (€206-€343) per hour, the survey says, while assistants charge £100£150 (€137-€206) an hour. Percentage fees allowed include 10 per cent of the amount obtained in "contentious matters", and 15 per cent of the amount recovered in debt collection.
