Dublin solicitors Binchy's has merged with Maples and Calder, the biggest legal firm in the Cayman Islands. Effective from January 16th, the transaction is the first formal merger between an Irish company and an international law firm.
The deal comes only days after another Dublin firm, O'Donnell Sweeney, entered an "alliance" with the English firm Eversheds. While the alliance was the first international tie-in involving an Irish firm, O'Donnell Sweeney ruled out a full merger.
There is no upfront payment to Binchy's to effect the merger with Maples and Calder, which has about 140 lawyers and offices in London, Hong Kong, Dubai, the British Virgin Islands and Jersey offshore jurisdictions.
Subject to Law Society approval, the Binchy's name will be replaced with that of Maples and Calder.
The new firm will have six partners, 14 lawyers and 15 staff in Dublin. Five lawyers at Binchy's London office are moving to Maples and Calders office in the city. Maples and Calder partner Julian Reddyhough is moving to Dublin to manage the merged firm along with Binchy's managing partner Jennifer Caldwell.
Maples and Calder is well known for its compliance work in the Caymans and has a busy hedge fund and structured debt practice. Binchy's specialises in international law, corporate finance and information technology. The company is known for its links to one of its former partners, John Caldwell, who is under investigation by the Planning Tribunal over his business links with the late Liam Lawlor and businessman Jim Kennedy.
Binchy's was among seven legal and accounting firms raided in 2002 by the Criminal Assets Bureau in connection with investigations into Mr Kennedy and other figures. A 71-year-old part-time legal assistant in the company was jailed for two days for trying to hide a file from the Garda, an action that Binchy's said was not authorised by anyone in the company. "There were various matters disclosed to us, we looked at them and found them to be immaterial," said Anthony Travers, a senior partner for Maples and Calder.
Mr Travers said the new firm will specialise in hedge funds, mutual funds, structured finance and asset finance, he said.
