STEPHEN KEOGH appointed Managing Partner at William Fry, as reported in Business Plus

This year, managing partners of some of Ireland’s premier firms highlight the significant legal challenges that businesses need to be aware of in the current landscape.

One major development in the mergers and acquisitions (M&A) sector is the new screening regime enacted under the Screening of Third Country Transactions Act 2023. This regime introduces compulsory notification and pre-clearance requirements for specific transactions, adding a layer of regulatory complexity to M&A dealings. While navigating the applicability of this new system and managing transaction timelines may pose challenges, experts do not foresee a significant dampening effect on overall M&A activity. However, a period of adjustment may be necessary to see how these new procedures are implemented.

Furthermore, the Corporate Sustainability Reporting Directive (CSRD) has raised the reporting standards for large corporations, particularly concerning Environmental, Social, and Governance (ESG) criteria. To assist clients in meeting these new demands, various teams within legal firms have been collaborating closely with businesses to ensure compliance with the expanded reporting requirements.

Recruiting and retaining top legal talent remains a prominent challenge for law firms. The allure of in-house roles and the nearby competitive legal market in London require firms to showcase the unique advantages of a career within their organization. To address this issue, innovative service models like PeopleBridge by William Fry have been developed to offer personalized, high-quality legal and tax services from seasoned advisors, working independently but with the support of a reputable firm. This approach ensures that clients receive customized solutions that cater to their specific needs.

Cyber threats, including cyber-crime, continue to pose serious risks in the legal sector. Many firms, including William Fry, have made significant investments in advanced security measures to safeguard sensitive client information and financial assets against potential cyber-attacks.

In response to the growing demand for innovative legal solutions, many law firms have embraced technology and alternative service models to enhance competitiveness and deliver additional value to clients. By introducing cutting-edge business solutions like TechReg Connect, Data Authorizations Toolkit, and PeopleBridge, law firms can address the complexities of EU Digital Reforms and provide clients with tailored legal support efficiently and effectively.

Looking ahead, artificial intelligence (AI) is poised to revolutionize the legal industry by streamlining routine tasks, improving legal research, and offering predictive analytics. “Technology governance” will become a critical element to consider for advisors employing AI in client services, ensuring proper oversight and ethical use of these tools. To prepare for this shift, firms like William Fry are exploring technologies like Microsoft Copilot to better understand the capabilities and limitations of AI applications.

Despite the evolving legal landscape marked by a steady stream of regulatory changes, law firms are committed to assisting clients in navigating these complexities. By staying at the forefront of legal innovation, firms aim to provide comprehensive support and strategic guidance to address the diverse legal challenges faced by businesses in the modern era.