The economic news out of Ireland went from bad to worse last year, culminating in the €85 billion bailout by the European Union and the International Monetary Fund announced in November. Many small and medium-size Irish law firms have struggled to stay afloat. But some firms—chiefly large Dublin shops such as Arthur Cox, McCann FitzGerald, Matheson Ormsby Prentice (MOP), and A&L Goodbody—have found work in legal tangles created by the downturn, in particular the implementation of the government rescue package that includes a “bad bank,” the National Asset Management Agency (NAMA).
“The questions arising from the financial crisis are very difficult legal questions, and they require expertise and experience in lawyers,” says John Cronin, chairman of McCann FitzGerald. He adds that the firms that invested in training and people “are doing best, but there is significant pressure on fees.” According to court filings, McCann’s fees for advising the administrators in the bankruptcy of Quinn Insurance Limited ranged from €160 an hour for an associate to €495 for a senior partner—before a 5 percent discount.
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