As uncertainty persists over the mechanics of Britain's exit from the European Union, more and more international law firms are looking to Ireland.

Last week, DLA Piper confirmed plans to open a Dublin office. Simmons & Simmons and Pinsent Masons have made similar moves in the last year, while K&L Gates has reportedly been kicking the tires on its own expansion into the Emerald Isle.

"It's a Brexit insurance policy, in part," said Tony Williams, principal of Jomati Consultants.

Immediately after the Brexit vote in June 2016, many touted Dublin as a surefire beneficiary, bound to attract thousands of banking jobs from London. But with questions still swirling about how severe the terms of the breakup will be and likely competition from continental cities like Frankfurt and Paris, most potential entrants are biding their time.

Prior to the 2016 referendum, Dechert was the sole US-based firm to have waded into the Irish market, with its 2010 move to establish a Dublin office to support its investment funds practice. The firm currently has six lawyers in Dublin as part of a funds practice that also touches four other key European funds centres.

It took seven years before another US firm, Covington & Burling, committed to Ireland. The firm announced last October that it would establish an outpost in Dublin, hiring local lawyer Maree Gallagher, an of counsel at Irish firm Beauchamps who also runs her own food and life sciences focused-firm, Maree Gallagher Associates.

While Covington has 13 offices around the globe, Dublin is in a different category.

"It's not a formal office," said Washington DC-based partner Mike Labson, explaining that instead, the firm has "lawyers on the ground." In addition to Gallagher, associate Marie Doyle-Rossi is part of the firm's life sciences group.

Brexit has certainly led to a lot of questions and requests from clients

Labson credited Brexit as part of the firm's rationale for looking to Ireland. But he said that just as important was the fit with Covington's existing life sciences practice, and opportunities for litigation and regulatory matters.

"With Brexit, we saw the Irish office would be of growing importance. A lot of large pharmaceutical companies have significant operations in Ireland and large manufacturing facilities," Labson said. "We realised that having folks like Maree and Marie on the ground would be useful as clients deal with Irish regulatory authorities."

The firm also has two Irish-qualified lawyers working on Ireland-related matters out of the London office.

More of Covington's American counterparts could soon be joining the firm in Dublin, according to consultant Kent Zimmermann of the Zeughauser Group.

"A number of firms that I work with are looking at it as a hedge to get out in front of potential market change and market uncertainty," he said. 

He added that even with a fuzzy present-day picture of how destabilising the reality of Brexit could be, it makes sense for some firms to act sooner rather than later.

"There may be less competition for high-quality lawyers outside of London now than there will be after Brexit, depending on how Brexit unfolds," Zimmermann said. 

Labson said that concern was not a real consideration for Covington.

"Brexit was part of the equation, but I wouldn't say we were focused on being a first mover over there," he said. "We were focused on whether it's a strategic fit with the firm's overall strengths."

The next firms likely to move into the market won't necessarily be within the UK or US elite, according to Williams.

"It's a dynamic market, it's obviously recovered from the Eurozone crisis, it's an important market," he said. But limited profitability will likely ward off the most flush firms in the US and their magic circle counterparts.

Williams flagged other firms with significant funds practices as likely upcoming entrants. Zimmermann said that it would be anyone looking to strengthen their cross-border capabilities, connected with money flowing into or out of the EU. That would include firms with substantial work in private equity and real estate investments.

A dire Brexit outcome for London and its financial institutions could also boost interest in Ireland for US and UK firms.

"I think the rates are a function of supply and demand," Zimmermann said.

Some London-based work could also shift to Frankfurt or Brussels, where US firms already have a more established presence, potentially resulting in law firms increasing headcount in these regions too.

Covington, for its part, is fielding frequent inquiries from clients about Brexit's implications.

"It's certainly led to a lot of questions and requests from clients to be led through different scenarios, especially for regulations of lifesciences and technology," Labson said.

The firm said it would decide whether or not to open a formal office in Ireland based on what happens with Brexit.

"We have no other concrete plans there, but we're certainly looking forward to seeing how things shake out," he said.