Team size: 17

Major legal advisers: A&L Goodbody, Matheson, Arthur Cox, McCann Fitzgerald, Kennedys, Pinsent Masons

What impact did Brexit have on the financial Industry in Ireland?

While the overall impact of Brexit on the economy is likely to be mixed, it has undeniably created significant growth opportunities for the Irish financial services industry which experienced record breaking levels of transactional activity in 2021.

Ireland with its compatible business culture, common law legal system, English speaking and highly educated workforce as well as deep commitment to the European project has proved to be a natural location for many UK financial institutions seeking continued access to the single market. In Aviva’s case, Brexit has resulted in the Aviva Group’s Irish life and non-life insurance operations assuming far greater strategic importance following the intra-group transfer of European business into newly established Irish subsidiaries to mitigate the loss of passporting rights as a result of the UK’s withdrawal from the EU.

In what ways do you see the in-house legal role evolving in your region over the next few years?

The in-house legal role has quite noticeably evolved and expanded over recent years, from being a role narrowly focussed on mitigating legal risk and providing specialist advice in relation to complex matters when asked to do so, to one that now also contributes at a more strategic level and is actively involved in decision making across all layers and functions of the business. This is a trend I would expect to see continue in the financial services sector as senior management, facing ever increasing regulatory scrutiny, see the value of having lawyers involved in key management decisions.

What are the most significant cases and/or transactions that your legal team has recently been involved in?

In recent years, the team has been heavily involved in advising on and handling legal and regulatory matters arising from the authorisation of a new high rated general insurance company as well as the acquisition and integration of Friends First Life Assurance Company following a decision by the Aviva Group to move from a branch to a regulated subsidiary structure in Ireland to mitigate the passporting risk relating to Brexit. In tandem, the legal team has also played an integral role in the completion of two very substantial cross-border portfolio transfers of European general as well as long term life insurance business from our UK parent companies into the newly created or acquired Irish entities, in the process making Scottish legal history as the first ever non-life cross-border portfolio transfer approved by the Court of Session under Part VII of FSMA and, in the case of our Life business, more than doubling the total size of the book pre-transfer.

As we enter the next decade, what skills will a corporate legal team need to succeed in the modern in-house industry?

In an increasingly competitive and fast evolving business landscape, the successful in-house legal teams of the future will be the ones who take a broader view of their role than has traditionally been the case. While protecting the client from legal risk remains a baseline requirement, in order to stay relevant corporate legal teams – typically regarded as cost centres that do not generate revenue – will also be increasingly expected to proactively assist with delivering business growth, and legal teams will also take responsibility for contributing to positive business outcomes. Doing so will involve supplementing core legal expertise with a range of hard and soft skills not usually associated with the legal profession but which, in my view, will be essential attributes for any lawyer who wants to advance their career in-house.