Team size: 30+

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

It is probably fair to say that the full impact of Brexit on the financial industry is still to be fully explored and understood even as we are one year post Brexit. In addition, there have been many other subsequent events and circumstances that have and will continue to shape the financial industry in Ireland.

We do of course know and now better understand the impact of Brexit on challenging areas such as market access and regulation. There is however more to come on this area, and it will continue to be a key focus for the industry and legal advisers to the industry.

Despite the challenges posed, there are opportunities. Ireland is and remains a popular destination of Brexit impacted firms and staff.

There has been quite significant expansion of and new entrants to the market in Ireland. This in turn has driven demand for legal and other advisory services which in turn has increased competition for talented legal resources with financial services experience.

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

The role of the in-house lawyer has evolved and will continue to evolve. Elements of this evolution is driven by several significant external factors including Brexit, COVID-19, focus on climate risk and sustainability and more recently geopolitical situations and crisis.

The role of the in-house lawyer is no longer solely focused on advising on legal risk. The in-house lawyer is now a key strategic leader providing important guidance and direction on a company’s strategy and response to the changing and challenging landscape. The in-house lawyer must be a nimble, quick-thinking enabler of business. He/She must understand, condense, and communicate a vast volume of information and data in a way that is accessible and valuable to the firm.

Key contributors to success are creative resourcing of legal departments and innovative utilisation of a variety of skills and expertise as well as the role of innovation and technology. We have experienced advancements in this area but there is still a way to go to really seeing how innovation can effectively contribute to the role of in-house counsel and help them reduce the administrative heavy tasks.

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

A key area of focus must be investment in team collaboration, development, training, flexibility, and well-being noting how working environment has changed and the reality that teams will be working in different environments and locations. Given the many varying ways of working that the recent eighteen months have opened our eyes to the fact that, a successful team needs to find the most effective solutions that results in optimum team wellbeing, balance, and productivity. The provision of proactive nimble and concise direction and the ability to look around corners and spot any likely issues and regulatory areas of focus hold great significance for a corporate legal team to excel. It will be important for corporate legal teams to move forward as strategic, technically savvy lawyers and leaders.