The leading 7 law office in Ireland had profits of more than EUR720m in between them in 2015.
The revenues, computed by UK-based market experts, are an indication of the disrespectful financial health of the nation’s primary companies, 6 which have been ranked in Europe’s leading 50 about income.
Financial details are carefully secured by Irish law office, which is no commitment to release accounts as they are not restricted business.
Just one significant company here, Mason Hayes & Curran, release financial information.
A market report by ‘The Lawyer’, a professional publication focusing on the business of law, could approximate profits levels based on many crucial signs.
Top of the stack was Arthur Cox, which had turnover or charge earnings of EUR144m in 2015. The report ranked the company 15th in Europe in terms of earnings, in a list which left out UK companies.
A&L Goodbody (EUR138.3 m) was ranked 17th, McCann Fitzgerald (EUR121m) remained in 25th place, while Matheson (EUR115m) was ranked 27th. Of the other leading Irish earners called in the report, William Fry (EUR88.4 m) was ranked 40th, Mason Hayes & Curran (EUR77m) was 47th and Dillon Eustace (EUR36.5 m) was ranked 92nd.
In contrast, the highest-earning law office in Europe was Garrigues. The Spanish company’s earnings were EUR349.4 m.
Separate research by the Irish Independent suggests that although the leading companies made millions from work for State bodies, the large bulk of their earnings originated from economic sector customers with marketing a law firm.
Around 5pc of their combined earnings, some EUR35.5 m, originated from the public handbag.
The marketplace report explained Ireland as “the least transparent jurisdiction in Europe” from an information collection point of view. Experts used indications such as headcount development, workflows and the kind of work each company does when approximating earnings.
All the companies informed experts 2016 was an excellent year, but similarly, all stated work slowed ahead of the UK vote to leave the EU.
The report approximated Arthur Cox’s earnings increased 7pc, with its legal representatives generating approximately EUR415,000 each in charges.
The company utilizes 794 staff in workplaces in Dublin, Belfast, London, New York, and Silicon Valley, of whom 347 are certified, legal representatives. It has long been a “go to” legal company for State bodies, making EUR33m in costs over numerous years for suggestions on the banking crisis. Figures put together by the Irish Independent show the company’s biggest public-sector customers in 2015 consisted of the State Claims Agency, which paid EUR826,587 in costs, the HSE (EUR646,802), Dublin City Council (EUR640,000), DCU (EUR684,785) and Nama (EUR430,000).
Some EUR9.6 m was paid by public bodies to the law office and a connected company, Arthur Cox Consultancy Services.
At least EUR6.5 m of this went to the law practice, but the supreme location of funds paid to the consultancy company is uncertain. It was contracted to handle legal services for the HSE as much as March of in 2015, getting EUR2m, but the amount consisted of charges, expenses, and VAT about 26 law practice which offered legal services to HSE.
A breakdown of those payments was not provided.
An additional EUR1.1 m in legal costs were paid by Tusla to the law office and the consultancy services company, but the breakdown is once again uncertain.
Ireland’s 2nd greatest law office, A&L Goodbody, was paid EUR4.4 m in costs by public bodies in 2015, around 3pc of its general profits. Its primary State customer was Nama, which paid the company EUR2.3 m in costs. Other big customers consisted of the State Claims Agency (EUR807,001), the Irish Strategic Investment Fund (EUR304,979) and Tallaght Hospital (EUR235,510). The company’s earnings increased 4pc in 2015.
It utilizes 731 staff, of whom 344 are certified attorneys, and has workplaces in Dublin, Belfast, London, New York, San Francisco and Palo Alto.
The nation’s 3rd most significant company, McCann Fitzgerald, was paid EUR6.3 m by public bodies in 2015 for guidance on legal and regulative problems.
Without a doubt, its greatest State customer was Transport Infrastructure Ireland, which paid EUR2.76 m for legal services.
Other customers consisted of the National Transport Authority (EUR667,413) and the Road Safety Authority (EUR512,316).
The company has 240 lawyers and workplaces in Dublin, London, New York and Brussels.