Investment upturn lifts MHC turnover by 7%

Business-law firm Mason Hayes & Curran (MHC) has reported turnover of €122 million in 2024 – an increase of 7% on the previous year.

The firm said that its total staff numbers grew to over 650 last year – including seven new partners – while all its international offices also increased staff numbers.

MHC attributed its growth partly to renewed investment activity, helped by improvements in interest rates and inflation, which boosted valuations and lifted merger-and-acquisition activity.

EU pledge welcomed

The firm added, however, that its clients faced big challenges in adapting to what it described as “the unprecedented volume” of legislative change, with 48 pieces of legislation and over 700 statutory instruments enacted by Government.

Managing partner Will Carmody said that the firm’s recent business-sentiment survey had shown that almost half of its clients were optimistic about the year ahead, but he added that the sheer volume of legislative reform had posed “significant challenges” for many organisations.

“The EU Commission’s recent pledge to slash red tape and legislative complexity as part of its bid to make Europe more economically competitive is timely,” he stated.

Technology changes

On the technology sector, MHC said that there were “wide-reaching” regulatory challenges, with the firm advising companies on the development and deployment of AI systems, cyber-security, and data protection.

It is continuing to act for Meta and WhatsApp in high-profile regulatory and litigation issues in the EU.

The firm said that there was “substantial investment” in renewable energy in Ireland, but added that the capacity and sustainability of the national grid remained “a critical issue” for clients.

‘Global dynamics’

MHC said that the financial-services sector was boosted by growth in fintech and cryptocurrencies, as well as key legislative changes like DORA and SEAR.

During the year, it acted as sole legal advisor to PTSB on the €348 million sale of a non-performing loan portfolio.

The firm added that the health and life-sciences sectors continued to “thrive”, while it also experienced high demand in the building sector, adding that a combination of the Programme for Government and new planning laws would underpin new developments.

Carmody commented: “We expect the pace and complexity of change to intensify, particularly as global dynamics – including changing policies in the USA – continue to unfold.”