Despite the ongoing Covid-19 crisis, Ireland’s independent legal market has reason for optimism: the Irish economy is expected to be one of the most resilient in the EU, according to November 2020 forecasts by the EU Commission, with GDP expected to return to growth in 2021. This is largely thanks to the country’s thriving life sciences and technology sectors and the presence of numerous major multinationals – among them Apple, Facebook, Google, Microsoft, GlaxoSmithKline and Pfizer – which have their European headquarters in Dublin and in the south and west of Ireland. As a result, production and exports, particularly of medicinal products and computer services, have remained strong.
‘Client activity has remained robust during this time, despite the uncertainty,’ explains Owen O’Sullivan, recently appointed managing partner at William Fry. ‘While it’s true that most sectors are facing challenges, especially those directly impacted by physical-distancing measures, such as tourism, travel, retail, hospitality and live events, other sectors are enjoying significant demand and growth at this time – for example, healthcare, retail grocery, and online entertainment and communications.’