MARK HOMAN serves as the managing partner at BHSM in Business Plus.

In recent times, managing partners from top Irish firms have drawn attention to the legal challenges that businesses may face this year. Despite a period of stability without major challenges related to macro-economic factors, various opportunities for law firms to grow have emerged, especially due to a robust M&A market and ongoing activity in the real estate sector. However, recent geopolitical shifts indicate a potentially less stable outlook for the year ahead.

BHSM, a firm committed to meeting the needs of its clients, continues to focus on enhancing service offerings and investing in IT to leverage technological advancements for their clients’ benefit.

Reflecting on the past year, the diverse client base across different economic sectors has not experienced a significant single regulatory or legislative change that has substantially affected businesses or clients. Nevertheless, the increasing cost of doing business in Ireland remains a concern, particularly impacting smaller companies and leading to a trend of consolidation across various industries.

One prevailing challenge faced by companies, irrespective of size or sector, is the management and utilization of data. All businesses with employees have specific obligations concerning data handling, which also have implications for employment law and employee rights. Regular audits of HR policies and contractual agreements are recommended to ensure compliance with the evolving legal landscape.

With a proactive approach to innovation, BHSM has heavily invested in IT and closely monitored progress in AI to offer enhanced services to clients. While software has been employed to automate back office functions, the firm recognizes the significance of personal interaction between clients and solicitors in providing advisory services.

The traditionally stable legal profession is undergoing a significant transformation in Ireland, marked by the entry of new foreign firms, exits, and mergers. From a commercial law perspective, growth is vital to maintain market position and cater to clients’ needs with increasingly complex services. In the case of BHSM, as an indigenous Irish commercial law firm, consistent growth has been achieved through the acquisition and retention of skilled solicitors since its inception in 2012. The firm’s recent move to larger offices on Baggot Street in 2023 reflects its continued expansion and commitment to serving clients effectively.