Proximate cause
London represents a significant opportunity for independent Irish law firms, William Fry’s Ivor Banim tells the Gazette
In the heart of London’s legal landscape, where towering glass skyscrapers reflect the bustling world of multinational deals and complex legal frameworks, one Irish lawyer is bridging both markets.
Corporate M&A and private-equity lawyer Ivor Banim has led the William Fry London team since 2017. Banim explains that his office, which has operated in the British capital since the 1990s, plays a pivotal role in the firm’s strategy to follow Irish business and expand its reach into Britain and beyond.
According to the Dubliner, the objectives of the firm’s London office are twofold: to build closer connections with British, US, and global law firms located there; and to tap into the massive global financial-services hub.
Streets of London
When he arrived in London in 2017, Banim’s mission was clear: to expand the firm’s presence in Britain, a country that, despite its geographical proximity to Ireland, offers a similar but different scale in terms of legal and business ecosystems.
Leading the London office, Banim’s role grew from primarily fee-earning work to also focusing on strategy and management, ensuring that the firm’s presence was felt, not just within the Irish network, but also in international corridors.
Banim says this is especially important in the markets of tech, pharmaceuticals, and financial services – where there is an increasing focus on private capital.
The impact of Brexit, particularly on the firm’s relationship with the EU, is another factor contributing to its British strategy. Though the immediate effects were challenging in political and economic terms, Banim says that the core of Ireland’s business relationship with Britain remains.
“Brexit has had some impact, but the legal market has always adapted to change, so it also represented an opportunity,” he says.
“Our businesses are typically countercyclical, so you would like to think that there is work whether the market is up or down.
“Because of the resilience in Ireland’s relationship with Britain, there is a significant advantage to having a British presence through our London office,” he adds.
“It positions us next to some of the most significant British and global law firms and financial-services players, which are crucial for referrals and crossborder work.”
While many of the British, US, and global law firms in London can focus across multiple jurisdictions, Irish firms such as William Fry continue to focus on Irish law in Britain.
“As a representative office, albeit a fully fee-earning one, bolstered by a cross-sectoral/departmental/firm British market group, our model is not to have – nor do we need to have – scores of lawyers based in London,” he says.
Upfield
The office boasts a team of ten, including three resident partners and five resident associates, together with a marketing and office-support team.
It has seen significant growth, particularly in private equity and international transactions, and has taken a strategic approach to international client development postCOVID.
Though William Fry has had a presence in London for decades, Banim points to 2012 as a key turning point. That year, the firm relaunched its London office under the leadership of current managing partner Stephen Keogh, with Banim taking over from him in 2017 following Keogh’s return to the Dublin office.
The office’s focus continues to be toward maintaining and establishing a robust network of referrals, particularly with British, US and European law firms. Banim cites a large list of firms that William Fry has worked with over the years that it now counts as part of its international network.
He fully acknowledges the importance of the Irish network in getting access around town, particularly when first taking over the London office: “I quickly realised that the Irish network is an accessible way to gain an understanding of a city like London. It’s an advantage,” he observes, pointing to multiple very useful bodies, such as the British-Irish Chamber of Commerce, the Ireland Funds, the London Irish Lawyers Association, and the British Irish Trading Alliance.
Banim notes as positives the sophistication of domestic Irish law firms and the ease of doing business in, and with, Ireland.
“In Britain, Irish lawyers are seen as hard-working and capable. Irish people, and Irish lawyers, punch above their weight, definitely,” he says.
William Fry’s reputation for expertise and responsiveness has led to significant opportunities and high-profile work: “With experience and exposure to working with British, US, and global firms on large transactions, you see the level of detail, client service, and responsiveness they pursue given the mandates they get, and we want to be involved in delivering that with them, to the timelines they work to, and for the clients they service.”
Baker Street
The rise of private equity deals, in particular, has opened doors for firms such as William Fry to contribute their expertise.
Banim notes that large, cross-border transactions with an Irish element often require the involvement of an Irish law firm conversant with that type of work, whether in a co-counsel role or as a key player in the legal structuring and implementation of the deal.
“The size and complexity of these transactions make it essential for international firms to have a trusted partner on the ground in Ireland,” he says.
“As a full-service Irish law firm with a transactional focus, we’re in a strong position to handle that work – which we do time and again.”
The London EC1 office also serves as a hub for the large number of the firm’s lawyers visiting contacts and clients, in addition to the recruitment and maintenance of its alumni network.
The firm takes an in-office approach to work, particularly for associates and juniors, but does offer some hybrid flexibility.
Banim also notes a growing trend for young lawyers, post-COVID, to plump for alternative career paths, including moving in-house to work for tech giants, for example, or exploring opportunities outside the traditional law-firm environment.
He sees it as a natural evolution in the industry: “We spend a lot of time and resources training young lawyers and, while it’s always a challenge when someone moves on, it make sense to maintain strong connections with those who do, which can only benefit the firm in the long run.”
The current fluid nature of career paths, Banim believes, is part of the broader shift in how professional success is measured: “It’s no longer just about staying in one place; we’re happy to see them grow in new directions.”
Early in his own career, Banim flirted with the idea of becoming a barrister, but soon realised that the environment of a law firm, with its rigorous structure and collaborative ethos, suited him better.
London calling
Reflecting on his tenure in London and indeed his time since qualification, Banim suggests that expansion of work demands and workloads are par for the course.
“With practice and experience, you manage it better, which is fulfilling. You understand how to approach and solve problems and look at it all in perspective,” he says.
He finds it particularly satisfying to mentor those associates and juniors who secure a sought-after rotation to the London office.
The influx of international firms into the Irish market has affected both talent pool and work dynamics, he says.
“The fight for talent is an ongoing challenge, particularly in the face of competition from international firms.”
Banim admires his British legal counterparts as courteous and professional, and relishes the multicultural fabric of London, which offers immense opportunities for collaboration.
While Ireland’s legal market may be smaller, it is by no means lacking in sophistication, Banim states. He points to Ireland’s role as a key jurisdiction for test cases, particularly in commercial and intellectual-property law, as evidence of its legal strength.
While the appeal of hometown Dublin will never fade, Banim is adamant that London’s energy is unmatched.
“There’s something about London that energises you,” he says. “It’s a global city with a relentless pace, and you can’t help but get caught up in that energy.
“London is incredibly fulfilling, both professionally and personally,” he concludes, “but Dublin is home and, eventually, I think we will go back.”
Mary Hallissey is a journalist with the Law Society Gazette.