REVENUES AT top six law firm Mason Hayes+Curran were flat at €36 million in 2009, according to figures provided to The Irish Times.
Managing partner Emer Gilvarry described this as a “satisfactory performance” given the difficult economic backdrop last year.
“We’re very satisfied with the result. As long as we can keep the revenues at this level we can continue to invest in the practice.”
No profit figure was provided but Mason Hayes+Curran is one of the few Irish law firms to release its revenue number each year.
The firm had a busy year in corporate restructurings, dispute resolution and mergers and acquisitions.
It acted in some of the biggest MA deals involving Irish-listed companies. The firm represented Dragon Oil on the $1.9 billion takeover offer received from Emirates National Oil Company. It also acted for Berkshire Partners, Advent International Corporation and Bain Capital Partners in their recommended $1.2 billion takeover offer for SkillSoft.
Mason Hayes+Curran also advised Vedanta Resources on its acquisition of the Irish zinc mining assets of Anglo American.
The firm acted in the liquidation of Budget Travel, the Hughes Hughes receivership, and the liquidation of Vantive Holdings and Morston Investments, two major companies in Liam Carroll’s Zoe property group.
It has advised on transferring loans and security to the National Asset Management Agency.
Ms Gilvarry said the firm had not made any staff redundant but salary cuts of 5-10 per cent were implemented.
Mason Hayes+Curran employs 250 staff overall, including 112 lawyers and 45 partners.
When asked if lawyers have reduced their fees – particularly to the State – sufficiently to reflect the recession, Ms Gilvarry said: “We certainly have taken a significant reduction across the board in our firm, and that’s the way it has to be.”
