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This year, The Lawyer’s annual ranking of the largest UK law firms by turnover is available as an interactive, digital benchmarking tool. For the first time this will allow you to manipulate each data set against the metrics of your choice.
Dublin firm McCann Fitzgerald has taken advantage of the impact of the Sarbanes-Oxley Act on Ireland’s big four accountants to grab a funds-listing and authorisation team from Ernst & Young (EY).
McCanns banking and financial services partner Ambrose Loughlin attributed the split from EY to “the independence issue”.
EY has told clients of the funds-listing team that US regulators require increasing separation between audit and non-audit clients. EY has a dominant global market share in auditing investment funds and the activities of the Irish funds-listing team were felt to conflict with this.
A 12-person team led by EY partner Maire O’Connor will join McCanns. O’Connor previously worked at RSM Robson Rhodes and personally built up EY’s funds-listing and authorisation team.
Three other top Dublin firms – A&L Goodbody, Arthur Cox and Dillon Eustace – have funds-listing and authorisation practices that allow them to act as listing agents.
McCanns has previously advised on the listing of non-Irish funds and specialist debt securities, but had EY acting as listing agent. The recruitment of O’Con-nor’s team will allow the firm to bring all the work in-house.