A&L Goodbody, an Irish law firm that helps U.S. companies reduce their tax liabilities in this country by shifting profits to the Emerald Isle, is setting up shop in Palo Alto, Calif.

The 350-lawyer firm hopes that establishing a Silicon Valley presence will help it ride out the recession in its home country by piggybacking on the wave of U.S.-based companies — many of them of the high-tech variety — that have been setting up regional outposts in Dublin. In some instances, the Dublin headquarters of top Irish law firms double as the local offices of leading U.S. pharmaceutical and technology companies.