Northern Ireland’s law firms would do well to blow their own trumpets a bit more. This conservative legal market could be in a position to take advantage of some big pieces of work being generated in the province, but there is a lack of depth, exposure and certain specialist knowledge to secure the meatier instructions for Belfast’s firms – notably in project finance. The fact that no firm has challenged the accountants’ hegemony on tax advice by bringing in tax lawyers is just one example of the market’s shyness towards change. But there are firms trying to shake up the market, taking their lead from the accountancy firms and industry to steer Northern Ireland’s legal market in a new direction.
The province’s firms have good reason to be optimistic for the year ahead. The basic statistics for Northern Ireland currently look healthy, with economic growth of 3% forecast for this year. Indeed, a March 2004 Ulster Bank report shows that for the 11th month in a row, levels of incoming new business increased. However, the inevitable economic comparison with the Republic of Ireland remains unfavourable, as predictions for growth in the south outstrip the north by 1.5%.
