World Tax - Home
The comprehensive guide to the world's leading tax firms

Arthur Cox is one of two law firms to break into the top tier this year, as market feedback indicates that the quality gap between them and the accountancy firms has narrowed if not been bridged. The team is led by Conor Hurley, and has five partners ... [more]

Arthur Cox is one of two law firms to break into the top tier this year, as market feedback indicates that the quality gap between them and the accountancy firms has narrowed if not been bridged. The team is led by Conor Hurley, and has five partners and 10 fee earners.

"Arthur Cox is doing very well, has done over the past few years. Conor Hurley came in and they are now very strong," comments a competitor.

Clients join in with this praise too, as one says: "Extremely happy. Their responsiveness and high technical standards are outstanding. We have had exposure to a couple of other firms – Arthur Cox was far superior."

"I would highly recommend the firm to anyone doing business in Ireland," says another, while one highlights partner Fintan Clancy: "He is one of the best tax attorneys I have worked with anywhere in the world. Highly competent, extremely responsive and easy to work with."

The firm this year has advised the Irish state, with regards to the IMF/EU facility and the restructuring of the Irish banking sector, the first private law firm in the world to negotiate the legalities of a sovereign debt under the European Financial Stability Facility and Mechanism. Hurley's team provided counsel as to the myriad tax implications of this restructuring, an undertaking that completed in July 2011 for a total value to the country of €122.5 billion ($155.2 billion).

The firm has also been advising Lloyds Banking Group on the VAT issues of a sale of an Irish asset financing business in addition to acting for the Dallas-based Lone Star funds on its $9.5 billion acquisition of Anglo Irish Bank's US real estate loan portfolio, a deal that completed in late 2011.

Deloitte has a large tax team of 17 partners and 240 fee earners, led by Padraig Cronin. It offers tax consulting and compliance services to a number of multinational clients and has forged strong ties with domestic companies too.Some commentators in ... [more]

Deloitte has a large tax team of 17 partners and 240 fee earners, led by Padraig Cronin. It offers tax consulting and compliance services to a number of multinational clients and has forged strong ties with domestic companies too.

Some commentators in the market remark upon a perceived drop in visibility of the firm, as one says: "They have good people, no doubt, but Deloitte is just not as visible."

"Deloitte we just don't see," commented another adviser.

Despite this, the practice does report a busy year, with active work in all service lines. A notable deal was Cronin and fellow partner Declan Butler's advising of a major food group on its $113 million takeover of a smaller food company, which completed in September 2011. Cronin also advised another large Irish food group and its shareholders on a merger deal and Butler acted for a stockbrokers bought by a large financial institution in January 2012.

Elsewhere, Aidan Fagan and Vincent McCullagh have conducted an in-depth indirect tax review for an international airline, with Fagan also joining Pascal Brennan in advising the individuals in the Irish horseracing industry with regards to an EU challenge on the low VAT rate of horses.

In transfer pricing, Joan O'Connor and Gerard Feeney worked, among other things, on producing global transfer pricing documentation for a confidential superhard materials producer and, while details remain confidential, Pascal Brennan has successfully concluded half a dozen disputes with revenue commissioners relating to tax refunds and assessments.

KPMG is one of the preeminent tax practices in Ireland. It is led by Shaun Murphy and has a headcount of around 400 professionals. The firm has a number of recommended partners, including Colm Rogers for banking, Jim Cleary on pharmaceuticals and, in ... [more]

KPMG is one of the preeminent tax practices in Ireland. It is led by Shaun Murphy and has a headcount of around 400 professionals. The firm has a number of recommended partners, including Colm Rogers for banking, Jim Cleary on pharmaceuticals and, in aircraft leasing, Tom Wood, Conor O'Brien and Seamus Hand.

Peers are also quick to acknowledge the practice's strength. "KPMG is very strong," comments one partner, and another adds: "KPMG is on the big ticket stuff in Ireland."

KPMG has had a busy year working predominantly in the financial and aircraft leasing sectors as well as on a number of restructuring matters for confidential clients.

Matheson is one of two law firms to be elevated to the top tier this year, on the back of market recommendations and after posting another impressive year's work. Turlough Galvin leads the practice, which has 13 partners (excluding private client partners) ... [more]

Matheson is one of two law firms to be elevated to the top tier this year, on the back of market recommendations and after posting another impressive year's work. Turlough Galvin leads the practice, which has 13 partners (excluding private client partners) and 16 other fee earners covering all areas of tax.

"An impressive firm of very high calibre attorneys- enjoyable to work with and attentive to client needs," comments a client, and another added: "Very happy with the quality. Their people impress me the most."

Another client singled out corporate partner Alan Connell: "Alan is very knowledgeable on tax and instructive as a result of close attention to listening to our needs. He poses different ideas to work with and understands multinational needs of US operations and various structures."

Matheson's team has worked on two notable corporate transactions this year. A team of John Ryan, Mark O'Sullivan and Shane Hogan acted as lead counsel to Eaton Corporation on its acquisition of Cooper Industries, a deal worth $12.6 billion that closed in May 2012. Slightly further down the scale, Gerry Thornton and Galvin are advising the Irish government on its €1.3 billion acquisition of the Irish Life insurance group from Irish Life and Permanent in order to urgently recapitalise the business.

As well as advisory work in both VAT and TP the team has been active in court too, litigating for companies in GAAR challenges by the Irish authorities and on an appeal against the revenue's customs treatment of medical devices. These cases are still awaiting decision.

One of Ireland's leading law firms, A&L Goodbody has a well-respected tax team led by experienced practitioner Peter Maher. Other recommended names include Paul Fahy, James Somerville and John Hickson as well as VAT head Brian Butler. The firm also ... [more]

One of Ireland's leading law firms, A&L Goodbody has a well-respected tax team led by experienced practitioner Peter Maher. Other recommended names include Paul Fahy, James Somerville and John Hickson as well as VAT head Brian Butler. The firm also has a lauded corporate practice with whom it works on tax matters and can count names such as Goldman Sachs, Bank of Ireland and Barclays Capital among its clients.

The firm reports a lot of work in the tax structuring and planning areas for a number of blue-chip companies this year. However, one notable piece of work was its advice to Jazz Pharmaceuticals on its reverse takeover of Azur Pharma, including the subsequent corporate inversion of the Jazz company to Ireland. A unique piece of M&A and tax work, it completed within a tight timescale in October 2011 for $576 million.

A similarly noteworthy mandate was for Elan Corporation, with Paul Fahy advising on the tax aspects of its €668 million ($866 million) merger with Alkermes.

In terms of sheer scale, a highlight deal for A&L Goodbody was its work for Sumitomo Mitsui Banking Corporation on its €7.3 billion ($9.4 billion) acquisition of RBS Aerospace. Maher led the tax team on this transaction, which completed in January 2012.

William Fry Tax Advisors – Taxand's practice is led by Martin Phelan, who oversees four partners and a growing associate team of 14, up from nine last year. As well as having a close relationship with domestic companies the firm is also part of the strong ... [more]

William Fry Tax Advisors – Taxand's practice is led by Martin Phelan, who oversees four partners and a growing associate team of 14, up from nine last year. As well as having a close relationship with domestic companies the firm is also part of the strong global Taxand network and has worked on both advisory and transactional matters over the past 12 months.

The firm is acknowledged as one traditionally active on M&A transactions and this year has been no different. A highlight piece of work involved partners Martin Phelan and Sonya Manzor advising Fairfax Financial Holdings and a group of independent investors including WL Ross and Kennedy Wilson as they initially acquired 9.8% of the equity in Bank of Ireland in transactions that eventually totalled $4.1 billion overall on closing. The firm also advised Kennedy Wilson on its acquisition of a UK loan portfolio from the Bank of Ireland worth €2 billion, a transaction that closed in June 2011.

Manzor also advised on other notable matters, in particular acting for Conoco Phillips as it underwent a demerger, hiving off its refining and production arms into two independent publicly traded corporations. And Phelan advised Barclays Bank Ireland on a confidential facility extended to RTE Transmission Network to assist with its rollout of digital television.

Dillon Eustace's tax practice is led by the respected David Lawless, and has eight professionals who specialise in financial services work for clients such as Lone Star, TPG and LGT Bank.Lone Star has provided a lot of work for the firm this year. Lawless ... [more]

Dillon Eustace's tax practice is led by the respected David Lawless, and has eight professionals who specialise in financial services work for clients such as Lone Star, TPG and LGT Bank.

Lone Star has provided a lot of work for the firm this year. Lawless and Sean Murray advised the financial group on the £900 million acquisition of a portfolio of real estate secured loans from Lloyds Bank in December 2011 and on a €900 million acquisition of a half-stake in the Excalibur portfolio.

And in a similar deal to the Lloyds transaction, Lawless and Murray worked on an acquisition of real estate secured loans from Société Générale for an undisclosed sum.

Grant Thornton makes its entry into the rankings this year as partners in the market remark upon its increasing visibility. The team is led by Frank Walsh, and has four tax partners and 50 fee earners covering all areas of tax law."Grant Thornton has ... [more]

Grant Thornton makes its entry into the rankings this year as partners in the market remark upon its increasing visibility. The team is led by Frank Walsh, and has four tax partners and 50 fee earners covering all areas of tax law.

"Grant Thornton has a broad practice and we think they're good. We see them. They can do compliance and financial services and TP," commented one adviser. Another peer said: "Grant Thornton we see a lot, and should be there."

Transfer pricing work was not a major area for the firm but it did complete a transfer pricing study for a group regarding the justification of payments to a tax haven.

Of more value was the corporate work, foremost among which was Peter Vale and Sarah Meredith advising a client on the relocation of IP to Ireland without triggering charges. This work finished in January 2012.

Providing tax advice and structuring for a $1 billion collaterised loan obligation for Guggenheim Investment Management was one of the highlight pieces of work for Maples & Calder this year. The team is led by Andrew Quinn, who led on this deal which ... [more]

Providing tax advice and structuring for a $1 billion collaterised loan obligation for Guggenheim Investment Management was one of the highlight pieces of work for Maples & Calder this year. The team is led by Andrew Quinn, who led on this deal which completed in November 2011.

"Maples has a good reputation, and has that international backing too," comments one competitor.

In other areas, Quinn and Lynn Cramer are continuing to advise a local authority about a $25 million VAT complication arising from a public procurement contract, with Quinn also acting alongside William Fogarty as Irish tax counsel to the noteholders of guaranteed notes that were issued and refinanced by Quinn Group. Part of a larger sale worth $500 million, this advice concluded in March 2012.

In contentious matters, one notable case was Quinn's representation of a large financial services firm in a dispute over the tax treatment of a special purpose company. This concluded successfully for the client in January 2012.

Mason Hayes & Curran is a firm whose tax team is gaining more and more recognition in the market. The John Gulliver-led practice has nine professionals, including six partners. David Burke, who specialises in international investments in Ireland, is ... [more]

Mason Hayes & Curran is a firm whose tax team is gaining more and more recognition in the market. The John Gulliver-led practice has nine professionals, including six partners. David Burke, who specialises in international investments in Ireland, is a recommended figure.

The firm can count among its clients big names such as Barclays, Odeon Cinemas and Samsung. Gulliver and Robert Henson acted for Samsung as it sold its global hard disk drive business to Seagate, which is incorporated in Ireland, for $1.5 billion. The team advised Suneil Sharma on the VAT and stamp issues arising from a $133 million acquisition of retail development properties, while in transfer pricing the tax practice worked with accounting firms to advise an Irish corporation on an IP reorganisation worth $500 million.

McCann Fitzgerald's tax team is led by the respected Michael Ryan, who oversees a compact practice of four other professionals. The firm has been more visible in the market this year, and has acted on a handful of big transactions. "We've seen McCann ... [more]

McCann Fitzgerald's tax team is led by the respected Michael Ryan, who oversees a compact practice of four other professionals. The firm has been more visible in the market this year, and has acted on a handful of big transactions.

"We've seen McCann Fitzgerald on a few jobs. They do well," commented a partner.

Eleanor MacDonagh, a consultant in the practice, advised Irish company Azur Pharma on the tax implications of its $1.5 billion merger with Jazz Pharmaceuticals, a NASDAQ-listed entity. This all-stock transaction was accomplished via a reverse takeover of Azur through a triangular merger structure, which in turn saw the migration to Ireland of the merged company and the US listing of Azur Pharma. The transaction raised tricky Irish stamp duty issues.

Justin McGettigan left during the year to become head of Eversheds's Irish tax practice.

Walkers Global is a new entrant to the market, having only been set up in March 2011. The team is led by Anthony Smyth, who comes in for praise from clients."I deal mostly with Anthony Smyth who I value highly," said one. "There are also a number of ... [more]

Walkers Global is a new entrant to the market, having only been set up in March 2011. The team is led by Anthony Smyth, who comes in for praise from clients.

"I deal mostly with Anthony Smyth who I value highly," said one. "There are also a number of capable people within the team who support the work," said another, who added: "Their ability to understand not only the legal aspects but also the various relationships between the different international parties has been invaluable in getting things done."

Aviation is a big part of the market in Ireland and a big part of Walkers' work. One client praised Walkers for moving away from the air of "complacency" that they had perceived in this sector.

"Walkers are one of the newer entrants and their team has done a good job in breaking the mould as far as I am concerned. I had become weary of lawyers who told us what we couldn't do rather than find solutions," said a client.

A highlight for the firm this year was its advising of Deutsche Bank's Irish branch on the tax issues inherent in a £210 million commercial real-estate loan-backed securitisation, a deal which closed in February 2012.