Most multinationals in Europe use English law as the governing law of contract, but this could change if English court judgments become more difficult to enforce across EU member states after Brexit.

In a briefing document seen by The Irish Times, The Bar of Ireland said the Irish Government could capitalise on this to allow Dublin to usurp London’s position as an international dispute resolution centre.

Provided that the Government invests in the plan and overhauls aspects of the justice system, it suggests a hard Brexit could lead to the creation of 3,000–5,000 jobs in the Irish legal sector in the mid-term.

The briefing document states: “A serious effort needs to be made to ensure that the community of corporate lawyers in Ireland recommend Irish law, and Irish jurisdiction, wherever possible. This is best achieved through Government support of this initiative.”

The Bar adds: “Ireland has a natural advantage over other European countries. It is English-speaking, common law, and already has a highly developed legal system with a recognised commercial court.

“It is essential that Government move quickly to secure this advantage by endorsing a comprehensive strategy to promote Irish law and Irish lawyers to the international sector.”