The business law firm said the increase was driven by “robust demand” across its core industry sectors, including a “particularly buoyant” technology sector.

With new legislation including the Digital Services Act, the Digital Markets Act and the highly-anticipated EU Artificial Intelligence Act, the firm said it continued to advise clients such as Meta, Etsy, WhatsApp and LetsGetChecked across their advisory, regulatory and transactional needs.

Meanwhile, the firm also saw “strong growth” in the financial services sector and steady demand in the areas of life sciences, healthcare and energy. In the built environment sector, some sectors of commercial real estate “experienced a plateau” while the residential segment “remained consistently active”.

Over the course of the year, the firm also grew its international activities, prompting the relocation of its London and New York offices. The potential relocation of its three Dublin office premises into a new, centralised headquarters is under active review.

The firm said it also continued and increased its investment in emerging and growing practice areas, including ESG, artificial intelligence and fintech, reflecting the growing client demand in these areas. It also invested significantly in its tax practice, which saw continued demand from both international and domestic clients.

During the year, 11 new partners were promoted and seven new partners joined from other domestic and international firms. Overall, staff numbers increased by four per cent in 2023.

The firm also stood by its target to invest up to one per cent of its annual turnover across its corporate social responsibility (CSR) activities, which includes ongoing support for UNICEF and the €1.2m Engage and Educate Fund. Pro bono activity includes work with the Kids in Need of Defence (KIND) Project and Free Legal Advice Centres (FLAC).

Managing partner Will Carmody said: “The last 12 months were challenging for businesses and our clients. The continuing increase in the volume and complexity of national and European legal regulation meant that we worked closer than ever with our clients to navigate those challenges.

“We are keenly aware of the competitive pressures these changes may impose on our clients and we will continue to work hard to support them in growing their businesses in these circumstances.”

He added: “Looking ahead to 2024, the ever-present geopolitical uncertainties will continue to weigh on global trade and economic activity. We hope that a levelling-off of interest rates in the EU, North America and the UK may allow investors to seek out renewed value in the market.

“As always, our goal remains to be proactive to our clients’ needs, alerting them in a timely manner to legal developments and delivering bespoke, innovative solutions to their business-critical legal issues.

“This approach is pivotal in helping our clients achieve success amidst the complexities of the current business environment — which will enable us to continue to grow our own business.”