Digital Regulation and Cybersecurity – Seismic Shifts in Motion
Stephen Keogh
Managing Partner, William Fry LLP
As a small country with limited natural resources, Ireland relies on its ability to sustain a knowledge-based economy in order to thrive. For this reason, over the last 50 years, innovation has become a cornerstone of Ireland’s economic policy.
The fact that we have to date achieved significant success in this regard is demonstrated by the many multinational corporations, including technology companies, medtech businesses and pharma manufacturers that have chosen Ireland as a key centre for their EMEA operations.
A core ingredient of innovation is respect for the rule of law, including protection of intellectual property rights. This is an area in which Ireland consistently ranks very highly in international league tables, supported by a large and active legal sector. However, as in most things, past performance is not necessarily a reliable indicator of future results. Neither the Irish economy generally, nor the Irish legal sector specifically, can afford to become complacent in a rapidly changing world.
The global legal sector is currently experiencing significant transformation through emerging technologies which are streamlining processes, enhancing client service and identifying industry trends. Through tools like AI and document automation products, law firms can achieve a step-change in efficiency and improve the speed of delivery of advice to our clients.
At William Fry LLP, we recognise the opportunity to be at the forefront of this change. Our commitment to innovation was recognised by The Financial Times’ Innovative Lawyer Report 2024, where we were ranked as Ireland’s most innovative law firm based on our rankings across several innovation categories. Notable recent initiatives include our Financial Services Regulatory Data Analytics Tool which helps applicants for regulatory licences to predict likely questions from their regulator. Another tool is our unique TechReg tool, which helps clients navigate EU technology regulations, providing actionable compliance solutions for data, cybersecurity, content and AI regulations. We were the first Irish law firm to leverage Clearbrief, an AI-driven technology designed to enhance efficiency and accuracy in litigation processes. We also utilise document automation products for M&A and Finance agreements.
With Ireland’s already-established position as a major EMEA hub, we have the opportunity to continue to lead in innovation in both the legal sector and in the economy more broadly, leading to greater competitiveness, adaptability, high-value job creation, economic prosperity and the maintenance of our enhanced position on the global stage.
Neither the Irish economy generally, nor the Irish legal sector specifically, can afford to become complacent in a rapidly changing world.
