The business law firm, one of very few Irish law firms to report its financial results, also saw its headcount increase to over 650 during the year, including the addition of seven new partners.

It said the “significant growth” was driven by renewed investment activity as macroeconomic factors such as interest rates and inflation improved, helping to boost valuations and drive merger and acquisition activity.

The firm’s transactional work in 2024 included advising WaterWipes on 3i’s €145 million investment and LetsGetChecked on its successful acquisition of the digital pharmacy platform, Truepill.

However, it said a major challenge for clients during the year was the “unprecedented” volume of legislative change, with 48 pieces of legislation and over 700 statutory instruments enacted.

“No industry was immune from change and supporting clients required extensive cross firm collaboration to advise across all developments,” the firm said in a statement.

Managing partner Will Carmody said: “Insights from our recent Business and Legal Sentiment Survey reveal that almost half of our clients — 48 per cent — are optimistic about the year ahead. However, the sheer volume of legislative reform has posed significant challenges for many organisations.

“The EU Commission’s recent pledge to slash red tape and legislative complexity as part of its bid to make Europe more economically competitive is timely.

“The Commission’s initiatives to boost competitiveness and productivity will be essential to ensure that European innovation can compete on the global stage and achieve increased growth and productivity.

“At Mason Hayes & Curran we will be working closely with our clients to support them in implementing these changes for their businesses and navigate these challenging times.

“Our teams are actively providing bespoke advice to optimise business operations while mitigating legal, financial, and geo-political risk.”

He added: “We expect the pace and complexity of change to intensify, particularly as global dynamics, including changing policies in the USA, continue to unfold.

“As a firm, we are focused on equipping our clients to stay agile and proactive, ensuring they are not only prepared to respond, but are also positioned to seize opportunities and compete in a rapidly evolving landscape.”