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ent high skill knowledge based economy as evidenced by thegrowing multinational technology presence in Ireland and ourvibrant and innovative indigenous software sector’ says Garrett.‘Because the tech sector is one of unusually rapid change and continuousground breaking evolution, it is one in which every playerin the sector has to be constantly anticipating the next trend’.Ireland has already proved its potential in this respect, havingachieved a leading global role in the emerging Cloud Computingindustry, while, as Garrett points out, a recent Microsoft commissionedreport forecasts the country will capture around 13% ofthis market.As well as an impressive digital infrastructure which continuesto be improved through government investments including theESB electricity grid investment, state support is backing its domesticventures as well as continuing to welcome foreign directinvestment. As Rafferty notes, ‘Irish companies with serious ambitionwill continue to scale and attract foreign capital in greaternumbers’.It has certainly worked, thus far. There’s no doubt that Irelandis still facing its own issues, ‘both in relation to its own bankingsystem and the impact of the wider Eurozone debt crisis’ saysO’Shea. ‘However, in the context of an otherwise gloomy domesticeconomy, I think that the tech sector has been a shining light,John Whelan Head of the IP and Technology group at A&L GoodbodyMarch 2012 | americanlawyer.comSPECIAL ADVERTISING SECTIONIRELANDFor Irish firms, the onus now is to developspecialist practice areas, and to continueto invest in them, in order to keep up withthe rate of development in this rapidlychanging sector. Emerging technologiesmight not be the only route to redemptionfor the Irish economy but the success ofthis sector has gone a long way toimprove investor confidence – a trendwhich needs to be nurtured.and has exemplified the importance of FDI to Ireland’.The market here has not only seen a 17% increase in foreigndirect investment in Ireland from International DevelopmentAssociation linked companies over the past year, but more significantly,in terms of optimism for the future, there has been a leapof 30% in the number of companies investing in Ireland for thefirst time. In addition, Intel has made significant research anddevelopment investments, which were soon followed by HP.Facebook has recently announced an increased focus on its Irishoperation, while CISCO is expanding its Galway operation. Othersignificant foreign direct investments announced over the pastyear have come from global players such as Twitter, Intel, IBM,Microsoft and PayPal, proof that for now, at least, Ireland is workingits competitive advantage very successfully.‘Ireland works well as a European hub and the growth in theoperations of the multinational companies who locate in Irelandoften mirror the growth in their expansion into European andother markets outside the US’ says Rafferty. ‘Time and again wesee small operations on the ground in Ireland accelerate as theyfind employees and a business environment which suit therequirements of a fast growing business. The Irish operations ofGoogle, Facebook and Linked-In are all great examples of thistrend’.For Irish firms, the onus now is to develop specialist practiceareas, and to continue to invest in them, in order to keep up withthe rate of development in this rapidly changing sector. Emergingtechnologies might not be the only route to redemption for theIrish economy but the success of this sector has gone a long way toimprove investor confidence – a trend which needs to be nurtured.‘Firms that can guarantee experience and understanding ofclient industries and how those industries operate and evolvethrough time can offer the long term legal support needed’ saysWhelan. ‘Irish firms work hand in hand with government andsemi-state bodies who are progressing Ireland's technical andlegal infrastructure so as to better represent their client's interestsin those areas, and Ireland on the international stage’. IRELANDBUYING DISTRESSED REAL ESTATE ASSETS INIRELAND IN 2012U The increased frequency of theappointment of receivers by NAMAindicates that much more real estateproduct is likely to be brought to themarket in 2012. SPECIAL ADVERTISING SECTION The American Lawyer | March 2012