As an alternative investment specialist, Ian Dillon, partner at William Fry, is still getting a lot of queries on AIFMD from clients around the world. Dillon, who has recently returned from a 7 year spell in the Cayman Islands, notes that while the format of the firm’s bi-weekly Asset Management and Investment Funds Group lunch hasn’t changed much from when he last worked in William Fry around 10 years ago, the get-together now requires a considerably bigger room.

A lawyer working in financial services needs to be able to think laterally, says Michael Barr, a partner with A&L Goodbody, as 'clients do not want just a legal answer but rather someone who will work with them to get their product into the market in a successful and cost effective way'. Other attributes required include being able to take in and understand quickly new concepts and ideas, and the ability to work well with people at all levels within an organisation, to get the deal done.