. Richard Hammon SC, Vice Chair; Paul Egan SC, Chair and Gillian Cregan, Director of Finance & Operations

The Finance Committee has a number of functions assigned to it. Its key function is the management of the financial affairs of the Law Society and its subsidiaries. A number of subcommittees have been established to give special attention to specific areas. The committee’s overarching objective in 2026 is empowering the Finance and Operations Department to deliver its objectives through strategic oversight and robust governance.

The committee met six times in 2025. It receives regular updates from the executive team and relevant experts, who attend each meeting on a regular basis. These are provided through written reports and financial detail, both regular and bespoke. The committee is confident that it has the correct membership to provide the right level and calibre of information and challenge; and that the right reporting methods, structures, and work plan are in place to provide oversight on behalf of Council in respect of performance in the areas as set out in the Council regulations.

The Compensation Fund, which is a separate financial entity, is not covered by this report.

Group consolidated income

Total income for the year was €42.379m, 15.3% higher than in 2024.

General activities income was €28.3m (2024: €24.5m). Of this, PC, membership, and admission fees accounted for €26.5m (2024: €22.8m).

Law School income was €13.9m (2024: €12.2m)

Group consolidated expenditure

Total expenditure for the year was €38.519m, 4% higher than in 2024.

General activities’ expenditure was €24m (2024: €22.8m), which was an increase of 5.3% (or €1.2m) on 2024.

Law School activities’ expenditure, at €13.7m (2024: €13.3m), was an increase of 3.1% (of €408k) on 2024.

Subsidiaries’ expenditure for 2025 was €843k, 16.7% lower than 2024 (€1m) due to decreased activities in the same period.

Group consolidated surplus

Before revaluation and exceptional items: Total operational surplus for 2025 was €3.86m, compared with an operational deficit of €300k in 2024, representing a favourable year-on-year improvement of €4.16m.

General activities’ operational surplus was €4.3m in 2025, versus €1.7m in 2024.

Law School activities generated a surplus of €249k against a prior-year loss of (€1.1m).

Subsidiaries generated losses of (€733k) against prior-year losses of (€902k).

After revaluation and exceptional items: In the audited financial statements, the operational surpluses/losses are included in the consolidated statement of comprehensive income. This statement also brings in revaluations and exceptional items. For 2025, these are resulting in the Law Society making an overall surplus of €15.2m for the year (2024: surplus of €5.3m). There are three items for noting:

• Actuarial gain on defined-benefit pension liability: in accordance with the accounting standard FRS102, in 2025, the financial statements show a surplus on the defined-benefit pension scheme of €9.7m, while in 2024 there was a surplus of €3.9m. The larger actuarial gain in 2025 was primarily driven by a reduction in inflation and projected salary increases to value the scheme’s liabilities. The actuarial gain on the defined-pension benefit liability is €5.4m in 2025 (2024, €2.4m).
• Fair-value gain on the revaluation of development land: the Benburb Street site is a brownfield city-centre site that extends to 1.1 acres and is zoned Z5, allowing a variety of uses for potential schemes, including commercial and residential. As is practice, we engaged Mason, Owens & Lyons to undertake an annual valuation of the land. In estimating the market value of the subject property, they have had regard to prevailing market conditions and sales transactions that are considered comparable with the subject property. In consideration of this information, they have adopted a base capital value per acre of €12.7 million per acre, in line with the primary comparisons, resulting in a gross site value of €19,250,000. This valuation, as at 31 December 2025, is an increase of €5,250,000 on the 2024 valuation. On 19 March 2026, planning permission was granted for development of the site at Benburb.
• Fair-value gain on the revaluation of investments: the revaluation of the Law Society’s investments resulted in a fair-value gain of €964k, reflecting a strong investment performance for 2025 (2024: gain of €1.3m).

Subsidiaries

The group structure includes a number of subsidiary entities. The Law Club of Ireland made an operational loss of €92k (2024: loss €91k). Benburb Street Property Company Limited made an operational loss of €135k (2024: loss €8k). Blackhall Technologies made an operational loss of €336k (March 2025: loss €367k; nine-month period).

Group consolidated balance sheet

Balance-sheet reserves include the two contingency funds, the Capital Expenditure Fund (€1.6m) and the Litigation Fund (€0.9m). Both funds are designed to meet costs in these areas as they arise and avoid fluctuations in the practising certificate fee. The Capital Reserve Fund amount of €6.5m is to meet future property-development costs. Additionally, there is a deficit of €0.8m in the LSRA Levy Fund, being the balance of money raised for this levy over the last seven years since the imposition of the levy, and the amounts ultimately levied by the LSRA. The deficit will be replenished over the coming years to ensure it is adequately reserved. The remaining reserves have been allocated to meet specific costs and projects.

Our net asset position at the end of 2025 now stands at €76m (2024: €62m).