Latham & Watkins and Freshfields Bruckhaus Deringer are set for key strategic initiatives in the Middle East as top law firms move to ramp up their practices in the world’s main emerging markets.
US-based Latham looks set to become the latest adviser to launch in the competitive Middle East market after hiring a partner from Vinson & Elkins, while Freshfields is transferring more lawyers from London to the region.
The top five US firm has been considering opening in the Middle East for months and discussed a Dubai launch at its most recent partnership conference in November.
The firm refused to comment but Vinson confirmed that corporate partner Rindala Beydoun had resigned to join Latham. Beydoun, who concentrates on the energy and projects sectors, has recently been splitting her time between Vinson’s Dubai and Abu Dhabi offices.
Freshfields, meanwhile, is transferring veteran energy and infrastructure partner Charles July to its Dubai arm as it moves to add weight to its practice.
July will join former City finance chief Bob Charlton, who is also set to transfer to the Middle East. Freshfields, which entered the region with the 2005 launch of its Dubai arm, has indicated that the transfers are directly related to plans for substantial further expansion this year in the Middle East.
As top firms flock to the Middle East, a related trend has seen advisers proactively target sovereign wealth fund clients, which are typically based in the world’s key emerging markets.
Freshfields is one of a number of firms, including Allen & Overy (A&O) and Clifford Chance (CC), that have upped efforts to win lucrative sovereign fund clients.
Freshfields finance co-head and former Asia managing partner Perry Noble said: “Transferring Charles is part of a concerted push in the region and part of being more focused around our target clients; building in particular on investment banks, sovereign funds, energy and infrastructure and financial institutions.”
A&O has created a specialised sovereign funds group out of its City, US and Middle Eastern offices over the last year, while CC has set up an informal group of lawyers across its offices looking at building links in the sector within the last few months.
Ashurst is also considering a similar move on the back of growing overseas investment from sovereign funds which, in contrast to previously active private equity houses, are relatively unaffected by the current turmoil in global debt markets.
Pervez Akhtar, head of A&O’s Middle East corporate group, commented: “These are important players in the market. They have significant financial muscle and the mindset of the lawyers needs to be toned to their needs.”
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