UAE – an attractive base for international law firms
A recent report from global legal recruitment boutique, Fox Rodney Search has highlighted that the UAE continues to be the most attractive base for international law firms in the Middle East. The financial crisis slowed down law firm expansion in the region only briefly – new offices have been opening at a regular rate since 2011, with US firms accounting for 50 per cent of new entrants into the market, a surprising statistic considering the tendency for UK firms to favour the Middle East.
Within the UAE, Dubai is increasingly the preferred location over Abu Dhabi for the first regional office of new entrants into the market – 38.33 per cent of US and UK firms have offices in both Abu Dhabi and Dubai, 45 per cent have offices only in Dubai and just 8.33 per cent have offices only in Saudi Arabia. To further support this trend, Fox Rodney Search has seen a number of major law firms pull out of Abu Dhabi in the last 12 months, and others are downsizing. Dubai is seen to be a business hub for the region and the preferred environment in which to grow a regional practice. Unless there is a client requirement to be in Abu Dhabi, firms are recognising that the city is too difficult a challenge to recruit for, and remain profitable in.
Local law firms continue to play an important role in the market, with many still preferred for local legal advice. Al Tamimi & Co is the largest unaffiliated local law firm and has 14 offices across eight countries within the Middle East. It is one of only a handful of local law firms which competes directly with the international firms.
On the recruitment side, Fox Rodney Search’s report highlights that international law firms are increasingly showing more interest in hiring locally qualified lawyers.
A striking trend in 2014, as opposed to 2013, is that firms are hiring ever-more junior lawyers into partner roles. In terms of sectors, there has been a noticeable increase in corporate sector hires as well as in real estate and technology, media and telecommunications.
