We offer a selection of key market developments from last month.
Saudi Arabia remains fertile ground for international firms in expansionary mode; Middle East firm takes up an AI opportunity
Mishcon de Reya is establishing a Saudi Arabian joint venture with the Ebrahim Al Habardi Law Office in Riyadh, previously connected with Jones Day. The firm will focus on high net-worth individuals. This is Mishcon’s 3rd international location after Hong Kong and Singapore.
Kirkland & Ellis is also opening in Saudi Arabia after taking partners from Latham & Watkins and White & Case. The Riyadh office will operate as the firm’s Middle Eastern HQ.
Gibson Dunn & Crutcher is also opening in Riyadh after hiring 7 lawyers from White & Case. It has now grown by 14 new partners in the Gulf region in a year. The new office will have a broadly-based practice.
Al Tamimi, the largest regional law firm in the Middle East with 378 lawyers in 15 locations, has agreed a strategic partnership with Harvey to deploy the AI solution to its lawyers. Allen & Overy and PwC have made similar arrangements with Harvey, which OpenAI backs. The arrangement enables Al Tamimi to enhance Harvey’s Arabic language proficiency.
The Nordics take centre stage as firms expand in the region; continued growth by international firms in Germany
Norwegian firm Schjodt has recruited 4 partners and 5 associates from Danish firm Moalem Weitemeyer in Copenhagen, growing its office by 50% and reducing Moalem by over a quarter in partner numbers. Schjodt opened in Denmark a year ago.
Swedish firm Wistrand has joined the CMS network. Wistrand has offices in Stockholm and Gothenburg and with 51 partners is the 3rd largest Swedish firm. CMS merged with similarly-sized Kluge in Norway 2 years ago.
Meanwhile, Willkie Farr & Gallagher is opening a second office in Germany. This office in Munich launches in early 2024 alongside its existing presence in Frankfurt. This will be its 7th office in Europe, 14th globally, and will focus on funds work. Munich has become a strong centre for private equity work.
Addleshaw Goddard has boosted its energy practice in 3 offices in Germany with a 3-partner, 7-lawyer team hired from EY Law. Addleshaws now has almost 50 lawyers in 4 locations across the country and has been expanding its European presence rapidly.
Elsewhere in Europe, Rymarz Zdort Maruta (RZM), one of Poland’s largest independent firms, has acquired 4 life sciences partners from Domanski Zakrzewski Palinka. This significant expansion follows the merger earlier this year of Rymarz Zdort and Maruta Wachta to create RZM.
Fieldfisher will end its relationship with Studio Associato Servizi Professionali Integrati (SASPI) in Italy in March next year. The merger took place 7 years ago. SASPI, at 59 partners, is the largest Italian partnership of any international firm in Europe. Fieldfisher cited differences in the evolution of strategic objectives.
Meanwhile, private equity firms Inflexion and Endicott Capital are taking a majority stake in aosphere, Allen & Overy’s risk management business. A&O will retain a minority interest as aosphere becomes a stand-alone entity. The deal reportedly values aosphere at £200m.
aosphere has more than 7oo subscribers in the financial services sector for its compliance and analysis services. The transaction precedes the completion of the merger of A&O and Shearman & Sterling.
Lamp House Strategy, an ESG consultancy, has reported that most leading law firms in the UK (including US-based firms) fall short on their ESG reporting and target-setting. Only 22% publish a holistic responsible business report. Only 20% have targets to increase the number of female partners and only 22% have set a net zero target. US-based firms lag UK firms. The research is based on information reported by firms this year.
