A&O stays true to strategy with Istanbul launch
Allen & Overy (A&O) is launching an office in Turkey as the firm pushes ahead with its strategy to target growth markets.
The Istanbul office, which is expected to launch next spring, will only advise on English law, particularly project finance, capital markets, general lending and M&A. Local bar rules prohibit foreign firms from opening directly and practising local law.
London banking partner Charles Lindsay will move to Istanbul to lead the office. Senior associate Karen Lee, who specialises in capital markets, and banking associate Seyda Duman, a fluent Turkish speaker, will also make the move.
Global managing partner Wim Dejonghe said the firm has been looking seriously at Turkey for a year.
“Turkey’s strong economy, extensive privatisation programme, pressing demand for infrastructure investment and emerging status as an energy hub all present an immense opportunity for both Allen & Overy and our clients,” he said.
Asked if the firm’s plans in the country extend to tying up with a native firm and practising local law, he replied: “I’m not saying we’re going to do it, but we’re openminded about it.”
Following the launch A&O will have 40 offices worldwide. Dejonghe said that, although the economic climate may affect short-term plans to target growing economies, nothing has changed in the long term.
DLA Piper (The Lawyer, 23 February 2010) and Clifford Chance (25 November 2010) have both opened offices in Turkey in association with local firms.
Readers' comments (5)
Mr.Huseyin Gok@ | 8-Dec-2011 2:14 pm
Overall, it’s a, great news for Allen & Overy with a thrilling challenge in the Turkish Economy. The niche Capital Market in Turkey has a significant GDP in present with growing economy in scale, has a substantial credit value and a higher “Turkish Lira” rate against, Eurozone.
However, as ‘Sir.Edward Coke’ illustrates on his dictum that, “the life of the law has not been logic; it has been experience”.
Hence, within the world of business the present climate, with un-steady of economic growth, may rise a challenge with rival competitors in the Turkish Economy on the norms of Byzantine Empire.
However, client relationship is the significant and the most importance aspect in the growing Turkish Capital Market. Although, understanding the culture and the government austerity in its infrastructure would be the beginning challenge for, the Law Firms around the World.
Native Speaker in Turkish.
LLB. Law Student; England & Wales
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Anonymous | 21-Dec-2011 3:00 pm
As Native Speaker in Turkish commented - I am bewildered as to why these law firms insist on sending people to Turkey with absolutely zero experience (or language skills). Turkey is NOT HK, Singapore, Dubai and I would even go so far as to say Tokyo or Moscow. It is a different kettle of fish. Some of these firms are also hooking up with partners that they seriously should have done better due diligence on and the laughable thing is that they actually paid some ex CC partner in London who has no idea to advise them!
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Noor Al-Atteaby | 26-Jan-2012 12:40 pm
I do not agree with 'anonymous' and believe this is an amazing opportunity for A & O to widen their horizon and add to their international expertise. The most attractive aspect of leading law firms is the fact that they are international as they give themselves and their clients many opportunities which continue to grow as they expand their field of work. DLA Piper and Clifford Chance have already launched firms in Istanbul therefore there will be a competition and in my view, victory lies with the firm that can adapt and understand the turkish culture and local custom. On that note, I do not disregard what 'anonymous' says completely because it is very important that these details are taken seriously which is why they've sent Seyda Duman.
Mr.Huseyin Gok pointed out the famous quote,
“the life of the law has not been logic; it has been experience.”
Law firms today are illustrating a classic example of how experience is the key. It comes with risks and sometimes firms may fail to reach their ultimate goal. However, avoiding that is what recruiting the best lawyers in the country is all about.
1st Year LLB Law Student, London.
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Anonymous | 17-Feb-2012 1:09 am
So 'anonymous' you think all lawyers need to speak 'Japanese' or 'Russian' to successfully operate in those markets when working on cross-border (outbound/inbound) transactions with English language/law governed documents and English language negotiations? The opening of offices in Turkey by these firms simply provides a presence and compliments the existing Turkish practices/relationships such firms have been developing for years out of London.
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Anonymous | 21-Feb-2012 3:56 pm
Actually I would agree with anonymous. Monolingual englisn speaking lawyers are becoming less and less useful. As a client I always use lawyers that are fluent in both languages otherwise it is just painful and money wasting to watch it. Tried to get a job in China lately? Without mandarin you have very little chance. Having done several deals there before lawyers who either aren't plugged in or don't speak the language just hinder the process. In places like Turkey that are actually very complex and sophisticated jurisdictions with several partners of international firms that are dual qualilfied and native speakers and having been subjected to the firms without that and being very frustrated with the service then clearly there is no choice but to go with the bilingual lawyers. In this day I find it a little funny that the 'anonymous' thinks that their monolinguality is a plus in emerging markets transactional work rather than an impediment.
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