Lovells prepares for Saudi launch
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Lovells is poised to move into Saudi Arabia after spending several months attempting to ink a deal.
As reported on The Lawyer.com (5 February) the firm has been looking to expand its Middle East footprint beyond its sole regional office in Dubai and into what is the region’s largest economy.
The Lawyer understands that two of the firm’s Dubai-based lawyers, of counsel Imran Mufti and associate Mustafa Kamal, will spearhead the Saudi initiative. It is thought that the firm incentivised Mufti with the promise of a fast track to partnership.
A source at a Saudi firm that held aborted talks with Lovells was sceptical about the endurance of tie-ups with local firms. International firms require a locally qualified Saudi national to act as a sponsor in order to practise in the kingdom.
“Does Lovells have an anchor client or has it decided that unless it expands out of Dubai it will die? Every international law firm [that comes into Saudi] has severed their links over time,” explained the source. “In some ways these are shotgun marriages. It’s questionable whether Lovells’ arrangement is going to survive here.”
Lovells declined to comment.
Readers' comments (7)
Anonymous | 10-Aug-2009 10:08 am
I wonder who Lovells have tied up with? I would be very surprised if any of the well established independent local firms would want have anything to do with them.
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Anonymous | 10-Aug-2009 12:32 pm
Any firm in the Gulf without Saudi on its radar is deluding itself. This is a predictable move by one of the more reputable international players that joined the Dubai gold rush and will likely seek to leverage off their stellar reputation for Islamic finance and capital markets.
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Political Realist | 10-Aug-2009 12:52 pm
Anonymous, 10:08 am: what makes you say that?
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Anonymous | 10-Aug-2009 3:45 pm
Unless one of the Magic Circle or Wall St heavyweights comes along, it not in the interests of any of the leading Saudi firms to enter into an exclusive relationship. Lovells (even with its strong Islamic finance practice) and other similar firms will find it hard to sign up a leading local firm without paying a hefty subsidy otherwise the local firm will not be able to make up the loss of referrals from other international firms. It will be interesting to see if Lovells go for Riyadh or Jeddah (or both).
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Anonymous | 12-Aug-2009 10:21 am
Lovells are "likely to leverage off their stellar reputation for Islamic finance and capital markets"?? Are you sure you are talking about the right firm?
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Anonymous | 17-Aug-2009 6:02 pm
good move by (silly comments below aside) a good firm. the saudi market needs to be shaken up
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Anonymous | 19-Aug-2009 10:44 am
NOT just another western firm opening in Saudi - Lovells will bring some heavyweight sophisticated Islamic finance experience to Saudi. these guys are super at Sukuks, even the competition will acknowledge that...a welcome addition to the Saudi market!
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