Categories:Middle East,UK

Trowers first to fall prey to Middle East downturn

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Readers' comments (21)

  • so what happens to the guy seconded to the Syrian affiliate?

    Will his employment be governed by Syrian law, with no UK benefits?! Very sad!

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  • Balanced?

    I have to say that such black and white articles like this are poor "sensationalist" journalism. Dubai is not "dead" - the international banking sector is struggling globally, not just in Dubai. The local banks are in decent shape (backed by the Central Bank) and vital infrastructure projects and other sectors in Dubai (and the UAE generally) still remain relatively strong, compared to other global centres. they will continue to grow as the market matures. Trowers laying off 7 people out of close to 100 in the region, no doubt partly due to a performance management process in tougher times, hardly suggests Dubai (or other areas of the Middle East) are crashing down. The whole world is affected at the moment but the fundamentals, which are much stronger than almost anywhere in the world apart from China, means Dubai and the wider Middle East will rapidly reap the benefits of the demise of the debt ridden UK and US. That is why so many law firms are here Luke....and with some proper reporting you would know that.

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  • Its true!

    The article is womewhat accurate. Many in-house counsels from a regional Conglomerates have been made redundant recently. We have been asked to look for external opportunities a month ago. I personally consulted with many recruiters, law firms and received the feedback that the most of the "live" positions are on hold! Its definitely a dead end for lawyers.

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  • Dubai

    Poor sensationalist journalism (been reading Ms. Greer's article in the Guardian, no doubt!).

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  • Callous Attitude

    The comments by the head of HR reflect poorly on him and the firm.

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  • Dubai

    The bloke's just another bonusless bitter banker.
    Dubai has today received a US$10 billion injection from the UAE central bank (with another US$10 billion to follow) which will help relieve its liquidity problems. With a projected GDP growth of 3.5% its still doing much better than most western economies. More low quality reporting from a low quality rag!

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  • Apples and pears

    Its absurd to compare rates of growth of Dubai and western economies. Dubai is an emerging economy, the UK and US are not. In case you'd forgotten the UK and US also injected billions into their banks, unfortunately this measure has not yet helped relieve their own liquidity problems. Time will tell whether it helps Dubai or not.

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  • Burglar Bill

    Burglar Bill, yes the US and UK have injected liquidity into their banks but you may have missed the slight issue that by doing this they have left both countries with enormous deficits which will have to be paid back via increased taxation in the future. The UAE has no such problem (those damn budget surpluses...) and so you are right it is like comparing apples and pears - 2 bankrupt countries, compared with one with enough money to buy most important assets globally at bargain basement prices. I know who is in the best position - the UK and its reporters should concentrate on bagging its own politicians and financial systems and the mess they have inflicted on ordinary people rather than trying to compare it with other countries.

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  • Quality of lawyer not quantity required across the UAE...

    As a recruiter in the region and working for one of the major players on the ground here, I have to say times have suddenly become tough and in a very short space of time. However, what people are losing sight of is the mass over recruitment that has occurred in the past 12 months, based upon the growth that was anticipated to continue across the UAE. With a slowdown, and it's happened very quickly here, there has to be some adjustment in numbers and more firms and in-house teams will be reviewing their numbers over the coming months. Furthermore, the region is littered with average lawyers who have done little to enhance the reputation of the profession out here. When you look across the legal market, a shake up and improvement in the quality of lawyer, at the senior end in particular, is badly needed. A number already here are overpaid and not demonstrating true commercial value to their client(s). In an emerging market where many clients are still learning the value of good quality legal advice, this has now hampered the growth of the profession. There is still opportunity in the region but in order to realise it, more lawyers with strong business acumen and wider technical ability are needed. Quality, not quantity is the approach required.

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  • Dates and Olives

    The main difference is that the Dubai government doesn't have to pump billions into failed banks. Given a choice between working in a country with negative growth and a 3.5% growth (even if its an "emerging" market), i know which I would prefer.

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