The raft of firms opening in Dubai in recent months is leading to decreases in charge-out rates in the region. Top 10 U.K. firms, as well as smaller London rivals, are among those reported to be undercutting fees for work, with lawyers operating in the market saying the trend has increased significantly over the last 12 months.
Energy, project finance work and construction are named as practices where undercutting is most likely to happen, with those trying to build relationships with sovereign wealth funds also likely candidates.
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