Gide to shut five offices in CEE and Middle East after global review
France's Gide Loyrette Nouel is to close five of its international offices following a review of its global operations. The firm has decided to close its Dubai, Abu Dhabi and Riyadh offices with immediate effect, while its Prague arm will be shut down by the end of the year. Gide's Belgrade office will gradually be restructured over the next 12 months and it is understood that it will eventually be merged with the firm's operations in Budapest.
October 27, 2010 at 11:02 AM
2 minute read
France's Gide Loyrette Nouel is to close five of its international offices following a review of its global operations.
The firm has decided to close its Dubai, Abu Dhabi and Riyadh offices with immediate effect, while its Prague arm will be shut down by the end of the year.
Gide's Belgrade office will gradually be restructured over the next 12 months and it is understood that it will eventually be merged with the firm's operations in Budapest.
Gide has one partner apiece in its offices in the Gulf, with a team of 10 lawyers in Prague and nine lawyers in Belgrade. It is not yet known whether the staff will stay with the firm.
Senior partner Pierre Raoul-Duval (pictured) said: "Today's news follows a detailed strategic review of the firm's global operations. Gide remains committed to offering its clients a truly international service by strengthening its presence in countries where the firm believes it can bring real added value.
"As such, we have taken the decision to refocus our international expertise in regions which offer the firm, and its clients, the opportunity for scalable growth in the future. While Gide has weathered the global financial crisis well we believe this reorganisation is necessary for the next stage of our development."
Despite the closures, which leave the firm with a total of 19 offices, Gide has said it is still looking to recruit in many of the remaining jurisdictions where it has offices.
The firm saw revenues in its London office fall by 51% during 2009, from £18.3m to £9m in 2009, with total UK income contributing just £2.9m, down from £9.4m in 2008.
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