More expected to flock to Turkey as Bakers secures long-planned launch
Baker & McKenzie is set to join the growing ranks of international law firms in Turkey after entering into a co-operation agreement with local practice Esin Attorney Partnership. The firm is entering Europe's fastest growing economy through a partnership with the Istanbul-based firm Esin, a 40-lawyer firm covering practice areas including corporate, real estate, dispute resolution and competition law.
November 02, 2011 at 08:03 PM
3 minute read
Baker & McKenzie gains Istanbul presence through partnership with local law firm Esin
Baker & McKenzie is set to join the growing ranks of international law firms in Turkey after entering into a co-operation agreement with local practice Esin Attorney Partnership.
The firm is entering Europe's fastest growing economy through a partnership with the Istanbul-based firm Esin, a 40-lawyer firm covering practice areas including corporate, real estate, dispute resolution and competition law.
The Turkish law firm, founded by Ismail Esin in 1997, currently has four partners, with name partner Esin set to become a partner at Bakers as part of the agreement. The firm's clients include NBK Capital, Global Investment House, Unicredit, Carrefour, Metro Asset Management, Credit Suisse and Pfizer.
Turkey's Bar rules stipulate that international firms can only practise Turkish law in co-operation with a local firm, with Bakers already understood to have applied for a licence to launch its own office in Istanbul, which will operate in the same office as Esin.
Bakers global executive committee member Beatriz Araujo commented: "Turkey is one of the major success stories in the global economy at the current time and its importance as a hub for global business only looks set to grow.
"Bakers has been advising clients on high-profile cross-border transactions involving Turkey for years but it is increasingly clear that more and more of our clients are becoming aware of the potential growth opportunities that it affords."
The launch, which is subject to regulatory approval, comes after Clifford Chance (CC) launched a Turkey office in April this year in conjunction with local firm Yegin Legal Consultancy, while DLA Piper opened for business in the country in June 2010.
DLA's Turkish regional managing partner Cuneyt Yuksel said: "Bakers has been known to be looking to open in Turkey for a while now and it is a good move for both firms. For Bakers it gives it a solid base from which to build their practice and it gives Esin access to its international network.
"I am not surprised that international firms are opening in Turkey; we have expected it for a long time. Turkey is one of the rising stars in the global market and we welcome the competition."
Other firms to have launched in the country in the last two years include Linklaters spin-off Kinstellar, Chadbourne & Parke and Austria's Schoenherr, while CMS said in June this year that it was considering adding a member firm in Turkey.
CC Istanbul managing partner Simon Williams commented: "Firms are finally realising the great potential of doing business in Turkey. For global firms with ambitions in developing markets, Turkey makes a lot of sense."
The Turkish economy, which grew by 9% in 2010, is set to outperform the rest of Europe in 2011.
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