Pinsents sets sights on key countries for Africa growth in strategy review
Pinsent Masons has identified six key African countries that present the greatest potential for growth for the firm, following an 18-month strategy review of opportunities in the continent. The review, which has been led by construction advisory and disputes head Richard Foley, has seen the firm earmark South Africa, Nigeria, Ghana, Mozambique, Kenya and Sudan as key priorities. The move to draw up a new Africa strategy was prompted by an increase in Africa-related instructions with the firm carrying out around 70 mandates during the last financial year amounting to £7m-£10m in revenues – a 60% year-on-year increase.
July 11, 2013 at 07:03 PM
3 minute read
Pinsent Masons has identified six key African countries that present the greatest potential for growth for the firm, following an 18-month strategy review of opportunities in the continent.
The review, which has been led by construction advisory and disputes head Richard Foley, has seen the firm earmark South Africa, Nigeria, Ghana, Mozambique, Kenya and Sudan as key priorities.
The move to draw up a new Africa strategy was prompted by an increase in Africa-related instructions with the firm carrying out around 70 mandates during the last financial year amounting to £7m-£10m in revenues – a 60% year-on-year increase.
The firm, which currently services the continent via its London, Paris and Gulf offices, is now considering whether it needs to open its own presence on the ground.
Foley said Africa was of particular interest to the firm due to the continent's growing need for infrastructure, energy, natural resources and telecoms advice, all areas in which Pinsents specialises.
Foley also noted the rise in Chinese state-owned enterprises investing in Africa requiring external legal advice. Pinsents recently attended a conference in Shanghai at which 50 Chinese contractors outlined their intention to invest in Africa.
Foley said: "We have had a robust Africa practice for some time; however, we have seen rapid growth in mandates in recent years and it reached the point 18 months ago whereby we realised we needed to take a closer look at our strategy to take advantage of the increasing opportunities.
"We've spent the last 18 months talking to clients and intermediaries to try and get a feel of where we should be. Africa is a big place and we needed to find out on which countries we should be placing our bets, where our clients saw opportunities and where they'd like us to respond – we're clear now where that is."
Key clients the firm has recently worked with in Africa include Nigerian oil and gas conglomerate Jagal Group and the Wood Family Trust – the Africa-focused philanthropic arm of Scots oil and gas multinational Wood Group.
The firm last year strengthened its Africa practice with the hire of energy and natural resources specialist Akshai Fofaria from Jones Day's Paris-based Africa team, and construction lawyer Frederic Gillion from Fenwick Elliott, who also specialises in Africa-focused work.
The news comes amid much interest in Africa from top law firms, with Clifford Chance (CC) last week hosting a two-day event in London attended by 60 law firms from across the continent. The event was attended by 80 lawyers from 30 African countries, bringing together CC lawyers and African counsel whom the firm regularly works with.
Elsewhere, Slaughter and May last year teamed up with its European best friends network to host a conference in Botswana attended by 27 law firms from 16 African countries, while DLA Piper is also currently drawing up a new Africa strategy as the firm eyes closer integration with its network of allies in the continent.
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