Olswang pulls plug on Middle East plans as UAE opening shelved
Olswang has shelved plans to open in the United Arab Emirates, having last year eyed what would have been its first venture into the Middle East.
July 21, 2014 at 07:08 PM
2 minute read
Olswang has shelved plans to open in the United Arab Emirates, having last year eyed what would have been its first venture into the Middle East.
Legal Week understands that the firm had been planning to move into the region with at least one lateral partner hire and was in talks with candidates across Dubai and Abu Dhabi.
It is thought that the decision to halt the move was reached in spring earlier this year, after the firm conducted due diligence on entering the market. The plans have been shelved indefinitely, though it is understood the firm is open to the possibility of revisiting them in the future.
Olswang chief executive David Stewart said: "We remain very interested in our clients and law firm relationships in the Middle East, and in the sector opportunities the region presents for us, but we have no immediate plans to open offices in the region.
"We are always open to new avenues to make our firm stronger and more profitable and we are constantly reviewing different geographies and opportunities. Our decisions are guided by our long-term strategy and sector focus. We have recently invested in strengthening our offering in Munich, through the hire of a team of patent experts, and we are looking at further expansion in Asia."
The firm would not comment on whether plans to open in the UAE had been drawn up and would neither confirm nor deny the story.
A source with knowledge of the matter said: "There was some internal opposition to it as partners did not anticipate an office would make much return on investment, particularly as the market in the Middle East is currently not as sophisticated as others when it comes to TMT and media work."
Last year Stewart told Legal Week that the firm was looking to expand into mainland China within the next few years. He said that Guangzhou and Shenzhen were among the jurisdictions that caught his eye.
At the time, Olswang was also looking to expand its presences in Malaysia and Indonesia, outlining plans to build on existing relationships to lay groundwork for tie-up opportunities.
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