Orrick sets sights on Africa for 2014
Orrick Herrington & Sutcliffe is planning to open in Africa next year in a bid to tap Chinese outbound investment into the country and bolster its existing African practice, run out of Paris. The US firm, which currently has 15 international offices located across Europe and Asia but no presence in Africa, hopes to open in first half of 2014, though it is yet to decide on a location for the new base.
December 19, 2013 at 10:31 PM
3 minute read
Orrick Herrington & Sutcliffe is planning to open in Africa next year in a bid to tap Chinese outbound investment into the country and bolster its existing African practice, run out of Paris.
The US firm, which currently has 15 international offices located across Europe and Asia but no presence in Africa, hopes to open in the continent in the first half of 2014, but is yet to decide on a location.
Markets under consideration include West African countries such as the Ivory Coast, Senegal, Ghana and Togo, whilst the firm also has opportunities in Kenya, Tanzania and South Sudan.
South Africa is currently not a target, mainly because of competition in the country and a higher number of clients in North and Central Africa.
"Where we decide to open remains subject to a set of criteria, including regulatory issues and client needs," said Pascal Agboyibor, the head of Orrick's African practice.
"We have strong practices in all of these countries, except Kenya which is a growing practice.
"We will also consider the regional position of the country; ideally we would favour a place that hosts regional headquarters of multilaterals and global companies.
"There are some restrictions, with citizenship required in certain countries and also accounting and tax issues, though North Africa seems to be more liberal."
He said the firm had not decided how many people to send to Africa, which depended on which country was chosen.
As the head of the practice, Agboyibor said he would most likely relocate to Africa at some point, but not immediately.
"Some people might be able to relocate, some might not, some countries might be more appropriate to send French or UK people.
"You also have a large network of former Orrick trainees or lawyers who are on the ground in independent firms who would be more than happy to join the network.
"Initially I won't move – but it would make sense for me to move at some point next year."
Orrick currently has a 19-partner African practice spread across Paris, the US, London and Beijing.
It specialises in advising energy, infrastructure and natural resources companies in Western and Central Africa on large scale transactions, particularly on project development and financing, and M&A.
It is among a string of firms looking to invest in the market amid an increase in dealflow, and particularly investment from China.
Other firms who have announced plans to ramp up or review their African strategies this year include Linklaters, Eversheds, Hogan Lovells, BLP and Freshfields.
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