International law firms open in Istanbul
In what is being seen as part of an emerging trend, respected law firm Baker & McKenzie have also announced plans to open an office in Turkey’s capital by the end of this year, joining firms such as DLA Piper, Clifford Chance and Chadbourne & Park who have all opened offices there in the past 18 months.
Tony Williams, principal of Jomati Consultants in London, confirmed that Turkey has not historically been a major draw for the legal community but the recession has led to a keen interest in emerging markets instead of more traditionally bigger foreign economies, saying that “it is clear that many firms are looking for depth and breadth in emerging markets and will be redeploying lawyers from less busy US, UK and European markets”.
Turkey’s economic strength has clearly not gone unnoticed, especially since the 8.9% growth rate in 2010’s GDP – the highest across Europe. Many of Turkey’s neighbours are struggling with mounting debts but Turkey’s strong energy sector, increasing tourism industry, and various ongoing infrastructure investment projects are all keeping the country on a positive path. Turkey is also attractive due to its geographical position as a gateway between Europe and the Middle East.
Turkish law requires that foreign law firms are affiliated with local law firms and safeguards are in place to ensure that Turkish lawyers still share a proportion of the legal business generated out of the country, ensuring that the local law firms are not overwhelmed by foreign competition.
The good news shows no sign of stopping for Turkey and its economy and all signs for the future remain positive – should you be interested in any of our investment opportunities in the country please do not hesitate to get in touch.
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