Competition Spurs Dubai Law Firms to Cut Fees
So many law firms have opened offices in Dubai, United Arab Emirates, that they are now cutting fees to grab more legal work.
Lower fees are most likely in practice areas involving energy, project finance, construction and sovereign wealth funds, Legal Week reports.
By some estimates, nearly 30 Western firms have opened offices in Dubai, including at least 11 U.S. firms and several from the U.K. The result is a “fiercely competitive market for legal services,” according to a February article in the ABA Journal.
“There is pressure on fees across the board on the corporate side, and some firms are willing to do work at rates which are not sustainable in the long run,” the local managing partner of Ashurst, Nick Bryans, told Legal Week. “If you are new in the region, you want to get deals under your belt and establish a track record, but you also want to keep your lawyers busy.”
