A string of top players including Kirkland & Ellis, Clifford Chance and Allen & Overy have taken advantage of new rules to launch in Saudi Arabia over the last 12 months.
More entrants are expected to follow them to Riyadh this year, Financial News can reveal.
City law firm Stephenson Harwood is set to join the next wave of firms launching in the country, according to people familiar with the situation. The firm hired maritime partner Khurram Ali from Ince in Dubai last month to spearhead the opening, the people said.
A series of major US law firms including Skadden Arps Slate Meagher & Flom, K&L Gates and Akin are also eyeing Saudi expansion, according to people familiar with the market.
While the rush to Saudi follows legislative changes in the Kingdom, there is also a wider picture of law firms, banks and hedge funds investing heavily in the Middle East.
As part of that trend, London law firm Mishcon de Reya is eyeing a launch in Dubai, according to people familiar with the region’s legal market. The firm opened in Riyadh late last year.
Paragon Bank auditor fired for whistleblowing, tribunal told
Paragon Bank has been hit with an employment tribunal claim from a staff member who alleged that they were fired for exposing weaknesses in its accounting processes. The internal auditor was dismissed in February, according to tribunal documents published on 27 March.
The claimant, referred to as Mr N Hall, alleged that during an audit of FTSE 250-listed Paragon’s asset finance division in 2022, he discovered “a significant quantity of issues within the control environment”.
Hall said the firm told him not to include this finding in his report as the issue had been resolved.
On 10 July 2023, he submitted a written whistleblowing grievance, according to the tribunal. Discussions on terminating his employment then began. No agreement was reached, and Hall was dismissed on 22 February 2024.
Article continues below
Paragon Bank denies Hall was fired for blowing the whistle, and instead was let go because of an “irretrievable breach of trust and confidence”.
Sidley partner departs to McDermott
McDermott Will & Emery is continuing to bolster its London offering, this time drafting in a private equity partner from Sidley Austin, according to a person familiar with the situation.
Fatema Orjela spent more than eight years at Sidley’s office in London. She joined the firm from Kirkland & Ellis as part of a team move in 2016.
Her hire follows the addition of veteran private lawyer Graham White last month as a senior partner in its London office.
Best of luck to Fatema.
Ex-JPMorgan analyst Meghan Brown gets $35m after shattering glass door gave her brain injury
A former JPMorgan analyst has received $35m in damages after a glass door in a New York City skyscraper shattered over her in 2015.
Meghan Brown, 36, said the incident caused traumatic brain injury that affected her career and personal life.
To contact the author of this story with feedback or news, email Edin Imsirovic
