Shearman & Sterling is gearing up to significantly expand its presence in the Middle East, with plans for new outposts in Dubai and Riyadh.
The firm, which has had an office in Abu Dhabi since 1975, has been considering investing further in the region for a number of years.
However, insider sources suggest that Shearman is likely to open a small office in Dubai before the end of 2015.
The firm is also understood to have been in advanced talks with potential partner firms in Saudi Arabia, with a view to launching a formal base in the jurisdiction in the near future.
The firm’s 40-year-old Abu Dhabi office embarked on a major expansion in late 2008 and 2009, transferring three partners and seven associates out the region from various offices worldwide. The expansion brought the total number of lawyers on the ground in the Middle East up from 16 to 30.
Since then, the office has contracted to its original size. According to its website, the base currently houses 14 lawyers, or which five are partners.
The firm’s Abu Dhabi office is currently headed up by corporate partner James Comyn, while corporate and projects partner Marwan Elaraby manages its Middle East practice.
Shearman’s Europe managing partner Nick Buckworth said: “The Middle East is a very important region for us, and we’re continuing to look at our options.”
However, he added that the firm currently has “no definitive plans” to launch any new offices in the area.
Last month Shearman reported that its London office had increased its revenue from $134.8m to $144.6m (£93.4m) in 2014, marking its fifth year of consecutive growth (26 February 2015). Globally, the firm’s turnover increased by 3 per cent, from $820.5m in 2013 (20 February 2014).
Shearman is also understood to have been considering an Egyptian office launch for some time (10 June 2013).
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