Together with

Table of Contents

• EDITOR’S RAMBLE 🗣

• FEATURED REPORT 📰

• TOGETHER WITH BARBRI SQE* 🤝

• IN OTHER NEWS 🗞

• AROUND THE WEB 🌐

• STUFF THAT MIGHT HELP YOU 👌

EDITOR’S RAMBLE 🗣

I usually use this section for something interesting, insightful or important.

But this week, I just NEED to settle this.

I got this comment on one of my YouTube videos 👇️ 

So, I need to know:

- Idin

FEATURED REPORT 📰

🇸🇦 Why law firms are rushing to Saudi Arabia

What’s going on here?

International law firms are expanding into Saudi Arabia, one of the fastest-growing legal markets in the Middle East.

This month, Bryan Cave Leighton Paisner (BCLP) announced plans to open two new offices — one in Riyadh (the capital) and another in Al-Khobar (a coastal city). 

Reed Smith has also secured a licence to set up an office, though its exact location is yet to be confirmed.

They’re not alone — a lot of other global law firms have already moved into Saudi Arabia or are in the process of doing so.

What’s driving this expansion?

Changes in law: In 2023, Saudi Arabia changed its laws to attract more international law firms as part of its broader economic transformation. The country is pushing to become a global business hub, and having top-tier law firms on the ground is key to achieving this goal.

As part of Vision 2030, Saudi Arabia wants to increase foreign investment and diversify its economy beyond oil. To support this, the government reformed its Code of Law Practice, making it easier for foreign firms to operate (but with stricter rules).

To get and keep a licence, firms must meet strict conditions:

• 🏠 Two partners must live in Saudi Arabia for at least 180 days a year.

• 👥 At least 70% of lawyers in the Saudi office must be Saudi nationals.

• 🚫 Saudi legal work cannot be outsourced to foreign offices.

• 🌍 Only 30% of advisory work can be handled outside Saudi Arabia.

• 🔄 Licences must be renewed every five years.

Benefits of a Saudi headquarter: Saudi Arabia is also encouraging firms to establish a Regional Headquarter (or RHQ) in the country. An RHQ serves as a company’s main hub for the Middle East and North Africa region, rather than just another local branch. 

Firms that set up RHQs receive benefits like tax exemptions and additional permissions (like the ability to do certain pieces of work for the government).

Which firms have made the move?

Since these changes were made two years ago, at least 20 UK and US law firms have obtained licences, with many more applying.

Here’s a list of them 👇️ 

Why is Saudi Arabia attractive to law firms?

Saudi Arabia is pouring trillions into its economy, creating huge demand for legal services.

• 💰 $3 trillion in sovereign wealth funds: The Saudi government’s investment funds need expert legal advice for their global deals.

• 🌍 Vision 2030: A plan to move Saudi Arabia away from relying on oil by investing in infrastructure, tech, and other industries.

• 📑 New Investment Law: Saudi Arabia’s New Investment Law came into force this month – it’s designed to attract foreign businesses by making it easier to invest and operate in the country. With $7 trillion in expected investment in the next five years, the law also offers incentives to international companies to set up there.

• 📈 Booming deal activity: There have been many recent IPOs (when companies go public) in Saudi Arabia — for example, Saudi Aramco went public in 2019, raising $29.4 billion, which made it the biggest in history. These deals create work for corporate lawyers.

All of this means law firms expect high-value work in Saudi Arabia for years to come.

Are there risks involved?

Some lawyers have opposed moves into Saudi Arabia, raising ethical concerns. Saudi Arabia’s position on things like LGBTQ+ and women’s rights conflict with the values of many international firms.

Simmons & Simmons faced staff backlash after opening a Riyadh office last year — and Clifford Chance was criticised for downplaying human rights issues in a report on Saudi Arabia’s 2034 FIFA World Cup bid.

Why should law firms care?

Saudi Arabia is one of the fastest-growing legal markets, with rising demand for legal services in corporate, energy, and infrastructure.

Expanding into the country offers major opportunities, but firms must weigh this against the financial costs and reputational risks.

Despite these challenges, the business opportunity in the region is huge. So, it’s no surprise many firms are moving quickly to secure a foothold before their competitors do.

TOGETHER WITH BARBRI SQE* 🤝

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* This is sponsored content

IN OTHER NEWS 🗞

• 👠 Steve Madden (the US footwear company) is buying Kurt Geiger (the UK luxury brand) for £289 million. The seller is the private equity firm, Cinven. This move helps Steve Madden expand internationally, especially in the UK. Freshfields advised Cinven, while Travers Smith worked with Steve Madden.

• 💻 Hill Dickinson is tightening its AI rules. The firm spotted 32,000 ChatGPT requests on its WiFi in just one week, with many breaking its AI policy. The firm’s lawyers understandably aren’t allowed to upload client info to third-party tools, so now, anyone wanting to use ChatGPT must get formal approval first.

• ⚖️ There was a big win for BT (and its lawyers). The Competition Appeals Tribunal dismissed a £1.3 billion claim against BT, represented by Simmons & Simmons. The allegation was that the company overcharged customers for landline services. The Tribunal ruled that BT’s prices weren’t exploitative since customers received fair value.

• ⛽ Elliott Management, the activist investor, has taken a £3.8 billion (5%) stake in the oil giant BP (and is pushing for big changes). An activist investor is a shareholder that buys a big stake in a company to pressure it into making changes. Elliot Management wants BP to sell off parts of its low-carbon and renewables business to boost performance. This comes after CEO Murray Auchincloss took over last year to turn things around — but BP just reported a 35% drop in annual profits.

AROUND THE WEB 🌐

• 📈 Stocks: This simple tool shows how tough it is to “beat the stock market”

• 🐎 Cheers: Some racehorses get beer after they race — apparently it helps with muscle recovery…

• 🗑️ Bin-coin: An IT worker from South Wales may buy a landfill site to find his lost hard drive which contains $700 million in Bitcoin

STUFF THAT MIGHT HELP YOU 👌

• 📹️ Free application help: If you're applying to commercial law firms, check out my YouTube channel for actionable tips and an insight into the lifestyle of a commercial lawyer in London.