Living & working in the Middle East. taylorroot.com. In association with. International Law Firm

Transcription

1 In association with International Law Firm

2 Overview The Middle East recruitment market is booming and offers lawyers superb career opportunities with law firms and in-house at some of the worlds leading businesses. It is fast-paced, exciting and continues to attract serious global organisations to the region. It offers lawyers cutting-edge legal work, great client contact, relatively small but high quality teams and impressive salary packages with zero tax. Why make the move? The Middle East is an incredibly exciting area of the world whose markets are, particularly in the Gulf, opening up to ever increasing Western participation. As a lawyer, there are many reasons for choosing to work there: More responsibility in smaller offices Cutting-edge transactions Opportunities with blue-chip international companies Closer involvement in the broader business issues of your clients Tax free remuneration packages Outdoor lifestyle

3 Introduction to the region The main commercial centres in the Middle East are located in the Gulf and include the United Arab Emirates, Bahrain, Qatar, Saudi Arabia and to a lesser extent Oman and Kuwait. The Gulf is approximately a 7 hour flight from the UK and 15 hours from Australia/New Zealand. The UAE Bahrain Qatar As the most Westernlsed of all Middle Eastern countries, the UAE continues to attract a wealth of inward investment, Abu Dhabi and Dubai are the two principle centres of the country s seven United Emirates, Historically, Abu Dhabi is the capital and political centre, the source of most oil wealth and instigator of legislation. Dubai, on the other hand is a more diversified economically having cultivated a very international and enterprising environment. Dubai has also marketed itself aggressively as a top tourist destination. The development of Dubai as a place to live and work has been considerable. From being more of an outpost where people may come to earn some tax free money, it has developed into a Westerners plalyground wilh luxury villas and apartments, fantastic sporting and retail facilities and a lifestyle which is the envy of many countries around the world. This coupled with the increase in quality and diversity of the legal work in the market, means it is now a very attractive option for high calibre lawyers looking to enhance their career. This development is also likely to occur in Abu Dhabi, which is following, albeit more slowly in its sister Emirate s footsteps. In spite of the UAE s success, Bahrain remains a well established centre of finance, particularly Islamic finance, It has a per capita income equal to that of many major Western nations, The society is cosmopolitan and mixes on an equal and peaceful basis. The ability to rely upon its energy reserves has diminished and attention is now increasingly focused upon professional services. Banking and finance, together with the retail sector, are the economic mainstays within which there are numerous opportunities for those with business acumen and professional ability. Religious and academic freedoms are permitted, as is the right to drink alcohol. Westerners are warmly welcomed here and there is no fear of terrorism. Bahrain benefits from being across the causeway from Saudi Arabia and therefore a very convenient and more open jurisdiction from which to carry out work in the Kingdom. On a GDP per capita basis, Qatar is the richest country in the world and is going through a phase of tremendous infrastructure development. Bordering the UAE and with a UK expatriate population of 10,000, Qatar enjoys a relatively liberal way of life albeit more conservative than somewhere like Dubai. With the recent increase in oil & gas prices, Qatar is now the fastest growing economy in the world, with many of the world s major project financings being arranged there. There are currently about $130 billion worth of projects taking place in Qatar, with Qatar hoping to develop its legal infrastructure to cater for much of the work generated from the energy industry and from the outbound investment as a result of the revenues. This situtation has been buoyed further by the winning of the 2022 World Cup bid, which will add additional impetus to the countries development plans. The area is certainly another location which is likely to develop strongly in the years to come.

4 Oman Since the 1970s, Oman has undergone a process of modernisation helped by moderate independent foreign policies and good relations with other Gulf states. In 1996, the Sultan issued new laws, which conferred basic civil liberties on Omani citizens amongst other provisions. There is a large expatriate population which makes up about one quarter of the population. Muscat is the capital, and is full of splendid architecture and culture. The sea and beach are less than 10 minutes from almost any place in the city and the locals are tolerant and friendly. Oman is a hugely popular holiday destination and a highly attractive place to live. It is also unique due to its mountainous landscape as well as deserts and beaches. Saudi Arabia Saudi Arabia can be a challenging market for Western law firms to do business, but the quality of the legal work is excellent. In order to open an office in the Kingdom, foreign law firms require an affiliation with a local firm and must obtain a licence from the government. Foreign firms with affiliate offices in Riyadh continue to seek Western qualified lawyers, but a lot of Saudi work is handled from other Middle Eastern offices with Western lawyers flying in and out of the Kingdom as and when necessary. As the world s largest producer of oil, Saudi Arabia is comfortably the largest of the Arab economies and thus remains an attractive market for Western law firms. From a lifestyle perspective, 30,000 Britons enjoy excellent facilities with spacious air-conditioned villas and modern facilities, Saudi Arabia is known for its impressive US- style shopping malls and entertainment complexes. Financially, life in Saudi can be very rewarding.

5 The legal market The areas below are in the greatest demand across the region: Corporate/commercial Banking & finance Capital markets Projects & construction Oil & gas Power, energy & water Infrastructure Islamic finance Real estate IP TMT The main areas of demand are for corporate/commercial and banking & finance lawyers. The larger international firms have established teams dealing with multi-million dollar transactions in these areas. Other significant areas of interest are projects and construction lawyers with energy, oil & gas, power, water and infrastructure experience and lawyers with Islamic finance experience. IP and TMT are starting to grow as areas of need, as is dispute resolution where arbitration experience (especially construction) is particularly sought after. General litigators are of less interest as only UAE nationals have rights of audience in the UAE courts. However, recent developments, including the Dubai International Arbitration Centre and DIFC s new independent commercial court, mean that this may change soon. The firms are particularly keen on common law lawyers with London or good regional law firm experience from the UK and commonly recruit from Australia, New Zealand, Canada, South Africa and the US. Law firms The majority of international law firms in the region are British and located in the UAE. Many firms such as Clyde & Co, Clifford Chance, Trowers & Hamlins, Allen & Overy and SNR Denton have been in Dubai for many years but have now been joined by well known international brands including; Norton Rose, Ashurst, Simmons & Simmons, Freshfields, Herbert Smith, Lovells and DLA Piper. In 2006, the offshore law firms also entered the market. Cayman firms Walkers and Maples & Calder were soon joined by Conyers Dill & Pearman. Most of these international firms have also opened offices in Abu Dhabi, the capital, where growth in both offices and numbers of lawyers is likely to increase in the near future. Trowers and Norton Rose additionally have offices in Bahrain alongside Baker & McKenzie. Trowers and SNR Denton also have very successful offices in Oman. US firms are also gradually awakening to the potential of the market. Major energy players like Vinson & Elkins and Baker Botts were the earlier entrants into Dubai in 2003 and 2005 respectively, whilst Shearman & Sterling and White & Case have a long established presence in Abu Dhabi. Many of the US firms in the region had really only a Saudi affiliation to rely upon until recent developments. However, the last four years has seen major US firms such as Latham & Watkins (Dubai, Abu Dhabi and Qatar), Dewey & LeBoeuf (Dubai) and King & Spalding (Dubai, Abu Dhabi and Saudi Arabia), amongst others make major in-roads into the market. In-House The UAE generally offers the greater variety of in-house roles, but this is not to discount others within the GCC, in particular Bahrain and Qatar which have much to offer in Islamic finance, property and energy. Whilst regional experience is highly valued it is entirely possible to move from offshore into an in-house role, as the local pool of available candidates remains small. The role of the in-house counsel often offers a regional perspective with generally a high degree of autonomy. Lawyers are often seen as facilitators and must be prepared to tackle issues outside of their specialisms. Another mark of the UAE in particular is the availability for General Counsel and Senior Legal Counsel roles, perhaps attributed to the high number of start-up organisation attracted to the region. Generally a minimum of three years PQE is required by most organisations for their in-house lawyers there may be exceptions to this especially if the company has a larger team. Salaries generally are slightly lower than salaries offered by the larger international law firms, but often include a bonus component. Some companies, but not all, may offer education subsidies otherwise the packages will usually include relocation, healthcare and annual flights home. The picture is ever-changing and one which will most likely shape the future of the global economy, alongside the development of China, in the coming years.

6 Salaries UK firms Level Range NQ 55,000-65,000 1 year 60,000-75,000 2 years 64,000-85,000 3 years 68,000-90,000 4 years 72, ,000 5 years 76, ,000 6 years 80, ,000 7 years 85, ,000 US firms Level Remuneration & benefits There is no personal taxation in this region. Typical salary 1 year $160,000 2 years $170,000 3 years $185,000 4 years $210,000 5 years $230,000 6 years $250,000 7 years $265,000 8 years $280,000 Remuneration is probably one of the most talked about topics. It does vary across the region, mainly due to living expenses, but the only location where there is an obvious uplift is Saudi Arabia. Similar to other jurisdictions, with the exceptions of financial institutions and energy companies, in-house tends to pay slightly less than private practice. The major UK firms will generally provide a package which equates to, or is close to, London gross salary, whilst the US firms have generally paid New York salaries and bonuses. The days of providing inducements such as housing allowance on top are generally behind us, except in Saudi Arabia and to some extent in Abu Dhabi, but given that living costs are generally cheaper than somewhere like London, people are still in a very strong financial position due to the lack of tax (unless you are a US citizen). Other items included in the general package provided by most firms or companies are very similar to that in other major cities entitlement to bonus, medical insurance, life assurance, a flight home each year and a pension or end of service gratuity.

7 Lawyer experiences We have asked four lawyers from Clyde & Co what they feel about working in the Middle East. Abu Dhabi Can t we just say you are going to Dubai? No one here has heard of Abu Dhabi. Such were my old firm s parting words when I left Melbourne to take up a position with Clyde & Co in the UAE capital. Clyde s was one of the first few firms to open on office in Abu Dhabi. In the two years since, Abu Dhabi s profile has grown exponentially, fuelled (pardon the pun) by booming oil revenues and a desire to establish an international city, but one firmly rooted in the UAE identity. As a property lawyer, I relocated to the Middle East to take advantage of the exciting real estate and hospitality/projects on after. I was immensely grateful for the experience and skills that I had learnt in Australia, but considered that there was greater potential in Abu Dhabi than in a maturing market such as Australia. Clyde & Co is a firm which has witnessed the expansion of the UAE, and grown with it. The culture of Clyde s is one which celebrates hard work, a can-do attitude and commercial acumen. Abu Dhabi in particular has announced a number of cutting-edge projects such as the Guggenheim and the Louvre in Saadiyat Island s cultural district. The laws are developing to keep pace with the economy s rapid growth. The lifestyle here is wonderful. As a compact city your home is likely to be close to both your work and the beach (with a shopping mall close by) Abu Dhabi is very much a cosmopolitan city, with expats from many parts of the world and a sizeable local population. Abu Dhabi With global economic pressures affecting the traditional European and North American economies, coupled with the dynamics and drive of emerging markets with ambitions to become global leaders in non-energy related industries, the Middle East provides a superb combination of challenge, cutting edge/high profile projects and reward. The UAE and in particular. Abu Dhabi is at the very heart of the success stories relating to emerging markets. There are not many areas in the world where you can with all honesty claim to be involved in building a nation. Accordingly, you can expect involvement in a wide range of law and with the opportunity to manage your own case load and take lead roles in transactions even at on early stage in your career The expat community is always expanding in Abu Dhabi and the lifestyle options available are endless (especially given that it rains only 3 times a year). The Government of Abu Dhabi and quasi governmental organisations strive to make Abu Dhabi not only a major global business hub but also a cultural capital in the Middle East. To succeed in the Abu Dhabi market you need to have a real willingness to learn new laws and practices and patience is certainly a virtue in this part of the world. Prepare for some red-tape and admin when you first arrive, but once you are settled the sky is your limit. Leo Zetner - Corporate lawyer Mustafa Said - Property lawyer

8 Living & working in the Middle East Doha Dubai I moved to Qatar from Australia in July 2006 when my husband got employment with a large oil company based in Doha. I joined CIyde & Co s Doha office when it opened in 2007 and was pleasantly surprised at the work opportunities available here for solicitors. Previously I had worked in commercial litigation departments of law firms in Australia, London (Freshfields) and New Zealand (Bell Gully). In Qatar, I have been able to vary the type of law I practice to predominantly corporate. commercial, banking and property work. Having on opportunity to change direction at this point in my legal career has been really refreshing and rewarding. When I first arrived in Dubai to take up a position with Clyde & Co in July 2007 I stepped off the plane and was immediately struck by the heat and humidity, which I subsequently discovered was pretty typical of July and August. The second thing I noticed was that beyond the television documentaries about the place and the gleaming new buildings, Dubai remains something of a construction site, a work in progress if you like. Personally, I loved it. Qatar as a nation is at a really exciting point in its history. The rate of economic growth here is extraordinary and it creates on almost frontier commercial and legal environment that I find exhilarating to be a part of. As for living in Qatar, the quality of life is superb. There is real work/life balance, for me it is a much more attractive option than bigger, busier regional centres like Dubai. Everywhere I go in Qatar (the office, beach, sailing club, gym, shopping or parks) is no more than a few minutes drive away. I think Qatar would suit anyone looking for good quality legal work whilst enjoying a laid-back lifestyle with lots of sunshine. Sarah Simms - Corporate/commercial generalist Professionally, the shift to Dubai was a good one. The legal work here is varied, interesting and can be big ticket. Also, because the law of the U.A.E is still developing (particularly in areas such as property and commercial transactions), you really do feel that you are at the forefront of the new Dubai. Access to clients is excellent and the clients themselves are a good mix of high net worth individuals, well known local companies and blue-chip multi-national corporations. Financially, notwithstanding inflation, I am getting more in pocket than I ever would back home thanks largely to higher pay across the board and no tax. Personally, life in Dubai is a blast. Whilst you shouldn t underestimate the volume of traffic on the roads, the frustrations associated with, for example, getting your utilities connected, opening a bank account and the bureaucracy, you can have a lot of fun. Touch Rugby on the beach, an all day brunch at a five star hotel, a boat cruise, golf, dune bashing, diving, al fresco dining, it s all here. Richard Bell, Litigation Lawyer

9 Living & lifestyle Dress There are many misconceptions about the dress code within the Middle East. The locals certainly wear traditional attire, and the extent to which they do is dependent on their own conservatism. However, Western expats do not have to follow suit (except in Saudi Arabia). In Dubai particularly, Western dress code is very much the norm. During sensitive religious times such as Ramadan, it is sensible to dress more conservatively out of respect. Cost of living The main cost of living issue which has arisen, particularly in Dubai and Abu Dhabi, is the cost of accommodation. However, rents have fallen significantly over the past three years. A two bedroom apartment in a professional area will cost approximately US$20,000-$25,000 per year in Dubai. Interest free loans for accommodation (rent is paid yearly in advance) are widely provided by law firms and in-house organisations. Schools Schooling is generally of a good quality and is fee-paying. There are often waiting lists for some of the best schools so be sure to plan in advance. However, many more new schools are being built to provide further capacity for the ever-growing expat community. Frquently asked questions Q Can female lawyers work in the Middle East? A Female lawyers can work in the Middle East and Western law firms & companies and top local firms will have a number of female lawyers working for them. The exception is Saudi Arabia. English is the spoken language of the business world. Arabic is an advantage rather than a pre-requisite. Q Can you drink alcohol in the Middle East? A You can drink alcohol in all countries except Saudi Arabia. To drink within your own home you require an alcohol licence which is easily obtained once you have a residence visa. Q What is the working week in the Middle East? A Generally the working week is Sunday to Thursday, although some businesses follow the Western week of Monday to Friday.

10 For more information about living and working in the Middle East or if you are interested in relocating to the region please contact one of our dedicated consultants at your nearest office. Australia Tim Fogarty (in Melbourne) T: + 61 (0) Karlie Connellan (in Sydney) karlieconnellan@.au T: + 61 (0) UK Katerina Rozenbaum katerinarozenbaum@ T: +44 (0) The Middle East Shane Morton (for private practice roles) shanemorton@ T: Mark Anderson (for in-house roles) markanderson@ T: Asia Mark Coates markcoates@ T: Established in the 1980s, Taylor Root is now widely recognised as being one of the world s leading legal recruiters. Operating out of offices in the UK, Dubai, Asia and Australia, we are ideally placed to assist law firms, banks and companies with their legal recruitment on an international basis. Taylor Root has a strong track record in the recruitment of: Heads of Legal and legal advisers; law firm associates and partners; contract/locum lawyers; paralegals; company secretaries and compliance professionals. Taylor Root is a member of The SR Group. The SR Group is a specialist recruitment consultancy dedicated to raising standards in the business environments that we serve. The sectors we cover include tax, legal, human resources, marketing, professional support and executive search, dealing with a substantial number of the world s leading professional partnerships, multi-national corporations and international banking groups as well as small to medium sized developing organisations. London 95 Queen Victoria Street London EC4V 4HN T: +44 (0) Singapore Level 21 Prudential Tower 30 Cecil Street Singapore T: Dubai Suite 614, Liberty House DIFC PO Box T: Melbourne Level 2, Rialto North Tower 525 Collins Street Melbourne, VIC 3000 T: +61 (0) Hong Kong 1918 Hutchinson House 10 Harcourt Road, Central, Hong Kong T: Sydney Level 12, 25 Bligh Street Sydney NSW 2000 T: +61 (0) Taylor Root is a member of The SR Group