International law firms Ashurst and Clyde & Co have reported double-digit revenue growth in the Middle East.
Ashurst experienced 17% growth in the Middle East for the financial year to April 30, 2024—higher than the UK, where the firm is headquartered, which achieved 13% growth.
The firm’s Middle East presence extends across the UAE and KSA, with offices in Dubai, Abu Dhabi, Riyadh, and Jeddah. Ashurst secured a license to operate in Saudi Arabia in November 2023, building on a ten-year alliance with Faisal Adnan Baassiri Law Firm.
Key mandates the firm has advised on this year include Abu Dhabi’s first waste-to-energy project.
In March, the firm strengthened its corporate practice in Dubai with the addition of Vasi Papadopoulos as a partner. The appointment followed a series of hires to its UAE corporate team, including senior associates Andrew Robinson and Maroun El Hachem, and associate Dasith Vathanage, who all joined the Dubai office this year. In April, the firm promoted two lawyers to its Middle East partnership; Natasha Kavanagh, a project finance partner in Abu Dhabi, and Tammam Kaissi, a disputes partner in Riyadh. They were part of the firm’s largest ever promotion round with 30 new partners across its global offices.
Firmwide revenue at Ashurst increased by 9% to £961 million, marking its eighth consecutive year of growth. It has budgeted to break the £1 billion revenue mark by the next financial year.
Clyde & Co, meanwhile, recorded a 12% increase in revenue across its offices in the Middle East. It is the largest international law firm in the Middle East, with six offices in Dubai, Abu Dhabi, Riyadh, Jeddah, Doha, and Cairo.
Clyde & Co’s expansion over the past year includes the opening of a second office in Saudi Arabia, in Jeddah, as well as the granting of a Regional Headquarters (RHQ) licence by the Ministry of Investment of Saudi Arabia (MISA).
In April, Clyde & Co added two lawyers to its ranks in Dubai; partner Ben Brown joined the firm’s global employment group, together with senior associate David True.
Firmwide revenues grew by 10% to £845 million, marking 26 consecutive years of growth.
Clyde & Co’s chief executive officer, Matthew Kelsall, commented: “Our results prove once again that our sector focused, geographically hedged model is in good health.”
“Our growth this year was driven in large part by our underlying business which benefited from strong client demand for our services across our disciplines and geographies,” he said.
