Baker And McKenzie To Enter Turkish Market Via Exclusive Relationship
As turkey being emerging as one of the fastest growing economies of the world, the leading global law firms likely Clifford chance llp and DLA Piper have already entered the market in 2011 and 2010 respectively, the latest being Baker and McKenzie which is planning to enter the Turkish market later this year via exclusive relationship with leading Turkish law firm Esin Attorney Partnership.
Eduardo Leite, Chairman of Baker & McKenzie’s Executive Committee was quoted as saying in a press release at the firm’s site: Istanbul is an increasingly important hub for global business. By entering into an exclusive arrangement with one of Istanbul’s leading law firms we are underlining our commitment to being able to serve our clients in those markets in which they are growing their businesses, while strengthening our ability to help Turkish clients take advantage of the opportunities beyond their border.
Founded in 1997 by Ismail Esin, Esin attorney partnership is being touted as one of the leading law firms in turkey recently and presently employs forty lawyers. It was named Legal Adviser of the Year in Turkey at the European M&A Awards 2010 by the Financial Times and Merger Market and ranked in Tier 1 for M&A in legal directory The Legal 500. Its practices include Corporate and M&A, Real Estate, Dispute Resolution and Competition law. Esin’s managing partner and founder Ismail Esin is likely to become a partner of baker and McKenzie.
As Turkey’s bar law stipulates, any international law firm can practice local law only with alliance with any local law firm. Same was followed by Clifford Chance who opened up their office with alliance of Yegin Law Consultancy. However, Baker has already applied for a license to launch his own office, which will work in the same space as Esin’s.
European chairman Koen Vanhaerents added: It has become increasingly clear that Turkey is rapidly growing in importance for our clients. This exclusive relationship with Esin provides our clients with access to the very best legal services in Turkey.
The launch still is subject to regulatory approval, However, baker seems to be in a ever expanding phase in many years, by opening up an office in Abu Dhabi in 2009 and Luxembourg in October 2010,followed by an office in Qatar in may this year.
Legal news reported by Indrani Chowdury