Lawyers are winning big business from regional behemoths Saudi Aramco and Abu Dhabi National Oil Co (Adnoc), which have spun off businesses and tapped debt markets.
Adnoc is emerging as one of the world's most active energy dealmakers, pursuing Germany's Covestro AG for a $13 billion deal.
Sovereign wealth funds wielding more than $3 trillion have also been on a buying spree. Meanwhile, a flurry of share listings have raised about $12 billion. All that's driven surging demand for legal advice.
The surge in dealmaking is likely to continue as oil-rich governments from Riyadh to Abu Dhabi spend to develop their own economies and boost their international heft. All that has American and British heavyweights like Kirkland & Ellis LLP and Linklaters LLP expanding in the region.
"It's a healthy sign," Essam AI Tamimi, an Emirati lawyer and founder of AI Tamimi & Co, said about the foreign entrants and development of regional economies. The rising competition pushes local and international firms to attract top talent because "you need a good lawyer to sit with an international investor," he said.
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