US Law Firm Greenberg Traurig Expands into Saudi Arabia with New Affiliation
US Law Firm Greenberg Traurig Expands into Saudi Arabia with New Affiliation
Greenberg Traurig, a leading US law firm ranked among the top 20, has established a presence in Saudi Arabia by collaborating with Khalid Al-Thebity Law Firm in Riyadh.
Khalid Al-Thebity Law Firm was formerly affiliated with Squire Patton Boggs, a US-based rival of Greenberg Traurig.
As part of the agreement, Khalid Al-Thebity, the founder of Khalid Al-Thebity Law Firm, has joined Greenberg Traurig as the managing shareholder, and a group of shareholders and associates is anticipated to join the firm soon.
Under new regulations that permit foreign firms to offer local legal services provided that at least 25 per cent of the joint venture is held by Saudi partners, Greenberg Traurig has applied to establish a joint venture with Saudi lawyers. The law firm's new Riyadh office, it's second in the Middle East, will complement its existing office in Tel Aviv.
Squire Patton Boggs stated that it remains committed to Saudi Arabia and intends to establish its own joint venture after notifying Khalid Al-Thebity Law Firm in November that it planned to terminate their decade-long affiliation.
As Saudi Arabia undergoes legal reform and attracts investment from law firms, there has been an increase in international law firm activity within the country. These recent moves by Greenberg Traurig and Squire Patton Boggs reflect this trend.
Having been in operation for over 25 years, Khalid Al-Thebity Law Firm has a long-standing presence in Saudi Arabia, serving as Dewey & LeBoeuf's Saudi ally prior to affiliating with Squire in 2012, following the collapse of Dewey & LeBoeuf.
Khalid Al-Thebity Law Firm offers legal advice to private, government, and quasi-government clients on a wide range of matters including corporate law, finance, project finance, public-private partnerships (PPP), infrastructure, natural resources, real estate, corporate restructurings, and legislative and regulatory matters.
Khalid Al-Thebity, the founder of Khalid Al-Thebity Law Firm, specialises in corporate and commercial matters, as well as financial and real estate law. He has extensive experience in Saudi litigation and arbitration cases, having represented the government of Saudi Arabia on several international law matters since 1996. In addition to this, he provides advice to insurance companies on Saudi regulatory matters.
Greenberg Traurig's Executive Chairman, Richard Rosenbaum, expressed his admiration for Khalid and acknowledged his long-standing reputation in the region, stating that he has known and respected Khalid for a significant period of time.
“The change in local guidelines is allowing global law firms to build a genuine presence in the region. Khalid and the team that we expect to be joining us shortly, and each of their long-standing relationships with many of our lawyers and key regional clients, will allow us to make a material impact from day one,” Rosenbaum said.
Recently, Clifford Chance, Herbert Smith Freehills, and Latham & Watkins received licenses to operate in Saudi Arabia earlier this month, making them the first international law firms to receive such permits.
