“According to the International Monetary Fund’s (IMF) World Economic Outlook released in October 2012, 11 of the world’s 20 fastest-growing economies are in Africa, and this booming economic growth has helped create the fastest-growing middle class in the world”, as Popular Science reported yesterday.
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In particular, South Africa, Nigeria, Angola, Ghana and Ethiopa “represent some of the brightest spots on the continent, but others others are also poised for significant growth, particularly those that are rich in resources”, as the article continues.
Indeed, “China trade with Africa is expected to hit $220 billion in 2012—a 25% growth rate annually—and its former vice-minister of commerce, Wei Jianguo, told China Daily that Africa will surpass the U.S. and the E.U. to become China’s largest trading partner.”
Law firms expanding in Africa
Norton Rose is one of a number of firms expanding in Africa — focusing on “financial institutions; energy; infrastructure, mining and commodities; and transport industry sectors — in response to strong domestic demand and growing international investment” as Alistair Anderson recently reported in Business Day Live. “Edward Nathan Sonnenbergs (ENS), South Africa’s largest law firm, this year increased the number of lawyers it employed from 136 to more than 500 as it spearheads an expansion across Africa. ENS wants to become the first fully integrated law firm in Africa”, according to Piet Faber, the firms Chief Executive, reported Anderson.
And as allAfrica reported yesterday, “Demand for cross-border legal services continues to grow strongly,” according to David Lancaster, senior partner at South African law firm Webber Wentzel. The firm announced this week it had “signed an agreement to enter a collaborative alliance with global law firm Linklaters, starting in February 2013.”
A myriad of Africa options for law firms
Given the enormity of the continent and the number of sectors experiencing rapid growth there – law firms in both Africa and globally — of various sizes and specialisms — are in a position to grow with Africa, should they employ appropriate business development initiatives tailored to the market. In general, African law firms should position themselves as a gateway to the continent – and firms outside of Africa, particularly those representing energy, infrastructure and financial services sector clients – ought to be proactively developing effective referral relationships with African law firms.
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