Every organization aspires to have higher profitability no matter it deals with the business of products or services. Owing to this factor, organizations are searching for suitable markets across the globe. There is no exception for law firms.
Therefore, it is a must for international organizations to have a branch in the Middle East. It means that marketplace of UAE is a safe haven for businesses. The main feature of setting up law firms in Dubai is its regional harmony and coexistence of managing individuality as per the business nature.
The awareness regarding the above-mentioned factors encouraged many firms to extend their operations in UAE. Another reason is that wages of advocates in Dubai extremely higher as compared to other countries. Further, major opportunities are opening in legal affairs as a result of a gap between the requirements and provision of services.
Comparison of Western and Middle Eastern Marketplaces
The Middle Eastern wealth is considerably invested in different markets including the US, London and Paris. The investments are made in the industry of real estates.
Therefore, it is considered crucial that western world pays to focus on the markets of Middle East.
The marketplace is relatively easy for new entrants. So, international organizations not only from the West but all over the world are establishing their businesses in Dubai.
Further, UAE is an internationally well-known diverse place by law association and firms. It is ranked at the eighth position comprising approximately two hundred international legal firms.
The Market Niche
Dubai is considered a culturally polar business market offering various opportunities to businessmen. It has been ranked as the world’s leading hub for legal companies.
It is owing to the reason that law firms have seen a bulging growth in the past fifteen years. It is comprised of the highest concentration of British lawyers to help expatriates.
However, all international legal organizations operating in UAE offer services related to the local laws. They don’t work with international laws or their own country laws. This is what they can’t offer.
Nevertheless, multifarious bright opportunities of growth in legal matters and litigation have been noticed. It gives a major advantage to the small law association.
Further, law firms can generate their business by working in education, employment, compliance, healthcare, consumers’ laws and sports safety. This actually requires highly qualified lawyers to operate in this niche effectively.
Opportunities for Law Firms
There is no denying the fact that a plum job is done by the advocates in Dubai. It is because the lawyers work is based on the translation of laws as per the available data and legal provisions.
The law of UAE is largely based on Sharia laws while the civil law is based on basic human rights and legal framework of civil obligations.
The law firms can enjoy the following opportunities in UAE.
New Cohort and Generation Gap
The society of UAE is largely dispersed in its nature. It is owing to the fact that various people are settled here for businesses, jobs, and other reasons. Therefore, the scope and significance of law firms are relatively high in Dubai.
Further, the niche insights have shown considerable opportunities in legal sector owing to the gap between generations and the emergence of young cohorts in the society of UAE.
It can be seen from the statistics that the region has undergone a huge boom in law businesses between the years 2002 – 2007.
Boom and bust even in the period of Recession
There is no denying the fact that recession affected the world where the Middle East was not exempted. Especially, the year of 2007/08 had to see market freeze. However, the litigation organizations were still flourishing and a boom has been observed. The law firms were very busy in working for quasi-government.
Change in Attitude
While a number of law firms are wrapping up their businesses, the law firms are still thriving in the Middle East. It is a strong proof of significance and scope of lawyers in Dubai.
It is owing to the fact that the young generations have taken the charge of the social activities. Obviously, the change in attitude can be seen in the operations and jobs activities.
Therefore, active assistance is sought from law firms which keep the business growth at a rapid pace.
Hard work is always required to make a business flourish and thrive in the wake of risks. However, law firms enjoy a risk-free environment owing to their nature of work and scope of services. Therefore, it goes without doubt that advocates in Dubai enjoy the fruits of a prestigious job.