Israel: Braced for foreign law firm push
The Lawyer newspaper reports that a potential upturn in mergers and acquisitions work in the country has already led London magic circle firm Linklaters, Anglo-US firm DLA Piper and US firm Zeichner Ellman & Krause to consider launching following implementation of reformed professional regulations.
Scope for merger
Under the new rules, foreign law firms will be able to practise the law of their home jurisdiction in Israel, rather than just establishing a representative office. The rules also allow scope for mergers with local firms, potentially producing practices that can advise on foreign as well as Israeli law.
According to the report, around 20 firms from the US, UK and Europe are either applying for licences or considering doing so.
David Avery-Gee – a corporate partner who co-heads Linklaters’ Israel practice alongside London banking partner David Ereira, said: ‘Over the past 12 months or so we’ve seen a significant increase in the number of international clients looking at opportunities in Israel. At the same time our Israeli clients have been more active across our international network. The pickup in activity has been striking.’