Firm opens Johannesburg office after hire of Bowman Gilfillan finance team
Allen & Overy (A&O) finally put its stamp on South Africa with the launch of office number 45 in Johannesburg last month. The move sees A&O become the first Magic Circle firm to establish a presence on the ground, with the hire of a banking and finance team from local firm Bowman Gilfillan.
Former Bowman Gilfillan banking head Lionel Shawe will lead the Johannesburg team, alongside A&O banking partner Michael Duncan, who is relocating from London. Both Shawe and Duncan will oversee a group of five banking and finance lawyers from Bowman Gilfillan.
The firm said the office launch came as clients became increasingly focused on Africa as an area for investment, especially in the banking, finance, projects, energy, infrastructure and mining sectors, both in South Africa and elsewhere in sub-Saharan Africa. The firm anticipates that by 2015 the office will house around 40 lawyers. Tim Scales, partner in A&O’s international projects, energy and infrastructure team, and head of A&O’s Africa group, commented: ‘The launch of our newest office in Johannesburg is the perfect platform for us to capitalise on the huge opportunities that exist on the continent, not least in sub-Saharan Africa.
‘From 2011 to 2013, project finance deal values in sub-Saharan Africa increased by 250%.’
Tim Scales, A&O
‘To put the scale of the African opportunity into context, from 2011 to 2013, project finance deal values in sub-Saharan Africa increased by 250% – in comparison to a global increase of just 5% over the same period. That clearly demonstrates the need for us to continue to pursue opportunities in developing markets.’
While A&O is the first among its peers to officially set up shop in South Africa without an association with a local firm, Linklaters was the first to enter the region in 2012 when it formed an alliance with Webber Wentzel.
Meanwhile, Freshfields Bruckhaus Deringer has declared its interest in targeting private equity work in Africa after the firm saw a rise in investment across private equity and capital markets. The approach was discussed during a recent two-day conference in Cape Town, in which 20 partners, including senior partner Will Lawes, and local lawyers from relationship firms, discussed areas including private equity, infrastructure, natural resources and M&A.
See ‘Constructing continents‘, a report on Africa’s burgeoning infra sector.
jaishree.kalia@legalease.co.uk