Foreign law firms are beginning to expand rapidly in Africa, and there are some clues as to why. Even though there are some setbacks in Africa, like the economic downturn and resulting low price of oil, foreign law firms are still flocking to the country.
Foreign investments are slowly but surely climbing in African states. Attorney Paula Hodges QC reports to African Law Business: “We expect foreign investment flows into Nigeria to continue growing over the coming years and would expect a similar growth in the number of disputes arising from our clients’ activities in the country.” She continues, “In addition, with the growth of indigenous companies, who are increasingly expanding into other jurisdictions, we anticipate a rising trend of representing indigenous companies in relation to disputes arising out of their overseas investments.”
The Rise of Foreign Law Firms in Africa
When foreign investments flow into any country, legal issues will naturally arise. Companies and individuals who are making these investments will need guidance to invest properly according to African law, and most U.S. firms are simply not capable of doing so.
A Focus on Nigeria
Foreign law firms are taking a particular interest in the Nigerian market. Attorney Babatunde Ajibade SAN tells the ALB: “Given the fact that there is a downturn in the Nigerian economy at present, the continuing interest being shown by foreign law firms is a testament to the strategic position that Nigeria holds as a significant economic power in Africa. The impact of this interest on the legal market has been positive.”
How Foreign Law Firms Can Help
When a foreign investor decides to invest capital into another country, such as Africa, it is critical to fully understand the laws of that area. Failure to adhere to those laws can not only be expensive, but it can also be detrimental to the overall investment. By working with a foreign law firm who fully understands the investment laws in Africa, or any other country that a foreigner wishes to invest in, the investor can be confident that his or her capital is being invested wisely and is not in any kind of jeopardy from local laws.
At the Foreign Service Law Office, we provide legal assistance to individuals who are involved in matters revolving around foreign law. When questions of foreign law need to be answered, we can help.
Call today for a consultation at (847) 869-8319 or toll free at (888) 351-7263.