The economic crisis in Dubai is creating a large amount of legal work for firms involved in the debt restructuring negotiations. Firms with deep roots in the country are getting the bulk of the work, and most of those are UK firms. Clifford Chance has scored big as the primary advisor to Dubai World. On the other side of the table, Ashurst and Allen & Overy each represent major creditors. Ashurst is taking the lead for a group of creditors that hold notes from Nakheel, Dubai World’s property unit. Allen & Overy is advising a group of commercial banks that have loaned money to Dubai world and its subsidiaries.
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[...] DLA Piper is laying off 7 attorneys and 10 staff in the Middle East in the wake of the Dubai credit crisis. This marks the third round of layoffs for the firm in the region this year with the last round happening in July. All together the firm has let go of 24 lawyers from the region this year. Not every firm operating in Dubai is hurting, however. Several British firms are playing major roles in the ongoing negotiations, as we reported last week. [...]
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