There is some truth to the idea that the developed markets are saturated. The emerging markets however are in the early/growth phases of their lifecycles, and there are plenty of blue ocean opportunities to be found there. This is true in real estate, commercial businesses, infrastructure, financial instruments as well as law.
Africa’s markets have one of the highest return yields and are some of the least mature and developed markets. Potential for growth is very high. Law firms flock to do business there. Some examples of projects that law firms are coming into are ‘building a hotel in Ethiopia, writing contracts between African governments and petroleum producers, or bringing together public and private money to build sewers and roads.” According to the Washington Post, who was just recently bought for $250 million by Jeff Bezos the CEO of amazon, companies are turning to law firms to help with deal making and navigating infrastructure and business projects. Africa practice is good business.
Africa is a new frontier with a burgeoning middle class. Singleton McAllister, Chair of the Africa Group of Williams Mullen was the former lead lawyer of the U.S. Agency for International Development. McAllister helped to create the law that created the African Development Foundation. He comments, “the continent is becoming a fast-growing economy with a middle class and tons of opportunities for the U.S. and Africa with trade, government relations and infrastructure projects.” According to the World Bank, several African countries are among the fastest growing countries in the world.