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Legal Support/Law Firms

This could be a big decision making exercise for you. UAE has hundreds of law firms within UAE mainland as well as hundreds in DIFC (Dubai International Financial Centre). The pricing quoted by a Law Firm is based upon the following factors:

• The reputation/brand of the Law Firm including its vintage
• How gullible you are
• How much you care about the brand of the Law Firm

Every Law Firm specializes in a particular stream of business. For example, most banks in the UAE rely on just one Law Firm which has 200+ lawyers employed to keep answering questions from bankers and bill them by the minute. In our own experience, we had to draft a few agreements for an ecommerce business that we were getting into.

• Our competitor had paid US$ 160,000 for similar agreements from a popular multinational law firm
• The same popular multinational law firm quoted US$ 110,000 to us as they probably just has to change the name of the entity in the legal agreements
• We went to 2 other popular multinational law firms that quoted US$ 80,000 and US$ 55,000 for the same work
• We went to a local popular law firm that quoted us US$ 4,500
• We finally got the same legal agreements drafted by a popular law firm based out of India for US$ 500. To ensure this met the UAE regulations, we asked for a “second review” by a popular UAE law firm and paid them US$ 1,500. There were no material changes made but we were happy with our overall savings

Some things that you need to know while finalizing on a Law Firm

• Meet a minimum of 3 law firms before finalizing on one
• The first meeting with a law firm is always free. Make use of this first meeting to clear any questions you may have
• If a Law Firm suggests that BVI is a better jurisdiction to setup than Panama, do ask “why” to find out the reason behind such generalization
• If a Law Firm is 100+ years old and has a name that sounds like “Adam & Eve”, they are expected to be expensive
• Do you need a “Adam & Eve” sounding name just to make an investor/client/third-party happy, do look at an option of getting the work done through a not so popular lawyer and then getting the work vetted by a “Adam & Eve” sounding Law Firm. This will make the whole proposition cheaper by at-least 50%
• Just to save money, do not go to a lawyer who has no clue about what you are doing or has no experience in your area of expertise. For getting a real estate contract drafted, don’t go to a lawyer specializing in divorce