Over time, the work has changed. From mostly sovereign debt offerings, restructurings, and natural resources deals for foreign investor and foreign lender clients, it now includes some corporate deals big enough to make a more-than-respectable showing in the league tables, such as Bharti Airtel Limited's $10.7 billion acquisition of telecom company Zain's African assets this year. With the continents increasing need for electricity and infrastructure and growing interest from Indian and Chinese investors, the dealmaking possibilities are only getting stronger. The International Monetary Fund predicts GDP growth in sub-Saharan African will be a half percentage point above the 4.2 percent global average. Projections for the region's 2011 growth currently stand at 5.75 percent, according to the IMF.
"The potential in Africa is enormous," says Stephane Brabant, head of Herbert Smith's African practice and mining group. He adds: "Africa will be the continent of the twenty-first century. There's no doubt in my mind."
MANY LAWYERS IN THE AFRICA CLUB GOT THEIR introduction to the developing continent by working on sovereign debt restructurings. White & Case, for instance, secured a foothold in Africa in the 1990s when it represented Algeria in restructuring its external debt, says Paule Biensan, head of the energy, infrastructure, project finance, and privatization group in White & Case's Paris office. The country was then in the midst of a civil war. "There were very few firms that would do business with Algeria," Biensan says, "and we were one of them." |