Is Africa the next China? The combined GDP of the continents 54 nations would make it the fifth-largest economy in the world, after the United States, China, Japan, and India. The continent includes seven of the worlds 10 fastest-growing economies, and average growth outpaces that of the United States and Europe.
Still, just three Am Law 200 firmsfour, counting the now-defunct Dewey & LeBoeufhave established a presence in sub-Saharan Africa: White & Case, DLA Piper, and Baker & McKenzie. All law firms want to be first at being second, explains Richard Tromans, a senior researcher at the U.K.based law firm consultancy Jomati. If youre second, youre going to be safe. Thats the psychology. But most global-focused U.S. firms are already handling matters in Africa, and many are considering steps to increase their involvement, Tromans notes in Jomatis report on Africa, published in May.