The 2001 IPO of the South African telecoms company Telkom was a landmark event in more ways than one. The company appointed a Black Economic Empowerment (BEE) consortium of five law firms to work as part of the legal team on its flotation.

When selecting the chosen firms, Telkom applied the usual tests of quality and expertise, but with an extra criteria – each firm had to prove it was materially owned and controlled by black South Africans.