DOHA: Qatar Financial Centre (QFC) has stopped issuing fresh licences to foreign law firms.
The move, QFC said was temporary, apparently follows accusations made for long by Qatari law companies that some QFC licensees were flouting rules.
A QFC source described the allegations as baseless.
QFC said in a statement yesterday that it had taken a policy decision that there were sufficient law firms registered with it to meet the current market demand.
It said it had taken the decision after careful consideration of the local legal market. QFC, however, added there could be exceptions and its stand on licensing could change in future depending on the market and other factors. According to QFC, it took the decision on its own.
Twenty-three law firms are registered with QFC, it said and praised them for playing a vital role in developing the market for legal advice.
QFC also indirectly praised its licensing criteria for law firms, saying they were strict and as stipulated by QFC “law, regulations and rules”.
QFC said it held a meeting with Qatari Lawyers’ Association (QLA) to address concerns and remove misconceptions regarding QFC law and QFC-licensed law firms. The meeting, according to the source, was held last week.
According to QLA sources, the association complained to QFC that some licensed firms were breaching rules and working outside of QFC
In media interviews last month, QLA officials had said foreign law firms weren’t needed here as local law companies were capable of meeting legal demand. But QFC, in its statement, praised itself and said: “We have continually taken a leadership position on meeting the future needs of Qatar’s growing legal, financial and business landscape.”The Peninsula
