Former banker now a legal eagle in Dubai

Abdulhakim BinHerz left his banking job after 33 years to set up his own law firm, and he says the popularity of the profession is growing among young Emiratis.

Abdulhakim Binherz wants the law firm he established to be one of the leading firms in the UAE. Antonie Robertson / The National

Abdulhakim Binherz left Emirates NBD in May after working 33 years at the bank to start an eponymous law firm. The chief executive of Abdulhakim Binherz Advocates and Legal Consultants, which is based in Deira, Dubai, previously led the merger of Emirates Bank and NBD in his role as the general counsel at the bank. Here, the entrepreneur talks about his new venture and how the popularity of his profession is growing among young Emiratis.

Why did you leave the banking job after three decades to set up your own company?

I had been a banker for a very long time. I was the general counsel for the group for 14 years, and before that I was the group general manager of legal affairs, compliance, fraud prevention and investigations. And so I decided to have my own law firm. And the business is doing well. You need to have a vision to start on your own, and I also see it as an early retirement.

What kind of cases will you specialise in?

The law firm provides general legal services, including civil, criminal, family law, marriage, Sharia law and real estate among others, besides handling litigations. We are already nine people, including myself. We are looking to hire two more lawyers. Personally, I will mainly handle commercial and labour cases and appear before the court when necessary for litigations in general cases, including criminal and Sharia cases. With Emirates NBD, I handled cases in the United States, the United Kingdom and Egypt. In Egypt, Emirates NBD acquired BNP Paribas [in 2013] and their 67 branches. I worked closely with the team on that.

What was your major achievement at Emirates NBD and what did you learn from it?

I led the merger between Emirates Bank and National Bank of Dubai, and there was a lot to learn from the experience as it was the first merger of its nature in the Middle East. The biggest challenge was to handle such a big assignment in such as short time. I say a short time because the assignment came to me late. It was also followed by the acquisition of Dubai Bank [in 2011] and the merger between the two brokerage companies of each bank – Emirates Bank and National Bank of Dubai – in 2009. During the merger the most important issue related to the sensitive issue of employees, many of whom were worried about losing their jobs. But the management decided that no one will be laid off and we communicated that very well to everybody. The merger process itself was something to learn from. Before I got myself involved, I requested the chairman that I should attend a few courses in the UK to specialise in mergers and I did that in 2007. We completed the merger in 2009. Also, when I was assigned as the country manager for the UK, I turned the branch from loss to profit in the first year. I also implemented a number of training tools for new recruits at the bank.

Where do you see yourself in five years?

I want our law firm to be one of the leading firms in the UAE. And I also want to expand in the local market and in the Middle East and Asia. We will recruit lawyers in different countries. I studied in Egypt and got my Master of Laws degree in the UK. So that will help.

Where do you see the legal consulting industry heading in Dubai?

Earlier, it was mostly international law firms that were taking the lead, but these days even clients want to switch to local law firms because a lot of UAE nationals are practising the law. There is a growing interest among young Emiratis to take up law as the profession. They also accept that first they will work in the private or government sector and then move into their own practices. The market is growing, Dubai is developing fast, and the number of laws being amended or implemented is also on the rise. And whether in good times or bad times, people always need lawyers.

Any tips for young lawyers here?

Any young UAE national who wants to study law needs to be patient and understand that practical life is different from the school. Also, be prepared to read a lot. They should know previous cases and show a willingness to learn and be guided by senior people who have more experience in courts or consultation.

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