Basrah Obelisk Law Firm – Iraq

Managing Director, Dr. Buraq al-Hamdy, answers questions about the firm’s current and future strategy, tools and vision. What do you see as the main points that differentiate [Basrah Obelisk Law Firm] from your competitors? We continue to capitalize on what we firmly think are our main core strengths. This draws on our wide-ranging network of legal and governmental connections, all of which refer to our team for legal consultation and advice. In order to put that network to efficient use, there is no substitute for an ever-bolstered human capital. Retention of talent and constant fulfilment of our diversity and internal growth goals are major drivers behind boasting a pool of local and international clients. The multinational aspect of the team, per se, allows us to understand the unique challenges of our diversified client base and subsequent tailoring of services that best serve their requirements and meet their expectations. No less important is the development of a client-centric culture based upon timely and proactive communication. This is an area to which we are assigning particular weight via forming strategic partnerships with external consultants – mainly in HR, finance and marketing fields - that enable the firm to expand its reach and solidify its client/market interface. Which practices do you see growing in the next 12 months? What are the drivers behind that? Based on our observations, market trend and clients feedback, we believe that the Alternative Dispute Resolution (ADR) will be at the forefront of growing practices in the next year and beyond. This is along with the increasingly frequent reliance on The Singapore Convention on Mediation within the context of international settlement agreements resulting from mediation by way of resolution of commercial disputes. This practice is envisioned to come further into play in addition to litigation and arbitration for the purpose of settlement of cross-border disputes. What's the main change you've made in the firm that will benefit clients? We are attaching distinct importance to achieving and sustaining rankings with recognized international accreditation bodies. We also are unwavering in our quest for upgrading our internal management platform – namely, the advanced ERP system. This has been coupled with two efficiency-centered dimensions: our rigorous attempt to enhance financial management through tracking expenses, producing invoices, and conducting financial reporting; and further technology integration to improve overall efficiency. Our daily practices are increasingly encouraging remote meetings. With this approach, reducing the use of mobile transportation – and, therefore, limiting the consumption of fuel and gas emissions – and keeping costs charged to clients in check are placed front and center. Is technology changing the way you interact with your clients, and the services you can provide them? Certainly. Technology is the ultimate factor of change in more ways than one. Our clients continue to welcome development on that front. It is a testament to our commitment to staying ahead of the curve by giving clients a favorable and positive experience – from streamlining processes to keeping pace with evolving advances. Continuous investment in advanced technology and innovative solutions helps not only facilitate corporate governance, records safety and data protection, but also demonstrate our adherence to our core principle of increasing productivity and reducing costs while satisfying clients’ choices and preferences. Can you give us a practical example of how you have helped a client to add value to their business? In addition to the main added-value strategies we employ - from providing bilingual regular legal updates and implementing robust follow-up procedures, to paying periodic in-country and out-of country visits to clients and devising the most competitive rate structures – we are striving for helping clients add further value to their businesses by conducting pre-matter planning sessions and post-matter reviews, while engaging many of them in brainstorming sessions and training programs and linking up many of them at no additional cost. Are clients looking for stability and strategic direction from their law firms - where do you see the firm in three years’ time?  It is increasingly becoming evident that local and international clients, alike, are looking at law firms as their ultimate safety net of first resort, given the ever-changing business – and security - landscape in Iraq. This is an organic aspect of the market that is shaping its dynamics at present. This safety net of both choice and necessity unavoidably leads to stability, which, in turn, translates into a launchpad for strategic planning. To ensure that this particular client need is properly accommodated within our firm, we, too, have made a strategic decision to accelerate efforts to equip clients – regardless of their respective positions - with this indispensable tool. Investing in human capital and technology are the two pillars on which our strategy stands. And gradual, but firm, achievement of higher ranking within the next three years is the milestone we have set as a measuring stick of success in this regard.

(Managing Director, Dr. Buraq al-Hamdy, lays out the firm’s current and future strategy, tools and vision)   1) What do you see as the main points that differentiate Basrah Obelisk Law Firm from your competitors? As a local firm, we maintain a strong and credible network with the legal and governmental bodies who refer to our team for consultation and advice on existing or new laws. Additionally as we greatly value our human capital, retention, diversity and internal growth are major areas of focus from a corporate perspective, which we think sets us apart as a firm boasting a pool of local and international clients. Simultaneously, we encourage our team members to develop their knowledge, build upon their accumulated expertise, and capitalize on increasing familiarity with the Iraqi legal landscape to hone their personal and professional skills and better serve our client base.   2) Which practices do you see growing in the next 12 months? What are the drivers behind that? Based on our interaction with local and international clients, we do envision a more frequent recourse to arbitration as a main dispute resolution tool in Iraq. This is due mainly to Iraq having acceded to the New York Convention on the Recognition and Enforcement of Foreign Arbitral Awards, 1958. We do also expect the rapidly-changing Taxation and Pension and Social Security laws and regulations to play a more prominent role going forward.   3) What's the main change you've made in the firm that will benefit clients? We take pride in starting to employ state of the art technology as it pertains to our internal management platform, bolstered by an advanced ERP system. Also, inter- and intra-office connectivity is a constant feature to secure the team’s engagement and accessibility which applies to our clients, affiliates, and regional offices. Living in a post-Covid context, our daily practices continue to encourage remote meetings. Not only does that reduce the use of mobile transportation - and as such limit consumption of fuel and gas emissions – but it also reflects positively on costs charged to clients.   4) Is technology changing the way you interact with your clients, and the services you can provide them? As mentioned above, introduction of technology has been a welcome development as far as our clients. Not only does it streamline processes, but it also shows our commitment to keeping pace with rapid advances. Continuous investment in advanced technology - to facilitate corporate governance, records safety and protection, communication and cyber security - is paramount, for the impact of allowing simple, timely and secure client interaction cannot be overstated.   5) Can you give us a practical example of how you have helped a client to add value to their business? As we endeavour to offer quality service across the board, we do always explore ways to go above and beyond what our clients expect. To that effect, the main added-value strategies we employ range from providing (often unsolicited) regular legal updates to implementing robust follow-up procedures. And from paying periodic in-country and out-of country visits to clients to devising the most competitive rate structures. Any "extra" service makes a difference, from our perspective. Not only does exceeding our clients' expectations form a reliable source of satisfaction, but it also solidifies the mutual bonds and leads a good majority of them to retain our services. There is no better translation of an added-value-driven service than a client base constantly satisfied.   6) Are clients looking for stability and strategic direction from their law firms - where do you see the firm in three years’ time? Intrinsic to the market dynamics, clients do normally seek suitable solutions and legal advice from their trusted law firms. However, given the ever-changing business landscape in Iraq, it is never a linear process. Frequent updates to laws, and rules and regulations necessitate regular dissemination of firm-produced updates to ensure clients are always up to speed. Knowing that we are uninterruptedly on this, our clients rest assured that nothing – from a legal perspective – would slip through the cracks in a way that might negatively affect their day-to-day operation and strategic planning, alike. That being said, we equally aim to maintaining a footprint at the center of the legal arena in the Middle East, in general, and Iraq, in particular. This goes hand in hand with our essential goal to achieve Tier-1 ranking in Iraq within the next two years.