The World Bank reported in February that Lebanon’s real GDP contracted by 34% between 2018 and 2022, eradicating over 15 years of the country’s economic growth. This drastic downturn was precipitated by the collapse of Lebanon’s currency, banks, and public debt in October 2019. The situation was further exacerbated by the aftermath of the Beirut Port explosion in 2020.
Unsurprisingly, these economic catastrophes have rendered Lebanon less than attractive to international firms, with Squire Patton Boggs being the only recent exception. In 2023, this global legal player risked opening an office in Beirut. Before this bold move, Dentons had formed an association with Lebanon’s Chedid Law offices in 2010.
From this perspective, it’s clear that international work remains an essential lifeline for Lebanese law firms. These local institutions will need to build upon and expand their international partnerships in order to weather the ongoing economic storm.