The Business Year Special Report
A STEADY VOICE in strange times
Al Tamimi & Co’s strategy is to keep communication links open with clients, adapt to the clients’ needs, and modernize internal systems to provide top-notch legal and value-added services.
How is Al-Tamimi being agile in this period and leveraging new opportunities?
For us, the key factor is being aware of our clients’ needs. So, in many ways, our core role has not changed. We start with a proactive approach, maintain our awareness, and respond to our clients’ needs, while keeping in mind the resources and requirements of our client. A challenge that we, and many service providers, now face is how to provide in a situation like COVID-19. We have to find ways to cope and adapt to a new way of doing business during this period, which will likely affect the way of doing business going forward even after the current crisis has passed. The top priority is constant awareness and contact with our clients, keeping our ears to the ground, and being at the forefront of knowing and reacting to the latest legal changes, commercial trends, and economic indicators to best serve our clients. We must always face challenges head on and adapt to whatever changes, positive or negative, that our clients are facing. To do this, we have focused on providing value-added services, news alerts, and reaching out directly to individuals and business to ensure that they are well, and if not, asking how we can help. Proactive actions of this nature are vital in maintaining and growing relationships and providing a resource that our clients can go to for advice and information. Strong law firms must be able to adapt quickly and be the steady voice that assists businesses and individuals in critical times.
How are the needs of the clients and businesses changing?
The most noticeable aspects are that some requirements of businesses have completely stopped, some have been placed on hold for the time being, and others have shifted their focus to deal with the current social and business climate. A company may have decided that now is not the time to set up a business; however, one can still plan for it. After all, the current conditions will not last forever. The need for client advisory services continues to be strong. Given the lockdowns that have been put in place, businesses need to know what they can do within the law to address economic hardships and mitigate their losses in an effort to maintain a viable business that can survive the crisis. Some jurisdictions have issued amendments to labor laws that allow employers to be more flexible in terms of implementing mitigation procedures. Additionally, we have also seen higher client demand related to force majeure and government risk events and corporate restructurings.
How would you assess the progress of fintech companies?
Kuwait has been a great incubator for many fintech businesses to start and then grow outward. This period has forced change, so undoubtedly this sector will witness a boost in the coming months. If you are behind the curve in terms of digitalization, you will come across problems going forward, whereas the companies that have been on the forefront will certainly be best placed to adapt to the ‘forced changed’ that the crisis has created.
What are your strategic priorities moving forward?
Our strategy is to make ourselves known and available to our clients so that they are aware of our presence and dedication to being at the forefront of this technological and digitally dependent future. Whether through the use of things such as the Al Tamimi app or finding diverse means of improving efficiency in communication, it is the willingness and determination to move forward that lies at the core of providing the best and most client-friendly services. Our key priorities are keeping communications open between ourselves and clients, adapting to our clients’ needs, and modernizing our own internal systems to best provide legal and value-added services. Businesses must be prepared for the next steps without focusing on uncertain predictions and use this time to prepare for the days ahead.
“Strong law firms must be able to adapt quickly and be the steady voice that