Where East meets Westx
While life in the Turkish city of Istanbul may be dynamic and unpredictable at times, our presence in the city has been stable and consistent.
When we opened in Istanbul in 1985 it was one of the Firm’s first offices outside the United States. We were also the first international firm to establish an in-country presence in Turkey.
“Our commitment to Istanbul and the Turkish market has been consistent and constant, through good times and bad.”
GUNIZ GOKCE
Istanbul office executive partner (OEP) and head of the Bank Finance practice Guniz Gokce says: “While some firms have come and gone, our office is extremely well established.
“Our commitment to Istanbul and the Turkish market has been consistent and constant, through good times and bad.
“It’s that sort of investment and commitment that’s helped us establish a reputation for being genuinely local as well as truly international.”
Guniz became OEP in early 2018 and recently oversaw the move of the Istanbul office to the iconic new Ferko Signature building, designed by British architect Norman Foster.
New surroundings
The move was marked with an opening party in February, attended by clients, guests and senior executives including chair Hugh Verrier.
Guniz says: “While our previous office was prestigious in its time, we needed an office space that was more fitting to the Firm as it is today and that matches our strategic vision.
“We’re now based across 2,580m2 on two floors with meeting rooms on one floor and all of us on the 10th floor instead of the previous three. The difference has been miraculous, bringing lawyers and business services professionals together and encouraging more collaboration.
“The technology is incomparable and, unlike our previous building, we’re also able to open the windows! There was a running joke that, due to the reliance on air conditioning, we were breathing the same air from years ago.
“In fact, our new office is so nice that our clients are regularly asking if they can use it for their financial meetings, so it’s creating a great impression.”
Broad expertise
The Istanbul office has around 60 members with a 34-strong legal team. It covers all major practice areas and, while its initial strength was in Corporate M&A, it is now also renowned for its Bank and Project Finance (the biggest team of its kind in Turkey), Capital Markets, Competition, Litigation and Arbitration practices.
Major clients include international financial institutions such as the European Bank for Reconstruction and Development, plus all the major Turkish banks and international banks including Goldman Sachs, Merrill Lynch and Morgan Stanley. In keeping with the Firm’s global strategy, the office is investing in its people and building strong long-term relationships with key clients, targeting profitable growth opportunities.
Recent times have seen the team work on numerous high-profile matters and transactions including; a $250 million deal by U.S. gaming firm Zynga to buy a mobile game maker Gram Games, the €2.4 billion debt restructuring of Dogus Group, the IPO of Turkish electricity distribution giant Enerjisa ($393 million) and the first issuance of AT1-compliant notes by a Turkish issuer (Yapi Kredi) as part of its capital strengthening, worth $1 billion.
Huge opportunity
Despite political turmoil in the country, business continues to be brisk.
Guniz says: “The market conditions are challenging, but it’s a good environment for lawyers because the perception of risk to potential investors is big.
“The market conditions are challenging, but it’s a good environment for lawyers, because the perception of risk to potential investors is big.”
“Couple that with the volatility of the judiciary and regular changes in legislation and the demand for top quality legal advice is extremely high.
“The Firm’s unwavering commitment to Turkey has also given us an unrivalled position in the market because only a handful of international law firms are active here and, where they are, they tend to partner with local firms rather than having a genuine in-country presence.
“We combine the advantages of local expertise with broad practice coverage and unbeatable international support, so it’s a compelling offering.”
Living and working in the Turkish capital can be unpredictable, but it is never boring.
“This is a city of 15 million people, so it’s practically a country in itself,” says Guniz. “The great thing is that, even if you’ve lived here for a long time, you still feel like a tourist, because there is so much to explore.
“The traffic is terrible and the political situation is challenging, but this is a vibrant city with many historical places and incredible food.”
Close community
The office is very active in the area of pro bono work and has thriving arts and culture, environmental and sports and health committees, often running events for team members and clients.
Guniz says: “We have a fantastic community here and the move to the new office has only strengthened that with its gym and a focus on healthy food.
“It’s an environment and culture that I hope inspires people to be their best.”
Guniz joined White & Case in 2010 and has always been based in the Istanbul office. She says: “The Firm has given me endless opportunities culminating in the position of OEP.
“In this role I’d like to continue building this office as a place where everyone knows they can make an impact and everyone knows how they contribute to our success as an office and to the global Firm.”
