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Overview
Kenya experienced a serious period of instability at the beginning of 2008 when ethnic violence followed President Mwai Kibaki’s re-election. Local disruption fed through into the wider economy, badly affecting the key foreign exchange earner – tourism. In April 2008, the Kenyan shilling was allowed to float on the currency markets and has since suffered a decline while external shocks from the global economy increased the rate of inflation to nearly 30%, although this eased towards the end of 2008. The Kenyan economy performed substantially below expectations through 2008, with a sharp decline in stock prices on the Nairobi Exchange. Kenya’s position as the economic and transport hub of East Africa remains an underlying strength, however.
Kenya’s market for legal services is relatively small. Top-end work is dominated by a handful of firms, although there are signs that new entrants are making inroads. Firms reported reduced M&A activity and a decline in commercial property transactions. An increase in cross-border work has stimulated more regional and international connections and global players, including Stephenson Harwood and Cleary Gottlieb Steen & Hamilton LLP, have established ‘Africa groups’ which require in-country assistance. The trend towards a pan-African strategy seems to have been one of the principal factors behind the defection of two of Kaplan & Stratton’s senior partners and a small team to form boutique firm Coulson Harney Advocates.