Legal Market Overview
Libya’s 2021 has been one of continuity. The country’s instability, which has been prevalent since the downfall of Muammar Gaddafi’s regime in 2011, has persisted, with the country’s presidential election postponed once again due to concerns surrounding the rules. The country’s capital of Tripoli continues to be its major commercial and legal hub, as the seat of the UN-backed government. This group, however, is still in conflict with the Libyan Arab Armed Forces, based in the country’s east, which has threatened petroleum exports as recently as December 2021.
Oil and gas makes up a significant portion of the country’s economic activity, and respectively is a major focus of the country’s legal work. Beyond that, top-flight firms often act on a mix of international commercial matters and regulatory work, both on the enforcement side as well as advising companies on legislative drafting. International firms have a small presence in the country, with King & Spalding the most notable consistent presence. Beyond that, local firms dominate the market.