CMS has become the first international firm to open an office in Iran, two weeks after sanctions against the country were lifted by the US.
Partners from the firm’s German arm, CMS Hasche Sigle, will lead the Tehran office, which now has the right to provide legal advice across the country. The office will be led by partners Jürgen Frodermann and Shaghayegh Smousavi.
Frodermann specialises in international private equity and M&A transactions as well as corporate issues such as restructuring and IPOs. He has advised German-Iranian clients from Germany for many years.
Smousavi is a German-Iranian partner and has legal expertise in both jurisdictions during her work for international clients.
CMS Hasche Sigle managing partner Hubertus Kolster said: “Setting up a CMS office in Tehran is a clear demonstration of our commitment and underlines the importance of the market in Iran and the Middle East.
“This will enable us to provide local support for our clients and investors on projects in Iran. It’s also another milestone for our firm in the development of innovative and cross-border legal services.”
Following the election of Iranian president Hassan Rohani, who started negotiations to remove the sanctions against the country, CMS set up a task force to establish connections within Iran.
The firm’s clients in Iran will consist of multinationals and large SMEs, including Iranian companies. CMS recently advised vehicle manufacturer Iran Khodro Diesel SSA on a deal to produce truck and drive components to German company Daimler.
The office opened yesterday (1 February) and is located in Navak Tower, which is home to the German Chamber of Foreign Trade.
CMS is the first foreign firm to set up in Iran but a number of other firms are also understood to be exploring their opportunities in the country as the market opens up.
CMS recently announced UK managing partner Duncan Weston will be stepping down in May to take up a role as executive partner for global development. Oil and gas corporate partner Stephen Millar will replace him as managing partner.