Freshfields Apologises Over Leaked Email on Middle Eastern Investors
Freshfields apologised after an email exchange about investment for a legal AI venture was leaked. The firm said comments about Middle Eastern sovereign wealth…
Freshfields has apologised after an internal email about Middle Eastern investors was leaked, prompting the global law firm to distance itself from a senior staff member’s remarks. The exchange concerned plans to expand the firm’s legal AI unit and the investment needed to build a company the participants hoped would be worth “billions”.
The firm said the comment did not reflect its position or the beliefs of those involved in the email chain. The episode carries a particular business risk for Freshfields: it has offices and clients across the Middle East, where it says it has built longstanding relationships.
In the email exchange, Ethan Klingsberg, co-head of Freshfields’ US corporate team, discussed potential investors with global managing partner Alan Mason. The Independent reported that the Financial Times had seen the emails.
Klingsberg said the venture would need investment from “sophisticated investors that are respected by the rest of the investor community for their leadership”, according to the report. He added that this “probably” ruled out “Middle Eastern sovereign wealth money”.
Mason later accidentally forwarded the email to a large internal distribution list, the Independent reported.
Freshfields says remarks do not reflect the firm
Freshfields issued its apology in a statement on Monday. The firm said the comment did not reflect its position or the beliefs of the people participating in the exchange, and said it regretted the offence caused.
“We apologise unreservedly for a comment made about Middle Eastern sovereign wealth investors . . . the comment does not reflect the position or beliefs of the firm or those participating in that email exchange, and we sincerely regret the offence caused,” the firm said.
Freshfields also said it held its clients across the region in the highest regard and valued the trust built through longstanding relationships. It described its commitment to the region as firm.
The apology addresses an issue with direct implications for the firm’s client relationships: the leaked comment questioned whether a category of regional investors would be suitable for a venture, while Freshfields says it serves clients in the Middle East and values its work there. The firm’s statement rejects the remark as a reflection of its institutional position.
Freshfields has offices in Abu Dhabi and Dubai, as well as Bahrain and Riyadh, according to the Independent. The report also said the firm has handled key deals across the region in recent years, including work with governments.
The firm’s website describes its UAE practice as serving government and private-sector clients. It says it has 50 fee earners across the country and offers work spanning mergers and acquisitions, finance, disputes and investigations.
Freshfields’ statement did not identify any change to its operations in the region. It said the firm remained committed to its Middle Eastern clients and expressed “enormous respect” for their leadership and global impact.
Source: independent.co.uk
