Chadbourne’s Ayse Yuksel
Chadbourne’s Ayse Yuksel wears many hats at her firm, including overseeing all six EMEA offices and the Turkish legal leader finds few obstacles to either her gender or her cross-border deals.
An interview with Ayse Yuksel, Chadbourne & Parke, Istanbul
Ayse Yuksel has been managing partner of the Istanbul office of Chabbourne & Park since it opened in 2011 and is head of the MENA/Turkey Corporate practice group. She has extensive experience in a range of corporate transactions, including mergers and acquisitions, private equity investments, privatizations, joint ventures, strategic alliances, and financing transactions. Born and raised in Turkey, she began practicing law in New York, primarily practicing in M&A.
You went to Harvard and Columbia Law School and are the managing partner of the Istanbul office of Chadbourne. Can you tell our readers a bit about your background and career track?
I was born and raised in Turkey. I began my legal career as a corporate associate in the New York office of Dewey Ballantine where I focused on Middle East capital markets work. I then lateraled to Debevoise & Plimpton where I primarily practiced M&A.
I joined Chadbourne 10 years ago to develop the firm’s Turkey and MENA practices. I played an instrumental role in opening the firm’s Dubai office in 2007 and then I launched the firm’s Istanbul office in 2011.
That same year, The American Lawyer named me to its global “45 under 45” list of the “best of the best among young women lawyers in The Am Law 200.”
In my practice, I represent companies, private equity funds, sovereign wealth funds, and financial institutions in cross-border transactions, specifically in Turkey, the Middle East, North Africa and Eastern Europe.
Today, in addition to my continuing legal practice, I wear many different hats for the firm. I serve as the Managing Partner of the Istanbul office and head the MENA/Turkey Corporate practice group. Last year, I was appointed to the global management committee as an ex officio member, and together with my fellow partner Claude Serfilippi, I supervise the firm’s six offices in the EMEA region.
How much of your time is spent in Istanbul versus New York and what are the cross-selling opportunities?
I go to New York on a regular basis for the firm’s management committee meetings, and I also spend a majority of my time traveling to those places where my clients are based. I spend a lot of time in boardrooms and airport lounges in cities across the Middle East, North Africa, and Eastern Europe.
Of course there are many cross-selling opportunities between the U.S. and Turkey. There is significant U.S. investor interest in the Turkish energy and infrastructure space. Strong investment opportunities exist in the portfolio of Turkish privatization assets. Chadbourne is well positioned to handle this work because of our leading project finance practice and our in-depth understanding of the Turkish market.
Additional cross-selling opportunities exist among our offices in the EMEA region. For example, there is a significant amount of inbound and outbound investment between Russia and Turkey, and between the United Arab Emirates and Turkey.
Being on the ground doing deals in Turkey, what advice do you have for Western companies looking to invest in the country?
Patience pays off in Turkey. Despite the great advances Turkey has made in reforming its legal and business processes, a significant amount of red tape still exists. Reams of paperwork and official stamps are still required from the proper authorities and I need to remind clients that it often proves as difficult to cut through the bureaucracy of a transaction as it is to handle the substance of the deal itself.
Investors need to understand their target well by doing proper due diligence. One area Western companies need to remember when investing in Turkey is foreign regulatory compliance and anticorruption diligence. Western companies have strict guidelines for investment that Turkish companies simply do not have. Understanding the business you are investing in, digging into its records and creating strict compliance protocols are essential to avoid significant legal entanglements back home.
What are the major opportunities in Turkey now in terms of deals?
As I mentioned previously, energy and infrastructure remain the most exciting opportunities in Turkey, both in the private sector and as part of the government’s privatization program.
We have recently seen an increase in outbound investments. Turkish companies have leveraged their success of the past few years and have the funds to invest in neighboring regions. We see significant investment in Iraq and the rest of the Middle East, Africa, and Russia and the CIS.
Has the amount of M&A and private equity activity been on the rise?
We saw a steady rise in the increase of M&A and private equity activity in 2012 and 2013, but the current political instability has slowed down activity. We do not expect the market to pick up significantly until after the presidential elections in August. The retail sector is still booming and investor interest remains in that sector.
What impact has recent political turmoil had on the legal market?
Although M&A and private equity deals have slowed down, there are a number of other areas where we are seeing strong activity in the Turkish market. Turkish banks continue to finance projects and Turkish companies are looking to invest throughout the region and further afield. In addition, we have recently, seen an increase in compliance and dispute related work both for Turkish clients and foreign investors.
How would EU acceptance bolster the Turkish economy and do you see it happening?
The EU-Turkey relations are currently a little bumpy as a result of the recent political turmoil in Turkey. Whether Turkey is admitted to the EU or not, the country has already benefited from the process of preparing itself for acceptance, most notably in the areas of legal and business reforms. As a result, Turkey has become more attractive to investors who require a certain level of certainty about the markets in which they invest.
Is it tough to be a female leader in Turkey?
Women leaders in business face challenges no matter where they are, I find little difference between Turkey and the United States in this regard. I do business around the world and while it certainly is more difficult for me in Saudi Arabia and some other Middle Eastern countries, Turkey is not much different than Europe or the U.S. when it comes to its acceptance of women leaders in business.
The Yuksel file
Firm: Chadbourne & Parke
Title: Managing Partner, Istanbul and head of the MENA/Turley Corporate practice group
Practice: Regularly represents companies, private equity funds, sovereign wealth and other investment funds and financial institutions in cross-border transactions, specifically in Turkey, the Middle East and North Africa.
Education: Harvard, Columbia Law School
Born: Turkey
