Pakistan's lawyers have been accused of demanding a monopoly on black suits and white shirts after writing to the authorities to stop waiters wearing the “uniform” of the legal profession.
Three bar councils have written to their respective provincial governments to express dismay at staff in hotels and marriage halls donning the same clothes.
Pakistan's lawyers are instantly recognisable with their black suits and ties which and consider the dress code they have followed since the time of the British Raj as a status symbol.
The leaders of groups of lawyers in Punjab, Balochistan and Islamabad have now threatened to take legal action unless waiting staff are banned from wearing the garb.
“Nobody is allowed to wear the uniform of lawyers except the lawyers,” the secretary of the Punjab bar council wrote to the provincial chief secretary over the weekend.
“If anybody will found in the uniform of lawyers at any place - marriage hall, hotels, event hall - I have clear directions to proceed under the relevant provision of law."
A similar letter from the Islamabad bar council to the local chief commissioner explained that “even a law graduate cannot wear the proper uniform until and unless he passes the entry test and completes his six month training period for enrolment as a advocate”.
The letters were widely shared and mocked on social media in Pakistan.
One lawyer on Twitter called the edicts the “latest chapter to the very lengthy book titled 'Why no one respects lawyers in Pakistan'.”
“I think they should also issue a cease and desist notice to all Hollywood celebrities who wear lawyers' uniform at the Oscar Awards,” joked another.
The bar councils stood by their request. Ayub Tareen, chairman of the executive committee of the Balochistan bar council, told The National: "Waiters are our brothers, but we want bifurcation in their uniform as the lawyers and judges have a uniform across the world and no one copies that."
Previous legal petitions to limit who could wear the clothing have been dismissed in court as unenforceable and against common sense.
Pakistan's lawyers make up an influential power bloc in the country, but for a profession dedicated to the rule of law, some members have also attracted a remarkable reputation for thuggery.
In late 2019, three heart patients died after a mob of lawyers rampaged through a Lahore hospital in a dispute with doctors.
About 200 lawyers, all wearing black suits, stormed the Punjab Institute of Cardiology (PIC), forcing doctors and nurses to abandon intensive care patients.
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Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.
Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.
“Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.
Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.
“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.
Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.
From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.
Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.
BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.
Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.
Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.
“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.
Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.
“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.
“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”
The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”
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