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Despite the internal political troubles in 2010, and extensive flooding across many of the country's key provinces in 2011, Thailand has demonstrated its resolve to recover from these significant setbacks and looks set to emerge from its recent difficulties as a more stable country with a growing and buoyant market.
Less affected by the global financial crisis, Thailand has remained an attractive destination for foreign investment. International investors have also relocated their assets within Asia to Thailand in search of more affordable costs, offsetting the departure of several investors, particularly European, who have withdrawn from the region entirely due to problems elsewhere. Asia-based investors, particularly Chinese and Japanese, are also seeking to enter the Thai market. In the last few years, there has also been signs of activity in Thai outbound investment looking to elsewhere in Asia (particularly Myanmar), as well as the US, Australia and Europe.
The legal market, therefore, remains active. The key players, including international firms Baker & McKenzie, Linklaters, Allen & Overy (Thailand) Co, Ltd and Clifford Chance (Thailand) Limited, and local firms Weerawong, Chinnavat & Peangpanor and Chandler & Thong-ek Law Offices Limited, have all been involved in several headline transactions during 2011 and 2012. Tilleke & Gibbins retains its top reputation for IP work, and Herbert Smith Freehills and Watson, Farley & Williams (Thailand) Limited maintain their excellent litigation and arbitration capabilities.
Among changes to law firms, PriceSanond (formerly Deacons) ended its association with Deacons in December 2011; and in July 2012, Siam Premier ended its association with Allens Arthur Robinson (now Allens).