Thailand > Legal market overview
Despite political uncertainty, Thailand has done well to project and maintain an image of stability. Certainly, investment levels have remained strong and the country successfully rode-out its well-documented internal strife to post a 7.8% growth in GDP in 2010. This economic success was capped in 2011 by democratic elections and Yingluck Shinawatra becoming the country’s first female prime minister.
In a good year overall for the Thai economy, unsurprisingly the legal market has performed equally well. Law firms have recorded a significant increase in the number of domestic companies investing abroad over the past year, largely due to the strong Thai baht. This has ensured a steady flow of cross-border mandates for all firms - increasing the international experience of the domestic firms and stepping up competition for top-tier mandates.
The robust health of the Thai market can be illustrated through the decisions of three high-profile partners to break away from their firms and form niche practices. In 2011 Peter Burke, banking and finance partner at Mayer Brown JSM, decided to join forces with David Washenfelder, corporate partner at Baker & McKenzie, to establish corporate finance firm Axis Consultants (Thailand) Limited.
In another headline move, Vidon & Partners’ managing director Franck Fougère decided to leave to set up IP boutique Ananda Intellectual Property, which also began trading in 2011.
Overall the Thai market, which has remained relatively steady for some years, has seen substantial movement over the past twelve months.
After establishing a corporate practice in 2007, Herbert Smith (Thailand) Limited chose to streamline its focus again in 2011 and group head Rashane Leerabandhu is now with DFDL Mekong Law Group, while senior associate Christopher Osborne and three other associates joined Watson, Farley & Williams (Thailand) Limited. However, it wasn’t all bad news for the UK-headquartered firm; it notably strengthened its contentious capability through the hire of Apichart Phankeasorn, former dispute resolution head at Mayer Brown JSM.
Mayer Brown JSM’s Bangkok practice continues to diminish although contrary to local reports it has not yet closed completely: partners Steven Miller and Iain Melville remain.
Also worth mentioning, Siam Premier scored a considerable coup with the hire of heavyweight IP litigator Edward Kelly from Tilleke & Gibbins in 2010 - he now co-heads the IP and IT practice.