Legal Market Overview
Bangladesh is on the road to recovery as the country has been opening up after a few months of lockdown. Businesses have suffered and so have law firms as a result of the Covid-19 pandemic. However, the economy is still growing in comparison to other countries in the region.
There remains an appetite among foreign investors to invest in Bangladesh. Global tech giants continue to eye up the country. Its affluent middle class is interested in consumer products and social media. As a result there is a considerable amount of work for some law firms in these areas. E-commerce advice has been a significant source of work for many law firms too.
The government has created tax holidays and special economic zones for the manufacturing industry. Law firms have been busy helping companies avail of these opportunities and have been advising on various regulatory and licensing compliance matters. Power and infrastructure are still ripe for investment and Japanese investors are increasingly coming to the fore on infrastructure projects.
The government has been seeking to protect workers’ rights by enacting the Bangladesh EPZ Labor Act 2019. This contains provisions to protect the employment of workers in these economic zones. This has generated a considerable amount of advisory work for several law firms.
The legal market in Bangladesh is dominated by some key domestic law firms. These leading local firms regularly work with some major international law firms on multi-jurisdictional deals. Firms have reported that there has been increased instructions on restructuring work and there has been a surge in disputes among shareholders.
Other areas of expertise for some firms is in the area of Islamic financing. Numerous firms are also beefing up their expertise in alternative forms of dispute resolution. Several firms have reported that they have been actively advising global conglomerates on local anti-corruption laws too.
It is an uncertain time for Bangladesh having enjoyed a time of significant expansion and growth in previous years. However, the country’s economy is in strong position to rebound.