Legal Market Overview
Thailand is one of the central hubs in the ASEAN region for foreign direct investment, as the country provides an attractive business and economic environment, as well as government incentives. In June 2022, cannabis was decriminalised, resulting in a surge of interest from overseas cannabis companies. During the same month, the Personal Data Protection Act (PDPA) was enacted, resulting in a surge of compliance matters. Thailand has also seen a growth in the renewable energy and TMT sectors, as well as tourism, a principal factor in the stimulation of the Thai market. As a result of the Thai courts not moving to virtual hearings during the Covid-19 pandemic, the country has seen a surge in disputes and litigation teams have been kept occupied with a backlog of cases.
International firms, including Baker McKenzie LLP, Linklaters and Allen & Overy (Thailand) Co, Ltd, maintain and strong presence in the country and are well-placed to leverage their regional and global networks to handle major cross-border mandates. Regional and local firms, including well-established Tilleke & Gibbins and Weerawong, Chinnavat & Partners, provide full-service offerings and capabilities to act on a broad range of matters for international entities looking to enter the Thai market. Firms with niche expertise include IP boutique Domnern Somgiat & Boonma Law Office Ltd, TMT specialists Formichella & Sritawat and tax experts Prompt Legal Services.