Interview with: Solongoo Bayarsaikhan, Managing Partner
Avinex Partners LLP | View firm profile
What do you see as the main points that differentiate Avinex Partners from your competitors?
We excel at the practice of law in both the international and domestic context. Avinex Partners is a new firm that was established in December 2017 by a team of Mongolian lawyers with extensive international and domestic experience. Our partners previously practiced law at Hogan Lovells’ Ulaanbaatar office where we acquired our expertise and experience in the Mongolian market. We have continued the legacy of what we achieved while working together and deliver high quality legal service that meets global standards at a competitive price. We love what we do and wanted to do our work in accordance with the highest standards of the profession for a wide array of global clients and international co-counsel.
Avinex is an acronym standing for Added Value, Innovation and Excellence. We are innovative in our approach through our adaptation to the needs of important projects in fast changing world. We are a full-service law firm with a focus on general corporate law, banking and finance, regulatory matters and capital markets.
We are also well-versed with the expectations and requirements of global banks and foreign investors. Our partners are specialized in this area, qualified in several common law jurisdictions and advise on common law matters. This certainly helps our clients to navigate Mongolian law while doing business in Mongolia.
Which practices in your member firm do you see growing in the next 12 months? What are the drivers behind that?
We expect capital markets, fintech and data protection to be growth areas in the next twelve months.
The Mongolian capital market is small but the volume of projects has been increasing in the past two years. The economy has been unduly reliant on the banking sector and cost of capital is relatively high. To illustrate this, the interest rate for business loans is double digits making business expansion expensive. For this reason, it is essential for the country to develop local capital markets and increase liquidity. There is also growing interest in fintech and blockchain technology in Mongolia. We expect to see more work in this area but the regulatory environment remains untested and uncertain.
In addition, Mongolia is yet to adopt laws on data protection and regulation; this area remains underdeveloped, but we expect to see developments in clearer regulation for the protection and use of personal data. Companies doing business in Mongolia need to be ready for changes.
What is the main change you have made in your firm that will benefit clients?
We have adopted flexible fee arrangements for domestic clients who are not familiar with the hourly billing arrangements of international practices. We take the time to make sure that a client understands the scope of our work and the attendant cost for such work as well as what matters are properly within the sphere of legal advice. The professional service market needs to grow and develop in Mongolia – we wanted to contribute to such growth.
How is technology changing the way you interact with your clients and the services you can provide them?
Communications are becoming more prompt because of technological change. In that respect technology has changed the way we interact with our clients. For example, instant messaging applications and video conference are being used more often, a trend that has been embraced by Avinex Partners. Also, it appears that clients need more prompt and concise responses to their queries.
Can you give us a practical example of how you helped a client add value to their business?
Our aim is to provide practical and commercially sound legal advice to our clients. We provide advice that takes into account changing regulatory environment and market conditions in Mongolia.
In my capacity as chairman of the Legislative, Tax and Business Ethics Working Group of the Business Council of Mongolia, I closely follow up on regulatory developments in Mongolia and attend public discussions of new draft laws and regulations. We lawyers need to be stay informed of any regulatory changes and provide our inputs so that the business regulatory environment remains competitive and business-friendly.
Are clients looking for stability and strategic direction from their law firms – where do you see the firm in three year’s time?
Clients definitely look for stability from their law firms. It is important for clients to seek advice from a professional who is already familiar with their business and committed to this jurisdiction. It will definitely help in reducing time and costs required for getting legal advice. Most of our clients return with new inquiries after their first instructions.