Thailand Law Firm Awards 2023

Asia Business Law Journal names the country’s top law firms. Anindya Pithaloka and Lim Miran report

T

hings are looking up for Thailand, with the reopening of borders welcoming travellers back. With a fast-developing economy and strong business ties to the region, Thailand is set to regain its position as an attractive destination for foreign tourists and investment.

The country expects to more than double visitor numbers to 25 million in 2023, soaring from 11 million last year, in particular with returning Chinese tourists as the biggest and highest spending group.

However, a rebound in the tourism industry still seems unable to contain a decline in the export and manufacturing sectors. Thailand’s economy unexpectedly contracted in the final quarter of 2022, fuelled by weak demand from key trading partners and the global economic slowdown.

A sudden rise of the Thai baht against the US dollar has also contributed to the decrease in export value, taking a toll on exporters. In response, the Office of the National Economic and Social Development Council recently revised its GDP forecast for 2023 to between 2.7% and 3.7%, down from a 3% to 4% forecast in November. The government is now pushing for private and government investment to drive growth, especially with large projects.

Apart from serving as the Southeast Asia hub for foreign direct investment, Thai companies are also looking to expand their operations overseas and to neighbouring countries, particularly Cambodia, Laos, Myanmar and Vietnam. Outbound investment is driven by the need to gain access to intellectual property (IP), skilled workers, raw materials or natural resources, and new distribution channels.

To steady this path, domestic law firms are stepping up their full-service offerings and capabilities to act on a broad range of matters for international entities looking to enter the Thai market. International law firms maintain a strong presence, leveraging their regional and global networks to handle cross-border matters. Thai law firms now boast an international level of capability and service, employing Thai lawyers who have graduated with dual qualifications overseas.

Amid this dynamic landscape of economic growth and political change, Asia Business Law Journal presents the Thailand Law Firm Awards 2023, recognising the country’s best in the past year.

We identified four law firms proven to be the best of the best, and among them one firm has risen to the top as Law Firm of the Year. We also recognise a new law firm to watch, and have four winners in 24 other categories, each of equal standing.

Baker McKenzie is one of the biggest law firms in the country, with more than 250 lawyers and 65 partners, led by Thinawat Bukhamana as the office managing partner since 2021. Established in Thailand 45 years ago, the law firm offers full legal services for local and international businesses, equipped with specialised foreign desks to serve clients from Japan, Europe and China.

The law firm recently acted as international counsel to Thai renewable energy company B.Grimm Power in a USD160.5 million project finance loan for Dau Tieng Tay Ninh Energy, a joint venture with Vietnam power company Xuan Cau. Previously, Baker McKenzie advised Univenture BGP, a joint venture between B.Grimm Power and real estate company Univentures, on its USD351.5 million acquisition of Thai power plant operator Eastern Cogeneration. The firm also advised flag carrier Thai Airways’ restructuring and turnaround strategies in its financial and business rehabilitation, following financial difficulties due to the pandemic.

“Baker McKenzie’s Bangkok office has supported us in the past few years with its insightful experiences,” says Jantima Gawbansiri, head of legal at conglomerate B.Grimm Joint Venture Holding in Bangkok. “In particular, their qualified lawyers are very pragmatic and well-rounded.”

Supagorn Jittimaporn, vice president of legal and compliance at Thai real estate company Boutique Corporation in Bangkok, nominates Baker McKenzie for its assistance in the recent sale of a serviced apartment complex in Bangkok.

“From the start until the closing, they provided invaluable support and guidance, ensuring a seamless and successful transaction,” says Jittimaporn. “Their expertise in the legal industry is second to none, and we highly commend their professionalism and dedication to their clients.”

Kudun & Partners was founded in 2015 by corporate lawyer Kudun Sukhumananda from a desire to provide more dynamic, creative and commercially driven legal advice to domestic and international clients. The firm is active in foreign direct investment, capital markets, M&A, joint ventures and dispute resolution.

Although relatively young, the law firm has grown to cover all practice areas and expanded its outreach with a dedicated China practice. The firm recently advised Thai-listed clothes and leather goods manufacturer Thanulux on a major restructuring and investment expansion with a total value of THB8.8 billion (USD258 million). The firm also represented a Singapore arm of NYSE-listed professional services firm Genpact in establishing a new Thailand entity operating and obtaining foreign business certification from the Ministry of Commerce.

“I have worked with Kudun & Partners during the past year and found their work of high quality, responsive and collaborative,” says Kevin Hawkins, a partner at DFDL in Ho Chi Minh City.

Tilleke & Gibbins has a history spanning more than a century. Established in 1890 by William Alfred Goone Tilleke, the firm played a key role in the development of the Thai legal system throughout the early 20th century, when the law firm’s partners served the Kingdom of Siam in many capacities, including as advisers to the Ministry of Justice and the Thai royal family.

Fast forward to the 21st century, Tilleke & Gibbins is now a full-service regional law firm with more than 200 lawyers serving international and local businesses beyond Thailand in Cambodia, Indonesia, Laos, Myanmar and Vietnam. At the helm are two powerful women lawyers, Darani Vachanavuttivong and Tiziana Sucharitkul, as co-managing partners.

In the past six months, the firm beefed up its corporate prowess with the hire of Yaowarote Klinboon, from US firm Hunton Andrews Kurth, to head its capital markets practice as a partner. The firm also welcomed tax lawyer Auaychai Sukawong as partner and head of its regional tax practice, following his eight-year stint at KPMG Thailand. He brings more than 20 years of experience practising tax law with several leading accounting and professional services firms.

“Tilleke & Gibbins has consistently demonstrated extraordinary insights and understanding of our business needs, and always provided creative solutions and reliable legal advice in a timely manner,” says Siraprapha (Khim) Claassen, global head of legal at jewellery maker John Hardy in Bangkok.

Matthew Levy, a partner at US law firm Faegre Drinker Biddle & Reath in Indianapolis, agrees.

“I have worked with Tilleke & Gibbins for many years and always found them to be thoughtful and responsive,” says Levy. “I recently partnered with them on a multi-jurisdiction M&A deal with a heavy focus on Asia, and found their advice was practical, timely, and they helped keep the transaction on track.”

DLA Piper’s Tokyo-based partner, Tony Andriotis, vouches for the law firm’s dispute prowess.

“Tilleke has a great disputes practice, under the leadership of John Frangos,” says Andriotis. “They also have great reach in the entire Southeast Asia region.”

For Svetlana Samoilova, legal business partner (APAC) at ride-hailing service inDrive in New York, working with Tilleke & Gibbins is one of the best experiences, given the presence of inDrive in more than 40 countries.

“I like Tilleke & Gibbins’ proactive approach to clients, which focuses not only on advising on the subject matter of the request but also on providing an extended professional vision,” says Samoilova. “I would say that Tilleke & Gibbins’ counselling provides not only a legal assessment but also a way to see the best possible solution to complex issues. I know that I can fully rely on Tilleke & Gibbins for their opinion and advice.”

Weerawong, Chinnavat & Partners (Weerawong C&P) was established in early 2009 and is currently one of Thailand’s largest independent law firms, employing more than 100 legal professionals including partners, lawyers and legal assistants providing services in Thai, English and Chinese languages.

Dedicated to helping Thai and international clients explore the rich business opportunities in Thailand, Southeast Asia and around the world, the firm is recognised for its deal structuring and focus on commercial solutions, providing services in advisory, regulatory, contentious and transactional works. In addition to working closely with local authorities on complex transactions and projects, the law firm regularly works with regulatory bodies in Thailand including the Bank of Thailand (BOT), the Stock Exchange of Thailand (SET) and the Securities and Exchange Commission (SEC).

In the past 12 months, Weerawong C&P advised Meiji Yasuda Life Insurance, a substantial minority shareholder in Thai Life Insurance, in relation to Thai Life’s USD937 million IPO on the SET.

The law firm also assisted global asset manager Blackstone in its proposed acquisition of a majority USD14 billion stake in American multinational Emerson Electric’s climate technologies business in several jurisdictions.

“I have been impressed by the professionalism and work ethic of Weerawong C&P,” says Gerard Quek, deputy managing partner at PDLegal in Singapore.

IAS Advisory opened its doors to clients this year, offering expert legal services and a contemporary value-based approach, specialising in the provision of legal innovations and solutions to meet the complex needs of the modern client.

The law firm is named after its founding partners, Ittinant Suwanjutha, Anuwat Ngamprasertkul, and Siripen Kulworakulpitak, internationally recognised lawyers with more than 60 years of combined experience operating in Thailand’s complex regulatory frameworks. They are also the key contact points for domestic and foreign clients in Thailand, and their existing client base includes multinational corporations, small and medium-sized enterprises, as well as high net-worth individuals and startups.

Within only a few months, IAS Advisory has seen significant developments in recruitment and awards. The firm has provided data protection and privacy law training, including workshops on adhering and reporting breaches to Thailand’s Personal Data Protection Act to clients in all major sectors and industries.

The law firm also advised and assisted a prominent big data and analytics consulting firm based in Thailand with company restructuring and revising shareholders’ agreements.

“Siripen Kulworakulpitak and Ittinant Suwanjutha of IAS Advisory have been committed to our success and make it a point to clearly communicate trade-offs each step of the way,” says Andrew Wang, chief operating officer at peer-to-peer lending platform PeerPower in Bangkok.