Global law firm opens office in Myanmar

by -
470
Reading Time: 1 minute

Frankfurt_officeUS-headquartered Baker & McKenzie, the world’s second-largest law firm by revenue, opened an office in Myanmar to serve foreign investors entering an economy emerging from five decades of isolation, Bloomberg reported.

“First movers” across the telecommunications, energy, mining and infrastructure industries are already active in one of Asia’s poorest countries, Chris Hughes, head of the office in Yangon’s Sakura Tower said in an interview.

The former military regime’s move to democracy under President Thein Sein since 2010 has attracted companies such as as Coca-Cola, General Electric and Norway’s Telenor. Annual economic growth could double to 8 per cent, according to a McKinsey Global Institute report last year. Myanmar remains under scrutiny from multilateral agencies ahead of elections scheduled for 2015, Hughes said.

Baker & McKenzie’s Yangon office should reach break even and be “moving to cruising altitude,” after that, said Eduardo Leite, chairman of the law firm’s executive committee.

“Myanmar is a new frontier for everyone after all these years as a closed economy,” he said. “We’re prepared to be patient.”

Hughes heads a team of six other lawyers in Yangon including five from Myanmar. It is Baker & McKenzie’s 16th office in the Asia-Pacific region and 75th worldwide.

New York-based Herzfeld & Rubin and Philadelphia-based Duane Morris LLP, both smaller than Baker & McKenzie, opened Yangon offices last year.

Myanmar may attract as much as $100 billion in foreign direct investment over the next two decades if it spends enough to achieve its economic growth potential, McKinsey said.

Do you like this post?
  • Fascinated
  • Happy
  • Sad
  • Angry
  • Bored
  • Afraid

US-headquartered Baker & McKenzie, the world’s second-largest law firm by revenue, opened an office in Myanmar to serve foreign investors entering an economy emerging from five decades of isolation, Bloomberg reported. “First movers” across the telecommunications, energy, mining and infrastructure industries are already active in one of Asia’s poorest countries, Chris Hughes, head of the office in Yangon’s Sakura Tower said in an interview. The former military regime’s move to democracy under President Thein Sein since 2010 has attracted companies such as as Coca-Cola, General Electric and Norway’s Telenor. Annual economic growth could double to 8 per cent, according to...

Reading Time: 1 minute

Frankfurt_officeUS-headquartered Baker & McKenzie, the world’s second-largest law firm by revenue, opened an office in Myanmar to serve foreign investors entering an economy emerging from five decades of isolation, Bloomberg reported.

“First movers” across the telecommunications, energy, mining and infrastructure industries are already active in one of Asia’s poorest countries, Chris Hughes, head of the office in Yangon’s Sakura Tower said in an interview.

The former military regime’s move to democracy under President Thein Sein since 2010 has attracted companies such as as Coca-Cola, General Electric and Norway’s Telenor. Annual economic growth could double to 8 per cent, according to a McKinsey Global Institute report last year. Myanmar remains under scrutiny from multilateral agencies ahead of elections scheduled for 2015, Hughes said.

Baker & McKenzie’s Yangon office should reach break even and be “moving to cruising altitude,” after that, said Eduardo Leite, chairman of the law firm’s executive committee.

“Myanmar is a new frontier for everyone after all these years as a closed economy,” he said. “We’re prepared to be patient.”

Hughes heads a team of six other lawyers in Yangon including five from Myanmar. It is Baker & McKenzie’s 16th office in the Asia-Pacific region and 75th worldwide.

New York-based Herzfeld & Rubin and Philadelphia-based Duane Morris LLP, both smaller than Baker & McKenzie, opened Yangon offices last year.

Myanmar may attract as much as $100 billion in foreign direct investment over the next two decades if it spends enough to achieve its economic growth potential, McKinsey said.

Do you like this post?
  • Fascinated
  • Happy
  • Sad
  • Angry
  • Bored
  • Afraid