This report on the ALB website yesterday entitled
Foreign law firms in Vietnam: beggars rather than choosers?
Says that it’ll be Foreign law firms in Vietnam that "may be the first to feel the full force of the global economic slowdown, according to the managing partner at one Vietnamese domestic firm."
The article goes on to say…
Dang The Duc, the managing partner of Indochine Counsel, believes that the downturn in staple projects and infrastructure work that is expected to result from economic contraction in the country could see them running scared.
"International law firms will be the first affected, since larger projects and cross-border work will be reduced," he said. "In the last three to four months, foreign law firms have seen a decrease in the volume of work and new inquiries. Korean outbound investment into Vietnam has decreased noticeably and substantially affected the volume of work for some Korean law firms
The result, according to Dang, is that some foreign firms may have to become beggars rather than choosers. "The downturn will up the ante between law firms for work. Many firms will find that they cannot be as selective [in terms of the work they take on] as they had been in the past."
Read full article at
http://asia.legalbusinessonline.com/news/breaking-news/32006/details.aspx
