Following an extensive nomination process, Asia Business Law Journal unveils the A-List of Thailand’s top 100 lawyers plus 25 legal icons. Miran Lim and Brian Yap report
As one of the most advanced markets in Southeast Asia, Thailand is expected to see its economy grow 2.4% in 2024, up from 1.9% last year, according to projections by the World Bank Group. The improved outlook has come about even as the country experiences contractions in goods exports and manufacturing given weak external demand.
While facing challenges including a struggle to restore tourism to pre-pandemic levels and a projected rise in public debt, the country has seen its financial system remain stable. The World Bank says capital and liquidity buffers at the country’s commercial banks are staying well above regulatory requirements.
Both the Thai government and the country’s securities watchdog have taken measures to boost the nation’s competitiveness and modernisation. In a move to stimulate consumer spending at home, the government started the first phase of the country’s digital-wallet stimulus scheme in September this year, distributing THB10,000 (USD300) into bank accounts of Thai welfare cardholders and citizens with disabilities.
The Securities and Exchange Commission has also been contributing to the digitalisation of Thailand’s economy with the launch of the Digital Asset Regulatory Sandbox in August this year. The sandbox is open to everyone interested in testing six different eligible digital asset-related services, including digital asset fund managers and digital asset brokers. Thailand has received an injection of international investor confidence in its market, with Alphabet’s Google announcing in September a plan to invest USD1 billion to build a data centre in the country.
Against the backdrop of this challenging yet dynamic landscape, Asia Business Law Journal proudly presents Thailand’s top 100 lawyers and 25 Legal Icons for 2024. The A-List is the result of rigorous research and nominations received from in-house counsel in Thailand and abroad, as well as Thailand-focused partners at international law firms. Feedback from clients submitted to Asia Business Law Journal indicates strong demand for lawyers who have unrivalled practice and country-specific expertise, show a long-term commitment to quality and provide innovative and strategic solutions to different legal matters.
Market entry guide
Thailand is one of the most mature markets in Southeast Asia, and most sectors of its economy are open to foreign investors. But expanding into this generally business-friendly market comes with challenges, and it is necessary for overseas companies to have a full grasp of restricted areas of investment and sector-specific regulations.
Kevin Stock, the chief financial officer of DMA Industries in South Carolina, says his go-to Thai legal counsel for obtaining such market-entry advice is Threenuch Bunruangthaworn, a legal director at KPMG Law in Bangkok.
Stock says Bunruangthaworn played an integral role in helping his company set up a joint venture in Thailand, advising on every aspect of it, from purchasing land to obtaining financing. Particularly on the financing side, the KPMG Law Legal director assisted in navigating co-operation with Thai banks for moving funds daily and obtaining loans.
“Threenuch shows strategic thinking as well as day-to-day knowledge, which has been invaluable for a midsized company working in Thailand for the first time,” says Stock.
While a JV setup is one method through which some foreign investors have expanded into the Thai market, others have opted to establish a wholly owned entity in the country. John Hall, the executive chairman of FlavourCraft in Thailand, has set up a new fully foreign-owned specialist flavour manufacturing company headquartered in Bangkok, together with the acquisition of another Bangkok-based business.
Hall says the assistance provided by Yothin Intaraprasong, a partner at Nagashima Ohno & Tsunematsu in Bangkok, in all matters related to his business including due diligence and licensing was crucial in the eventual granting of approval from the Board of Investment of Thailand (BOI).
“As part of this there were a number of complex matters which Khun Yothin assisted us through,” says Hall.
For foreign enterprises making a foray into Thailand, seeking advice from a local lawyer who has the ability to integrate business solutions into their legal strategies is equally important.
Mayuree Sapsutthiporn, a partner and head of China practice at Kudun & Partners in Bangkok, is a lawyer with that ability. She has advised Kenichi Muzuhata, co-founder of Singapore-based software development company GAOGAO, on entering the Thai market as part of his company’s plan to extend its innovative solutions regionally.
“Not only does she provide top-tier legal advice, but her deep understanding of business dynamics, especially in foreign investments in Thailand, has been invaluable,” says Muzuhata.
Multi-field expertise
The quest for top quality doesn’t end with successful entry into the Thai market. Domestic and foreign businesses operating in the country are in constant need of comprehensive and sector-specific legal assistance to stay compliant and profitable.
Matthias Pascaly, the country head and managing director of German chemical manufacturing company Evonik (Thailand), assesses the legal expertise of Andreas Richter, a senior partner at Blumenthal Richter & Sumet in Bangkok. “It has been a great pleasure to work with Andreas in the various fields of his expertise [and to receive] expert advice on complex contractual matters, especially with relevance to local Thai legislation and the economic aspects of it,” says Pascaly.
Narida Seubsaiphin, a director at PrimeStreet Consulting (Thailand), owes his company’s success in executing public-private partnership infrastructure projects in the past four years to expert advice from Jirapat Thammavaranucupt, a senior partner at TTT+Partners in Bangkok, who heads the firm’s projects, finance, energy and government practice group.
“His profound understanding of the law and unwavering dedication to the clients have earned him a well-deserved reputation for excellence,” says Seubsaiphin.
As an example of how companies in the country value lawyers possessing multi-practice expertise, Piyasak Chotipruk, the executive vice president of Prime Road Power in Bangkok, praises Palawi Bunnag, a partner at ILCT in Bangkok, for possessing a skill set that goes beyond her recognised specialisation.
While Bunnag is known for her fintech law advisory capability, Chotipruk points to the ILCT partner’s exceptional expertise in capital markets, corporate and commercial law, enabling her to advise on complex and high-stakes business transactions across various industries.
“Her innovative approach in the rapidly evolving fintech sector makes her a standout legal professional,” says Chotipruk.
Chotipruk is not the only person from the corporate side who emphasises a lawyer’s ability to act on multiple areas of practice.
Phakhawanate Luenchavee, the chief lawyer, principal legal counsel at Huawei Technologies (Thailand), highlights the rich legal expertise possessed by Kudun & Partners’ corporate and M&A partner, Thanyaluck Thongrompo, beyond corporate and commercial law.
“Khun Thanyaluck has rich legal expertise in telecommunication, cloud computing service and the automotive industry, [with] high quality [in] handling foreign business licences, BOI investment and other types of related business licences,” says Luenchavee.
Calling Thongrompo an outstanding Thai law expert, Sarawut Rachanakul, chief executive officer of JBP International Paint in Thailand, points to the corporate and M&A partner’s excellence in guiding foreign investors through the process of establishing or expanding their businesses in the country.
“Her deep knowledge of both local and international legal frameworks makes her an essential asset for any business endeavour,” says Rachnakul.
Committed, reliable service
At the end of the day, what clients value the most in their working relationship with external counsel is reliable service from committed lawyers who persevere through challenges when helping their clients.
Kla Nuangnara, the chief financial officer of Thai AirAsia X in Bangkok, nominates Natthida Pranutnorapal, a restructuring and insolvency partner at Weerawong C&P in Bangkok, because of the lawyer’s perseverance in service, leading to the success of Thai AirAsia X’s rehabilitation plan.
The airline announced in September last year that the Central Bankruptcy Court had approved its business rehabilitation plan, which was intended to revamp the company’s administration process and restructure its debts for future growth.
“She never says ‘no’ when faced with challenges, always offering options along with their pros and cons, as well as valuable recommendations for the company,” says Nuangnara.
Pimpa Sakoonbongkott, vice president and manager of business management at Siam Commercial Bank in Bangkok, has been a longtime client of Pranutnorapal, particularly when it comes to rehabilitation-related court cases.
“She (Pranutnorapal) does not only provide legal comments, but also covers business concerns for us,” said Sakoonbongkott.
With the unpredictable and complex nature of many legal matters, clients also expect their legal counsel to examine the finer details of each case carefully and efficiently.
Peter Baines, founder and director of Hands Group in Sydney, recalls how Troy Schooneman, a partner and head of international practice at Kudun & Partners in Bangkok, assisted in handling a sensitive legal matter in relation to a human resources issue.
While providing reassuring advice on the legal matter, Schooneman stressed that the final decision would be based on an examination of relevant case laws and precedents.
“Relying on the advice provided by Troy, which was based on not just an astute knowledge of workplace legislation but best practice, we achieved an outcome that all parties were satisfied with and importantly avoided any potential costly litigation,” says Baines.
Corey Harris, the managing director of Aksum Holdings in Virigina, also singles out Schooneman for his excellence in handling complex transactions.
“There is no better lawyer in Thailand for transactions with an international component for a deal that needs to close on time,” says Harris.
Compiling the A-List
The A-List is based on extensive research conducted by Asia Business Law Journal. To identify the top lawyers in Thailand, we turned to thousands of in-house counsel in the country and around the world – as well as partners at international law firms – and asked them to tell us which lawyers should make the cut.
A-List lawyers were defined on the nomination form as “lawyers who are currently the star performers of Thailand’s legal profession; the lawyers who are personally undertaking the country’s top legal work, crafting the most cutting-edge legal solutions to complex problems, and setting the highest standards in terms of quality, innovation and the ability to handle complex matters”.
Our 25 Legal Icons were defined as “lawyers who are the luminaries of Thailand’s legal profession; the titans who command the respect of clients and juniors alike; the mentors who lead Thailand’s most admired law firms and/or legal teams, and who are the country’s most prolific rainmakers”.
All private practice Thai lawyers and foreign lawyers based in the country were automatically eligible for inclusion in the nomination process. There were no fees or any other requirements for entry.
