The law firms in Bangkok and beyond are very important in a country that ranks high on the global law firm scale. A good firm will certainly bring in the money, which is essential in a country that is also facing international sanctions for the alleged involvement of its leaders in the political and economic unrest that has engulfed the country in recent months.
The financial resources of these legal outfits in Thailand come from international and local clients in other countries, as well as the country itself. However, RSM Thailand is not the only major agency in the country, with other legal institutions including the Bar Council, the Bar Associations of Thailand, the Professional Regulation Board, the Thai Bar Association, and the Thailand Bar Association all providing funds to the firms in Bangkok.
The average business cycle in Thailand is said to be about nine months, but as the economic downturn continues to plague the country, it appears that this might become longer. With a renewed uncertainty over the fate of the country’s new constitution and other policies in place, there is likely to be an increase in the number of law firms in Bangkok closing their doors in the coming months.
In any case, the country is facing economic uncertainty, as it is also trying to deal with the impact of the global credit crunch and the private economic slowdown in the US. While there has been no shortage of financial resources in the country in recent years, there has been a tendency for certain legal firms to draw on foreign funds and transfer them to the country for expenses that could be allocated elsewhere. So while it may appear to be a negative for the country at present, it could prove to be a positive experience for all law firms operating in Thailand.
A review of the financial records of some of the major firms operating in Bangkok will show that they have received more funds from abroad than they have borrowed. This can help make the case for Thai firms seeking foreign funding and an effective platform for selling assets to get the funds needed to continue operating in the country.
When it comes to the Bar Council of Thailand, it appears that the biggest contributor to the funds of the company’s legal firms in Bangkok draw in has been the National Legal Services Board. To date, the council has refused to release information on what this body has received from international clients in recent years.
The Bar Council of Thailand’s website indicates that funds from the council have been used to cover travel expenses, cost of seminars and legal work undertaken by its staff, and general administration and staff costs. As a result, a review of the records shows that the legal firms in Bangkok are among those firms that received the most funds from this body.
Other private funding sources that have contributed to the budget of legal firms in Bangkok include the Banco de Regulador, the largest bank in Spain, and the Central Bank of Thailand. It is not clear if the donations from these financial institutions were for personal use or if they were intended to fund specific projects.
Several firms have reported that their financial contributions from the Cebu Pacific Group have helped them to meet the expenses they incur in their areas of practice. According to the records, these international funds have been sent to various legal organizations in Bangkok.
Furthermore, the bank of the United Kingdom, which provides credit in the Baht currency, has reportedly given some firms in Bangkok a percentage of their deposits for fees that have been paid for the loans they provided. It is not clear why this was done, but it is obvious that it was done in order to support the legal profession in the country.
The Crown Resorts has been reported to have received a sum of six million Baht from the CBT, which is part of the Bodleian Library Trust. Since the company is owned by the Prince of Wales, it is safe to assume that he is not doing business with the corporation in any way.
Therefore, when a firm in Bangkok is asked how it was able to continue operations, it is safe to assume that this has been a large source of funding that has been used to provide capital to these legal firms. establish themselves in Thailand.