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Leading Law Firm Opens Rangoon Office

18 February 2014

Baker & McKenzie LLP, the world’s second-largest law firm by revenue, has opened an office in Rangoon to serve foreign investors, reports Bloomberg News. Eduardo Leite, chairman of the firm’s executive committee, said the office was expected to break even by 2015, when elections will be held in the country, and start “moving to cruising altitude” after that. “We’re prepared to be patient,” he added, noting that Burma is a “new frontier for everyone after all these years as a closed economy.” According to a McKinsey Global Institute report released last year, Burma’s annual economic growth could double to 8 percent as the country continues to open up and attract more foreign investment.