The Philippines is fast-becoming an attractive destination for international law firms amid increasing foreign direct investment in the country. According to predictions from Law.com, the Southeast Asian nation is poised to hold the title as the fastest-growing economy in the region in 2023, with a forecasted growth rate of 5.6%. This economic momentum, coupled with the liberalization of key infrastructure sectors, is expected to carry over into 2024, making the country an enticing prospect for global investors and the law firms that support them.
Despite the potential, entry to the Philippines’ legal market remains carefully guarded. International law firms are currently gaining ground through loose alliances and exclusive partnerships. These incursions have stirred unease among domestic firms that are concerned about ceding market dominance to Big Law.