Giles Cooper

Oliver Massmann

In the decade since Duane Morris established offices in Vietnam, the Southeast Asian country has opened up its economy and experienced rapid growth and increasing inflow of business. As a result, the Philadelphia-headquartered firm has been able to grow its Vietnam offering pretty much in tandem with the market, and now stands as one of the leading law firms in the country.

When Oliver Massmann and Giles Cooper opened Duane Morris’ Vietnam offices back in 2007, they were hardly new to the country … they each had a decade of experience in the local market at that point, and spoke fluent Vietnamese. …

“We started off very small with just two Vietnamese lawyers and built up on that step by step,” says Massmann, one of Duane Morris’ two directors in the country. “Our experience in the Vietnam market contributed to a good start for the firm.”

The year 2007 was an important one for Vietnam. On Jan. 11 that year, the country officially became the 149th member of the World Trade Organization (WTO), following some 11 years of preparation. …

And Duane Morris Vietnam has grown side by side with the country. At present, the firm’s Hanoi and Ho Chi Minh offices have about 15 lawyers, including directors Massmann and Cooper.

Out of the Woods

… “Until 2006, there were a lot of grey areas,” says Massman. “Whenever a client would ask if they could establish an entity, and how long it was going to take, the standard answer was ‘I don’t know.’”

But the WTO changed all that. “That was the moment when doors opened in many different sectors in the country,” says Cooper. “Market access restrictions came off with a very clear road map. It was a bright time for Vietnam.” …

Being immersed in both the language and the culture was a big help for both Massmann and Cooper, whether it came to mingling at a local event, negotiating a deal, or interacting with government personnel.

“When clients see us speaking their local language, it certainly does provide a boost, and they start to relax and open up in meetings and converse more freely,” shares Cooper. “It creates a lot of trust with the government as well.”  …

Work, Work, Work

In the early years, Duane Morris’ Vietnam offices only had foreign clients, but the mix has been changing.

“Today, foreign clients make up 85 percent of our clients, while the rest are domestic. These are local companies that need help with things like overseas listings or bond issuances, or even expanding overseas to countries like Myanmar or Singapore.” …

[Massmann] adds that he has worked on some of the largest deals in the last four or five years. “We have worked on M&A deals in the infrastructure and oil and gas and power sectors. We are also working on deals related to real estate, and insurance.”

Cooper also points out, “Historically, the law didn’t even allow for M&As, but these have grown very rapidly in the last decade. M&A in energy, especially renewable energy, is of immense interest. This is an exciting time.”

The Next Decade

From Duane Morris’ point of view, its biggest achievement in the first 10 years has been to turn its Vietnam operation into a profit centre. But from a personal perspective, Cooper cites how they have managed “to develop a great team, and the team has been with the firm for a long time.” …

For both Cooper and Massmann, the expectation for the next decade is the continued growth for both the firm and its work, as well as the Duane Morris brand in Vietnam. …

To read the full article, visit the Asian Legal Business website.