Dentons-LuatViet combination: Polycentric approach to serve local clients

This month, Dentons, the world’s largest law firm, announced a combination with leading Vietnamese law firm, LuatViet, increasing its presence across ASEAN by combining with a highly-esteemed firm with whom it has a longstanding relationship.

Dentons and LuatViet's strategic growth is always client-led.

The combination, which will give Dentons better performance in Ho Chi Minh City and Hanoi, would further advance Dentons’ strategy to become the leading global law firm in ASEAN, helping clients to navigate challenges in five countries in the region, and 207 locations across 82 countries around the world.

Commenting on the move, Global CEO of Dentons Elliott Portnoy said Vietnam, as one of the fastest-growing economies in the world, is a priority market for their clients. “Combining with LuatViet, with whom we have years of significant collaboration, will allow us to connect clients to leading talent in Vietnam and to more than 20,000 professionals around the globe.”

Joe Andrew, Global Chairman of Dentons said “Combining with one of Vietnam’s leading law firms will allow Dentons to serve the ASEAN Region, and is an example of our polycentric approach.”

Giving a reason for the combination, Gerald Singham, Vice-Chair and CEO of Dentons’ ASEAN Region, said “LuatViet is a leading and internationally-focused firm in Vietnam. Our combination continues Dentons’ momentum in ASEAN, enabling Dentons to, once again, maintain and improve its quality as it grows.”

Meanwhile, Tran Duy Canh, Founder and Managing Partner of LuatViet, said “LuatViet and Dentons share the vision of leading the way for differentiated client service in ASEAN,” “Our future combination with Dentons means that our clients benefit from continuing to be served by lawyers with essential local expertise, while also having access to an unrivaled talent pool around the globe.”

On this occasion, The Hanoi Times has talked with Dentons and LuatViets’ executives to know better about the combination.

Tran Duy Canh, Founder and Managing Partner of LuatViet.

What’s the structure of this merger? Is it a joint venture?

Joe Andrew: Dentons and LuatViet are proposing a whole-firm combination that epitomizes our polycentric model – combination firms retain control and governance over how best to serve local clients, but gain global advantage from Dentons’ vast talent pool, and worldwide reach.

As the first truly polycentric global law firm, Dentons was founded on the concept that clients can best be served by a firm that embraces the local legal and cultural differences found among the communities in which it operates. With no headquarters, no presiding dominant culture, and no desire to “colonize”, Dentons takes pride in diversity that matches that of its clients.

LuatViet and Dentons have together served clients for many years. In parallel, our strategic growth is always client-led, and Vietnam was clearly identified as the target geography for legal services.  Dentons’ proposed combination with this established and prestigious firm, one of the oldest in Vietnam, is a meaningful testimony to years of successful collaboration. We are delighted that our future colleagues at LuatViet have put their trust in Dentons, to take this next step in being part of the leading global law firm in the ASEAN Region.

Joe Andrew, Global Chairman of Dentons.

Can you elaborate on the significance of the Vietnam market?

Gerald Singham: Dentons’ strategy to connect the Firm's clients to local talent in Vietnam and the ASEAN Region is based on strong economic and client focus considerations. The ASEAN region represents a population greater than the EU and is emerging as a powerhouse on the global economic stage.

Vietnam was the world’s fifth fastest-growing economy in 2020 and despite the challenges faced by every market during the pandemic. Vietnam continues to thrive in its domestic industries - particularly in manufacturing and services, for which it is considered a key Asian hub. When considering opportunities in emerging countries, we know from experience that deep-rooted local legal expertise, cultural understanding, and strong local reputation with clients, are key factors in our choice of market entry and choice of a local firm.

LuatViet is a top-ranking local legal firm in Vietnam and was one of the first law firms in the Vietnamese marketplace. With the addition of the services of LuatViet in Vietnam, Dentons will have an established presence that allows the firm to service clients’ needs within and outside Vietnam.

Gerald Singham, Vice-Chair and CEO of Dentons’ ASEAN Region.

How much more work has Dentons as a whole taken on in recent years that originate from Vietnam? And what type of work?

Gerald Singham: Dentons currently has a significant number of clients that operate in Vietnam, across multiple practices and sectors. Since 2010, LuatViet has worked with Dentons on many high-profile matters in and out of Vietnam, some of which include advising on corporate and commercial, employment, licensing, dispute resolution, within the manufacturing, construction, and finance sectors.

The combination of LuatViet and Dentons would allow both firms to serve current and new clients in key business sectors and practices, including Corporate & Investment, Mergers & Acquisitions, Banking & Finance, Capital Markets, Real Estate & Construction, and Dispute Resolution. The combination would lead to significant synergies in light of Dentons’ strengths in each of these practice areas.

What is Dentons' total number of offices as of this month? How many lawyers does it have globally?

Gerald Singham: Dentons has 12,000 lawyers globally, and more than 20,000 people overall. With the addition of the key strategic locations of Hanoi and Ho Chi Minh City, we will have 207 worldwide locations in 82 countries.

Thank you for your time!