Singapore opens up to foreign law firms
Changes to the Legal Profession Act passed in Singapore's Parliament on Tuesday will now open up the hitherto protected legal sector to allow foreign firms more leeway to operate here.
Some foreign law firms will be allowed to hire Singapore-qualified lawyers to practise Singapore law in certain areas, namely high-end work in corporate and banking sectors. Additionally, an existing scheme in which a local firm ties up with a foreign one has been enhanced, among other things, allowing the foreign part of the venture to share up to 49% of the local constituent’s profits. The scope of work that foreign firms can carry out in international commercial arbitration involving Singapore law has also been widened.
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