Carrots for lawyers to stay in Singapore
Law graduates here will soon have new options as they embark on a legal career — such as a position in a foreign law firm and opportunities in enhanced joint local and foreign law ventures. Currently, foreign law firms in Singapore can only engage in offshore "high-end" work in the areas of intellectual property, international arbitration, finance and banking, and maritime laws. Under the Joint Law Venture (JLV) scheme, they can partner a Singapore law firm and use the lawyers on its payroll for work involving the Republic's laws. Under a new Qualifying Foreign Law Firm Scheme, up to five licences will be granted to foreign law firms to set up shop here. The Government will call for proposals and evaluate them based on criteria such as the firms' commitment to maintain a large outfit.
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