Foreign law firms challenge locals in Singapore
Six foreign law firms granted licences to practise Singapore law - Clifford Chance, Allen & Overy, White & Case, Herbert Smith, Norton Rose and Latham & Watkins - have started operations in Singapore, entering the Singapore legal market at a time when local law firms are suffering from the global crisis.
'Most firms are in lock-down mode as we were between 2001 and 2003,' admits the partner of a leading Singapore law firm. Salaries for newly qualified associates at the big local firms are down to 4,000 a month - $500 less than a year ago. There have been no mass layoffs, but fewer lawyers have been retained as associates this year.
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