Singapore allows foreign law firms to take a stake in local legal practices

February 16, 2012 Singapore has passed legislation to foreign law firms to own a stake in local legal practices or share in their profits, and has relaxed the rules for admission of experienced foreign trial lawyers to practice.

The reform continues the liberalization of the Singaporean legal services market, following a move in 2008 to license six foreign firms to practice local corporate law. It may open the door to mergers between local and international firms, such as the proposed tie-up between London-based Allen & Overy and Singapore’s Allen & Gledhill

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