Legal Services
A fast-growing, increasingly liberalised legal services sector
A vibrant legal services sector is an economic engine in itself and a key enabler for growth in many other sectors of Singapore’s economy. For this reason, Singapore has continued to liberalise its legal services sector, despite the prevailing global economic conditions.
As part of the process of deregulation, six Qualifying Foreign Law Practice (QFLP) licenses have been awarded to selected firms to allow them to practise in commercial areas of Singapore law. Of the six QFLP firms, four are ranked among the top 10 in the world in terms of revenue. Singapore will soon be reviewing the QFLP scheme with a view to further liberalisation.
In addition, Singapore also recently enhanced its Joint Law Venture (JLV) scheme to allow JLVs to similarly practise Singapore law. Along with the QFLP scheme, the JLV programme has increased the range and supply of legal services in Singapore, and made the sector a more dynamic one.
Singapore will also soon be launching the Foreign Practitioners Examination (FPE), designed to help meet growing industry demand for high-calibre lawyers. The FPE will allow experienced foreign lawyers to practise Singapore law within selected areas and enhance the depth of expertise in the legal sector.
This strategy of liberalising has clearly borne fruit – the sector has, in the past few years, seen impressive growth. In addition to more than 800 local firms and over 3,800 local lawyers, Singapore now also hosts over 100 foreign law firms (more than twice the number in 2005), along with almost 1,000 foreign lawyers. Eight of the world’s top 10 law firms by revenue – firms like Clifford Chance, Linklaters and Latham & Watkins – have all set up local branches.
In addition, the international profile of Singapore as a neutral centre for dispute resolution is growing fast. Legal and business communities across Asia are increasingly promoting the city-state as an ideal, one-stop venue for international arbitration.
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