Singapore to woo foreign law firms
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More foreign law firms are to be allowed to practise in Singapore under a scheme that aims to build on the Republic's status as a legal hub.
They will be licensed to operate in areas such as corporate cases, but must employ a minimum number of local lawyers.
The aim is to develop the sector, while giving Singaporeans employed by the foreign firms more international exposure.
A second round of licences will be issued to companies from overseas later this year as part of the Qualifying Foreign Law Practice scheme, the government announced.
The legal sector’s contribution to the economy has increased from S$1.4 billion (Bt31.6 billion) in 2007 to S$1.8 billion last year – despite the global slowdown.
Law Minister K Shanmu-gam made clear that only the best would be granted licences.
