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SINGAPORE: Law Minister K Shanmugam gave a glowing report card on the legal services sector saying it has grown since it was freed up.
In 2008, the sector grew by 4.2 per cent. Last year, it expanded 4.3 per cent.
Mr Shamugam said considering the economy as a whole grew 1.4 per cent in 2008 and receded two per cent in 2009, the legal services sector actually outperformed the rest of the economy.
And with new opportunities available, the talent pool has also been augmented.
The total number of lawyers went up eight per cent last year.
Similarly, the number of foreign law firms grew some 26 per cent each year between 2007 and 2009.
There are now some 100 foreign law forms registered in Singapore.
The Singapore International Arbitration Centre has also grown from strength to strength.
The number of cases handled by the centre jumped 60 per cent to 160 last year.
More than 70 per cent of the cases were international.
Mr Shanmugam said that's a "reflection of the centre's growing international standing and Singapore's appeal as a venue for international arbitration".
On the whole, he said the liberalised legal sector made for tougher competition among local law firms, but it's been beneficial for the country.
Mr Shanmugam said: "The central point I make is this, the issue now is not whether the opening up may affect some law firms. It conceivably may. The issue is whether it is beneficial first for Singapore and second the legal profession as a whole. The answer on both counts is yes." - CNA/vm
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