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SINGAPORE: Singapore is issuing licences to six foreign law firms to set up offices and practise law here. The move is part of the government's plan to liberalise the legal sector through the Qualifying Foreign Law Practice scheme.
Law Minister K Shanmugam said accepting foreign firms into Singapore's legal system represents a quantum change - the most significant one in the legal profession so far.
He said 20 very high quality international firms applied. So instead of five, a decision was made to award six licences.
They will go to American firms Latham & Watkins and White & Case, and UK firms Allen & Overy, Clifford Chance, Herbert Smith and Norton Rose.
All six firms are ranked among the Top 100 law firms globally and four of them are in the world's Top 10 list.
The firms are likely to concentrate in areas such as arbitration, banking, corporate finance and the maritime industry.
Foreign firms are not allowed to practise in areas like litigation, criminal law, conveyancing, administrative law and family law.
Mr Shanmugam stressed that these firms are here for the long haul, no matter what the economic climate is.
"The process of interviews took place through October, which is when the world economic crisis was deepening day by day and when people were thinking there's no tomorrow.
"Everyone's minds were totally focused on what is going to happen in the future. It was within that framework, with full knowledge of all the facts, that the commitments were made to us," he said.
The aim of the scheme is also to develop Singapore's legal system and use it as an engine of growth to attract talent to Singapore.
Veteran lawyer Subhas Anandan agrees there are advantages, but said there is also a downside.
The senior consultant at Khattar Wong said: "These six big overseas firms will try and get a big share of the cake. Our big firms will have to tighten their belts and look forward to a good fight.
"When they see they're losing some of their clients to foreign firms, there is this possibility that they will want to come into criminal law and family law, so in that sense they will be taking some of the clients away from the smaller firms."
The Attorney-General's Chambers will formally issue the licences to the six foreign law firms soon. The firms will then have six months to start their operations here in Singapore, starting January next year.
Each licence is valid for five years after which the firms will go through a separate licence renewal process to continue practising in Singapore.
- CNA/so
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