Law makers in Singapore are preparing to hand out another round of licences to firms wishing to practice local law in the city state.
Back in 2008, authorities handed out a first set of certificates to some of the international big hitters, including Clifford Chance, Allen & Overy and Norton Rose. The accreditation allows the firms to practice Singaporean law from their offices. Which seems pretty sensible, when you've gone to the bother of opening an office.
The rules of the Qualifying Foreign Law Practice (QFLP) scheme demand that firms employ local lawyers and achieve set minimum incomes from the jurisdiction. Those without a licence are banned from practising the law of Singapore or have to do it in conjunction with a local firm, which tends not to suit the models of the world's biggest practices.
With Europe and the US in spiralling decline, the relative success of Asia is enormously tempting for the global elite, and it's thought that some big names will be applying. Local reports suggest that gross revenues for those already holding QFLP licences have increased 25% in the past couple of years, so it's no surprise that the likes of Linklaters, Ashurst and DLA Piper are likely to apply.
Firms have until the end of August to fill in the requisite forms, after which an evalulation committee will swing into gear and start making the crucial decisions. Just remember - no chewing gum.
Tip Off ROF
Back in 2008, authorities handed out a first set of certificates to some of the international big hitters, including Clifford Chance, Allen & Overy and Norton Rose. The accreditation allows the firms to practice Singaporean law from their offices. Which seems pretty sensible, when you've gone to the bother of opening an office.
The rules of the Qualifying Foreign Law Practice (QFLP) scheme demand that firms employ local lawyers and achieve set minimum incomes from the jurisdiction. Those without a licence are banned from practising the law of Singapore or have to do it in conjunction with a local firm, which tends not to suit the models of the world's biggest practices.
 |
What the future looks like. |
With Europe and the US in spiralling decline, the relative success of Asia is enormously tempting for the global elite, and it's thought that some big names will be applying. Local reports suggest that gross revenues for those already holding QFLP licences have increased 25% in the past couple of years, so it's no surprise that the likes of Linklaters, Ashurst and DLA Piper are likely to apply.
Firms have until the end of August to fill in the requisite forms, after which an evalulation committee will swing into gear and start making the crucial decisions. Just remember - no chewing gum.
Comments
3
1