Allowing Singapore Law Practices more flexibility to grow and enhance international competitiveness
14 FEB 2012
14 Feb 2012 Posted in Announcements
- At the Second Reading of the Legal Profession (Bill) 2012 (LPA Bill 2012), the Minister for Law announced that the Ministry will be implementing a package of measures to give Singapore Law Practices (SLPs) greater flexibility to grow and work more closely with Foreign Law Practices (FLPs).
- Refer to Media Fact Sheet (0.15MB) for details, which are, in summary:
- SLPs which employ Foreign Lawyers (FLs) within their local practices.FLs employed within the SLP will be able to take a greater profit and equity share in the SLP.
- SLPs which tie up with FLPs based overseas :
- FLs within the overseas FLP will be able to take a greater profit and equity share in the SLP;
- The overseas FLP will be able to take a profit and equity share in the SLP;
- Lawyers working in the overseas FLP will be able to concurrently be partners in the overseas FLP and the SLP; and
- Lawyers working in the SLP will be able to concurrently be partners in the SLP and the overseas FLP.
- SLPs which tie up with FLPs based in Singapore. SLPs and FLPs based in Singapore will have increased scope for collaboration within an amended Formal Law Alliance (FLA) framework. For SLPs and FLPs which enter into a Joint Law Venture (JLV), concurrent partnerships between the two constituents of the JLV will now be allowed.
- Qualifying Foreign Law Practices (QFLPs). QFLPs will be allowed to enter into FLAs or JLVs, and retain their QFLP licence.
- SLPs which want to employ corporate structures. SLPs will be allowed to establish a related law corporation. Singapore Lawyers will be able to hold executive appointments in companies set up by the SLP for related activities.
- A separate announcement will be made prior to the implementation of these changes in the second quarter of this year. Law firms may contact the Ministry of Law for more details.
Last updated on 13 May 2014