The Law Society of Singapore has given the green light for firms to take equity stakes in their clients in lieu of fees in a sign that the practice that hit the UK earlier this year is spreading to Asia.
Murugaiyan Sivakumar, a member of the Council of the Law Society of Singapore and of the Law Society’s Ethics Committee, said: “The direction was prompted by the Council’s realisation that equity in lieu of fees was a phenomenon gaining popularity in other jurisdictions, and that some Singapore law firms were under pressure from clients to do the same.”
