Singapore relaxes ban on foreign ownership of law firms as market opens up
Singapore is planning to open up its legal market by allowing overseas firms to take stakes in local law practices and share profits. Changes to the Legal Profession (Amendment) Bill 2012 announced by the Singapore Ministry of Law last week (14 February) will relax rules on foreign ownership of law firms, allowing overseas firms to take a profit and equity share in a Singapore firm of up to 33% in the event of a tie-up. The plans, which are expected to come into effect in the second quarter of 2012, could pave the way for the proposed merger between Linklaters’ local joint venture partner, Allen & Gledhill, and Allen & Overy (A&O), which confirmed they were in talks to combine in November last year.
Legal Profession Act to allow foreign firms to take stakes in local players in key Asia market
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