In October 2000 eight pairs of law firms set up joint ventures (JVs) in Singapore after winning licences from the attorney general amid much fanfare and hopes from international firms of penetrating one of Asia’s leading legal centres.
Just 18 months later, that first wave of JVs are being viewed more as a lesson in the short-comings of such arrangements rather than the goldmine they were initially believed to be. Of the eight UK and US firms that linked with local Singapore lawyers, two have already broken up.
