Singapore has long been an important market for international law firms, both as a hub for South East Asian and Indian work and in its own commercial right. But last week’s news that only four of the six international firms granted qualifying foreign law practice (QFLP) licences in 2008 have secured full five-year renewals demonstrates the challenges firms still face in the region.
Between them, Allen & Overy, Clifford Chance, Latham & Watkins, Norton Rose Fulbright, White & Case and Herbert Smith Freehills have generated S$1.2bn in total revenues in the country since 2009 and employ more than 100 Singapore-qualified lawyers. However, individually not all were able to meet stringent criteria required by the Singapore Ministry of Law to guarantee a continued local law capability, such as revenue and lawyer count targets.
