Overview
The Singapore legal market remains strong, supported by significant growth in pan-regional transactional and project work and international arbitration.
Allen & Overy, Clifford Chance, Herbert Smith LLP, Latham & Watkins LLP, Norton Rose (Asia) LLP and White & Case LLP hold Qualified Foreign Law Practice (QFLP) licences, allowing them to practise domestic law employing Singapore-qualified lawyers. Other firms achieve this through joint law ventures, notably Allens Arthur Robinson TSMP, Baker & McKenzie.Wong & Leow, Linklaters Allen & Gledhill, Hogan Lovells Lee & Lee and Pinsent Masons MPillay LLP. In 2011, market liberalisation produced new alliances and local subsidiaries of international firms, notably Duane Morris & Selvam LLP, a joint law venture between Duane Morris LLP and Selvam LLC, and Ince & Co’s establishment of Incisive Law LLC.
Transactional work focused on pan-Asian infrastructure projects, notably in Indonesia and Vietnam, as well as large-scale local developments. Transactions financed out of China and India leverage Singapore’s cultural synergy.
Government support for the Singapore International Arbitration Centre (SIAC) has established Singapore as a strong regional hub for international arbitration. There is currently consultation around London-based QCs being allowed to practice at the Singapore Bar, bringing more competition to local practitioners.
2011 saw significant changes in the legal market. International firms establishing new offices in Singapore included Hill Dickinson LLP, King & Spalding LLP and Nabarro LLP. Allen & Overy and Norton Rose (Asia) LLP regional strength has been boosted by their growing presence in Australia. The merger between strong shipping and insurance firms Clyde & Co and Barlow Lyde & Gilbert LLP in November 2011 will clearly impact the market.
The local market is dominated by four preeminent law firms: Allen & Gledhill LLP, WongPartnership LLP, Drew & Napier LLC and Rajah & Tann LLP. While the latter two are particularly strong in litigation, strong transactional firms, notably Shook Lin & Bok LLP, Stamford Law Corporation and Rodyk & Davidson LLP lead the chasing pack. Specialist boutiques are increasingly involved in some of the biggest deals. Loo & Partners LLP is one such example. Asia Practice LLP and RHT Law LLP, the latter recently established an alliance with Taylor Wessing LLP, are breakway boutiques launched by high-profile partners from large local firms.