CC calls time on Singapore joint venture
Clifford Chance (CC) is set to end its Singapore joint venture (JV) in anticipation of the impending liberalisation of the country's legal market. The magic circle firm will terminate its alliance with Wong Partnership next spring (30 April). The upcoming liberalisation of the Singapore market will allow JVs to be transformed to 'enhanced JVs', a structure which enables further economic integration.
November 17, 2008 at 10:49 AM
2 minute read
Clifford Chance (CC) is set to end its Singapore joint venture (JV) in anticipation of the impending liberalisation of the country's legal market.
The magic circle firm will terminate its alliance with Wong Partnership next spring (30 April).
The upcoming liberalisation of the Singapore market will allow JVs to be transformed to 'enhanced JVs', a structure which enables further economic integration.
CC Singapore managing partner Philip Rapp told Legal Week: "We tried to upgrade our JV to an enhanced JV, but both firms could not agree on strategies going forward. We did not come to an agreement so we decided to part as friends. I stress it has been very amicable."
The CC-Wong JV has been in place since January 2003, after the City giant abandoned initial plans to tie up with Wong in 2000.
Wong has since grown to around 230 lawyers. CC has 47 lawyers on the ground in Singapore, including seven partners.
The Singapore law ministry will hand out around five local law licenses to foreign firms by the end of this year. It is thought that around 20 firms have applied for the much-coveted licenses.
At least six City firms have applied to practise local law in Singapore, including Ashurst, DLA Piper, Herbert Smith and Norton Rose.
CC is understood to be among firms that have applied, having had a presence in the country since 1981. The firm declined to comment.
Allen & Overy – which has a JV with local firm Shook Lin & Bok – is also understood to have applied.
Linklaters and Lovells have both stated that they were happy with their JVs and have not applied for a license.
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