Top 10 City quartet land Singapore licences
Four top 10 City firms have been awarded licences to practise local law in Singapore. Clifford Chance (CC), Allen & Overy (A&O), Herbert Smith and Norton Rose were among six firms awarded the licences earlier today (5 December), along with US firms Latham & Watkins and White & Case, after a process thought to have seen around 20 firms applying.The firms will have up to six months from 1 January to hire local lawyers and set up their Qualifying Foreign Law Practice (QFLP), with the licenses valid for an initial period of five years.The license means firms will be able to practice all areas of local law except domestic litigation, criminal, family and administrative law.
December 05, 2008 at 10:46 AM
2 minute read
Four top 10 City firms have been awarded licences to practise local law in Singapore.
Clifford Chance (CC), Allen & Overy (A&O), Herbert Smith and Norton Rose were among six firms awarded the licences earlier today (5 December), along with US firms Latham & Watkins and White & Case, after a process thought to have seen around 20 firms applying.
The firms will have up to six months from 1 January to hire local lawyers and set up their Qualifying Foreign Law Practice (QFLP), with the licences valid for an initial period of five years.
The licence means firms will be able to practise all areas of local law except domestic litigation, criminal, family and administrative law.
Ashurst and DLA Piper are among the firms that were unsuccessful in their applications
Others, such as Linklaters and Lovells, opted not to apply, stating that they were happy with their local joint ventures (JVs).
The scheme will also see existing joint ventures enhanced to allow further access to the local legal market.
CC last month ended its local JV in anticipation of the liberalisation, while A&O still has an active JV with Shook Lin & Bok.
CC managing partner David Childs said: "We have always viewed Singapore as a critical business hub; the licence will allow us to expand further, both in Singapore and throughout south and southeast Asia."
Latham's Singapore managing partner Mark Nelson said: "We are very excited about the long-term growth opportunities. The licence will allow us to build on the transactional capability we have established in the region, adding an additional dimension to our corporate and finance practices. "
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