Taylor Wessing tightens Singapore links as alliance firm joins international network
Taylor Wessing's Singapore ally RHT Law has joined its international network, with the 60-fee earner firm set to rebrand as RHTLaw Taylor Wessing. The two firms, which entered into a co-operation agreement six months ago, will now see their relationship operate along the same lines as Taylor Wessing's UK and German arms.
March 09, 2012 at 07:58 AM
3 minute read
Taylor Wessing's Singapore ally RHT Law has joined its international network, with the 60-fee earner firm set to rebrand as RHTLaw Taylor Wessing.
The two firms, which entered into a co-operation agreement six months ago, will now see their relationship operate along the same lines as that of Taylor Wessing's UK and German arms.
This will include joint branding, joint values, pitches and training as well as making contributions to the global investment pool.
RHT is a spin-off from KhattarWong, which was Eversheds' local alliance partner until 2005.
Taylor Wessing has placed Asia expansion as a key focus for its international development. The firm already has two bases in China and is currently targeting a Hong Kong as the next priority.
UK managing partner Tim Eyles said the deregulation of the Asian market had given the firm the opportunity to improve its structure to better serve clients.
He said: "The Asian economy is extremely important. It is where we see a large part of our client generation currently. The accession of RHT Law puts us in the perfect position to take advantage of the opportunities provided by regional and global markets and turn our collective experience to the benefit of clients. Hong Kong remains key as the next logical priority for Taylor Wessing following this important development."
RHT senior partner and supervisory council member Subhas Anandan added: "Our cooperation of the past six months has clearly established that joining Taylor Wessing will further internationalise our business and maximise the opportunities in this dynamic region."
The news comes after Singapore last month announced plans to open up its legal market by allowing overseas firms to take stakes in local law practices and share profits.
Changes to the Legal Profession (Amendment) Bill 2012 announced by the Singapore Ministry of Law will relax rules on foreign ownership of law firms, allowing overseas firms to take a profit and equity share in a Singapore firm of up to 33% in the event of a tie-up.
The changes will make it easier for Allen & Overy to pursue some form of tie-up with Linklaters' Singapore joint venture partner Allen & Gledhill. The pair entered into discussions about a merger late last year.
Legal Week also reported today that Freshfields Bruckhaus Deringer's partnership has given the go-ahead to the magic circle firm's plans to reopen in Singapore.
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