Top 50 UK trio among stream of major firms aiming to secure full practice rights in booming Singapore market

DLA Piper, Olswang and Stephenson Harwood are among a raft of firms to have bid for licences to practise local law in Singapore, with the deadline for applications passing last week (31 August).

The trio have applied for Qualifying Foreign Law Practice (QFLP) status alongside Berwin Leighton Paisner, Jones Day, K&L Gates, Watson Farley & Williams, Gibson Dunn & Crutcher and Shearman & Sterling, with the latest selection process coming four years after six licences were handed out in 2008.

The QFLP licences enable foreign firms to practise local corporate law and hire local lawyers in Singapore.

The first application round in 2008 saw Clifford Chance, Herbert Smith, Allen & Overy, Norton Rose, White & Case and Latham & Watkins all win licences, which were valid for an initial five-year period from 1 January 2009.

Singapore's Ministry of Law (MinLaw) confirmed that a total of 23 law firms had submitted bids by the close of the latest application period, which began on 1 July this year.

The number of approved licences – which will be issued by the end of the year – will depend on the quality of applications received.

Olswang Asia managing partner Rob Bratby said: "Olswang Asia has applied for a QFLP as our technology, telecoms and media industry sector focus complements the Singapore Government's initiatives to make Singapore a regional hub for IP-rich businesses in those sectors.

"Since arriving in Singapore late last year, we have already been instructed by large US and European businesses in those sectors and a licence to practise Singaporean law will give us additional flexibility in using Singaporean law for regional transactions."

K&L Gates Asia managing partner David Tang said: "We are very excited about the opportunities afforded by a QFLP licence. Being allowed to practise Singapore law, to bring into the office more Singapore-qualified lawyers and to tap our lawyers with deep experience in the financial services, technology and life sciences areas would be a natural extension of our firmwide practice model."

Ashurst is also understood to have bid for a licence, while Legal Week reported earlier this year that Linklaters was targeting local law capability after confirming the end of its joint venture with Singapore leader Allen & Gledhill.

According to MinLaw, licences will be awarded based on the following criteria: the value of offshore work that the local office would generate, the areas of legal practice it would cover, the extent to which it would function as regional headquarters, the number of lawyers expected to be based there and the firm's track record.

The news comes after the Singapore Government amended its Legal Profession Act this February, allowing overseas firms to take a stake of up to 33% in local practices and share profits with Singapore partnerships.

The reforms will mean the six firms given licences in 2008 can also enter into joint law ventures or formal law alliances with local firms.