EY follows PwC into Singapore, awaits foreign law practice licence
Ernst & Young (EY) has entered Singapore's legal services market through an alliance with local outfit PK Wong & Associates.
October 03, 2014 at 03:30 AM
2 minute read
Ernst & Young (EY) has entered Singapore's legal services market through an alliance with local outfit PK Wong & Associates.
The eight-lawyer firm has joined EY's global network in the same way that Camford Law became part of PwC in July; allowing EY to offer local Singapore legal advice while PK Wong remains a separate partnership.
PK Wong is a boutique corporate commercial firm, specialising in employment, insolvency and disputes. It will work closely with EY's assurance, tax, transactions and advisory teams.
In addition to securing the local alliance, EY has also applied for a Foreign Law Practice (FLP) licence in the city-state in the hopes of offering regional legal services and cross border counsel.
The big four accounting firm declined to specify how the two operations would work together in the future, but it is thought that the two firms could look to form a joint law venture (JLV) or formal law alliance (FLA) subject to regulatory approvals.
Earlier this year Howard Adams, head of the legal team in Asia-Pacific, said the firm wanted to offer legal advice across Asia and in several new markets including Singapore, Vietnam, Hong Kong, Korea and Indonesia.
It currently operates in Australia and New Zealand with a total of 12 partners, in China through a 75-lawyer Shanghai-outfit Chen & Co, and in Vietnam as of last April. In December last year it hired former Herbert Smith Freehills partner John Dick to head the legal team in ASEAN.
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