The Month

Global Law Firms in Singapore Vie for the Ultra-Rich

Firms are vying to serve the many high-net-worth individuals and families from across Asia that are establishing a base in Singapore.

By Lisa Shuchman / September 10, 2020

Asian currencies Photo: Shutterstock.com

U.K.-based Mishcon de Reya is the latest firm to expand its office in Singapore as the competition intensifies among global firms vying for work serving high-net-worth individuals and families across Asia.

Disputes and arbitration partner Gavin Margetson has joined the firm, which launched its Singapore office in June, despite challenges posed by the COVID-19 pandemic. Margetson previously worked at Singapore disputes boutique Sharpe & Jagger, and prior to that, he was a partner at Bryan Cave Leighton Paisner and Herbert Smith Freehills, where he spent a decade in the Bangkok, Singapore and Tokyo offices.

Like other big global firms, Mishcon is hoping to capitalize on the large number of high-net-worth families in Asia moving their base to Singapore.

"We want to service them not just in their personal capacity and for their tax and corporate structuring needs but also for their businesses and their transactional work," said Tahirah Ara, Mishcon's Singapore managing partner.

Mishcon's aspirations echo that of many other law firms in Singapore that have recently hired scores of private client and wealth management lawyers in order to seize restructuring work opportunities presented by the pandemic.

Earlier in March, London law firm McCarthy Denning announced its formal association with Singapore firm ArrowGates, citing private wealth and family office as two of its main drivers and focal practice areas, in addition to private equity and venture capital work.

Last year, Withers deepened its relationship with Singapore firm KhattarWong, fully merging after having shared a formal law alliance since 2015. Later, the firm also hired private funds specialist Daniel Yong as a partner from Morgan, Lewis & Bockius. The combination created the largest international law firm, with 24 lawyers in Singapore focusing on high-net-worth individuals.

The Big Four have also steepened competition in the field. In June, EY's legal arm in Singapore,  called, Atlas Asia Law Corp., hired Benjamin Szeto as head of private wealth management from RHTLaw Asia. Just days before Szeto's hire, Atlas Asia added investment funds director Emily Low.

Hong Kong's political unrest has also created prospects for private wealth lawyers in Singapore, as Hong Kong's ultra-rich seek to hedge risk by relocating their nest eggs. According to a Goldman Sachs report in 2019, up to US$4 billion was deposited into Singapore accounts during the protests. Hong Kong government data also showed that the net outflows of financial assets hit US$33 billion last year, almost US$12 billion more than the year before.

But even before Hong Kong got locked into a spiral of chaos, Singapore had already been deemed as one of the most sought-after cities for the rich. As a gateway city and regional hub, Singapore is primed to benefit from the growth of high net worth families and tycoons in neighboring countries across Asia.

Vietnam, Thailand and the Philippines are Mishcon's key target jurisdictions, and the firm is already getting a large amount of work from Indonesia, Ara said.

According to Knight Frank's Wealth Report 2020, Asia's population of ultra-high-net-worth individuals—those with a net worth of more than US$30 million—is expanding at a rate that outpaces most other regions worldwide. The city witnessed one of the highest growth rates of ultra-high-net-worth individuals globally, from 2018 to 2019. In 2019, more than 3,300 of them resided in Singapore, and forecasts predicted this would increase to more than 4,200 in 2024.

But the projected growth rate of the ultra-rich in Southeast Asia will also increase competition for law firms on the ground. The Singapore government has actively been trying to attract family offices—firms set up by high-net-worth families to manage their money and investments across generations—in its effort to become Asia's leading wealth management hub. The country has deployed tax incentives, special fund structures and pathways to residency.

As a result, family offices in Singapore have increased fivefold between 2017 and 2019.


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Withers Has Big Plans for Growth in Asia