Key changes transforming Singapore’s legal market are one highlight of a new book by this author which provides “A Comprehensive Guide to the Asia-Pacific Legal Markets.” Integral to the book was the participation of the region’s lawyers, legal services sector professionals, and law firm management in Asia. They provide commentary and analysis of many issues and trends afoot within Asia-Pacific’s legal markets.
Over the course of the next weeks and months, we will highlight those contributions and those authors. To begin with, we turn to a superb contribution by Sangeet Kaur, Director at Legal Brokers Compliance and Lex Conscientia (Private) Limited. All in all, Kaur outlined the most recent development in the Singapore legal market. Here’s a preview:
Domestic Changes
“In the past year, domestically, the industry has seen the introduction of landmark new bills and laws, the reorganisation of court systems, better case management at all levels, world class award achievements and a change in the ways that criminal proceedings are conducted…These are certainly welcomed developments which will add to the already impressive “bag of goodies” which help in the dispensing of quick and efficient justice in the electronic environment,” Kaur explained
International Changes
As Kaur outlines: “In the international space, Singapore has seen itself welcoming foreign competition, internationalising legal services and promoting itself as an international dispute resolution centre. Therefore, the near future will see the establishment of the Singapore International Commercial Court Singapore International Mediation Centre.”
“The expat legal community witnessed the renewal process of the Qualifying Foreign Law Practice (“QFLP”) licences which were first granted in 2008. Though, statistics provided by the Ministry of Law reveal that the initial six foreign law firms under the QFLP scheme generated $1.2 billion in total revenue, of which about 80 per cent came from offshore work.”
“Never in still waters, discussions about a new wave of reforms are currently abuzz in Singapore. Moreover, these emanate from the January 2014 recommendations by the Committee to Review the Regulatory Framework of the Singapore Legal Services Sector”
However, areas of reform include:
- Applying new professional conduct rules
- Subjecting foreign lawyers practicing Singapore law to disciplinary processes just like their Singapore counterparts and
- Considering the recognition of Alternative Business Structures (“ABS”)
These and more key developments in Singapore are highlighted and analyzed in-depth in the book. For further information about Sangeet Kaur or about the book A Comprehensive Guide to the Asia-Pacific Legal Markets, please see:
Sangeet Kaur
Director, Lex Conscientia (Private) Limited, Singapore
Director, Lex Conscientia (UK) Limited, United Kingdom (trading as Legal Brokers Compliance)
Sangeet is a Singapore and UK Entrepreneur. What’s more, she provides consultancy and legal support services for law firm management in Asia and in-house counsel in the areas of
- Regulatory compliance
- Anti-money laundering
- KYC
- Knowledge management
- Business development
- Legal research and
- Corporate intelligence
She has her feet in both countries and follows their legal developments closely. However, Sangeet actively shares content on social media.
