By
K. C. Vijayan, Law Correspondent
and
Sujin Thomas
'The six firms awarded the licences are ranked among the world's top law firms.' -- PHOTO: COURTESY OF CORBIS
SIX top foreign law firms will soon be allowed to practise Singapore law in selected areas like the corporate, finance and maritime sectors.
The six firms - Allen & Overy, Clifford Chance, Herbert Smith, Latham & Watkins, Norton Rose and White & Case - are expected to begin operating by June next year and their licences will run for five years.
The six firms
Allen & Overy: The British firm has 31 offices in countries such as the United States, France, Germany, Saudi Arabia and Thailand. It specialises in a number of areas, including litigation, corporate, tax and finance law.
Its Singapore office opened in 1992 and operates through a joint venture with Malaysian legal firm Shook Lin & Bok.
Clifford Chance: The British firm is the world's largest based on revenue and has 30 offices in 21 countries such as the United States, Japan, China, Italy and Brazil. Its specialisations include commercial, construction, tax and finance law. Its Singapore office opened in 1981.
Herbert Smith: The British firm has more than 20 offices in countries such as the United States, Germany, Thailand and China. Its Singapore office, which opened in 1995, is its centre for South-east Asian practices and offers expertise in corporate finance, dispute resolution and finance law, and other services.
Latham & Watkins: The American firm has 28 offices in countries such as the United States, Japan, Russia and Italy. Its Singapore office, which opened in 1997, serves as base from which the firm represents clients in South and Southeast Asia. Its specialities include corporate, finance, litigation and tax law.
Norton Rose: The British firm has more than 20 offices worldwide and is often cited in legal publications as a market leader among international legal practices in Asia. Its Singapore office opened in 1982 and specialises in shipping, arbitration, corporate and finance law.
White & Case: The American firm has 38 offices in 25 countries and was named Litigation Team Of The Year by British law magazine The Lawyer. Its Singapore office opened in 1983 and is associated with Venture Law.
Announcing the list yesterday, Law and Second Home Affairs Minister K. Shanmugam said four of the six firms are ranked in the world's top 10 firms.
The firms were chosen based on their track records, the value of the work they would bring to Singapore and the opportunities they would provide for local lawyers.
'These are not firms that make statements lightly... nor are they firms that you would expect to see today and be gone tomorrow,' said Mr Shanmugam. 'These are serious world class players.'
Twenty foreign firms applied to operate in Singapore and the six were chosen via a stringent selection process with two different committees and the Attorney-General involved in the selection.
Read the full story in Saturday's edition of The Straits Times.
