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SINGAPORE: Singapore law firms can now hire foreign lawyers to practise Singapore law in areas like banking, finance and corporate law.

This was announced in Parliament by Deputy Prime Minister and Law Minister S Jayakumar while presenting changes to the Legal Profession Act.

Lawyers are in short supply in Singapore.

Besides setting up a second law school to meet the rising demand, another avenue is to look overseas.

DPM Jayakumar said: "To ensure that Singapore law firms can continue attracting and retaining experienced and talented foreign lawyers, they will be permitted to own equity shares in and share profits of a local law firm, subject to an aggregate limit of 25 percent of the total equity shares in or profits of the local law firm. This will help Singapore law firms to expand their capabilities and reach out to the region."

However, there will be a special scheme to allow law firms to tap on good foreign lawyers without opening the floodgates to all.

They must also have at least one year of offshore legal work experience in Singapore, and will have to pass a Qualifying Examination.

Another change is, all lawyers will be required to undergo a Legal Practice Management Course before they are allowed to manage a law firm as a partner, director or sole proprietor.

This will ensure that they are equipped with the right skills for the job.

The Law Minister signalled more changes are in the pipeline as a committee headed by Justice V K Rajah is undertaking a comprehensive review of the legal sector.

The aim is to strengthen Singapore's position as an international legal hub and to stay ahead of regional competition.



- CNA/so

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