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Singapore attracts 23 licence applications

To be fair, only two or three dozen Singapore lawyers earn over a million dollars a year - a lot of the guys in the smaller firms and the sole proprietors can only dream about earning such a livelihood. But I too question the rationale for allowing so many foreign firms to have qualifying licenses. I cannot think of another jurisdiction that is so liberal in the scope of the foreign entry it allows to foreign firms. There is no doubt that some of the bread and butter work of local firms is now being done by the foreign firms and the skill levels needed for such work is not cutting-edge. So who really wins from this? I guess if as a client you can get international firms to work for you at local rates then you are a winner. Equally, if you are a local lawyer who can land a job at an international firm to do local work then you will be a winner salary-wise at least in the short term. But how is the Singapore legal profession a winner?

10-Sep-2012

10:15 am