Legal Services
Singapore’s legal sector is steadily growing in importance.
Currently home to around 5,000 practising lawyers and 900 law firms, including nine out of 10 of the world’s top law firms, Singapore is a key legal hub for South-east Asia and, increasingly, the Indian subcontinent.
Singapore has also become an important centre for international arbitration. A 2008 report published by the International Chamber of Commerce‘s International Court of Arbitration (ICC-ICA) ranked Singapore as the top city in Asia for ICC arbitrations and one of the five most popular arbitration venues alongside Paris, London, Geneva and Zurich.
A new milestone has been set with the launch of Maxwell Chamber, the world’s first integrated dispute resolution complex. It houses top international alternative dispute resolution institutions such as the Permanent Court of Arbitration, the ICC-ICA, and the International Centre for Dispute Resolution – a collaboration between the American Arbitration Association and the Singapore International Arbitration Centre.
With Singapore cementing its position as a regional international arbitration centre, and with an increase in the number of international disputes in the current climate, the demand for arbitrators and arbitration lawyers will be considerable.
The sector has also been opened up to foreign legal firms. In December 2008, Singapore gave out six Qualifying Foreign Law Practice (QFLP) licences to allow foreign firms to practise Singapore law (in permitted areas). These firms have expanded their practices here, creating more opportunities for talent.
As a key financial centre for the region, lawyers in Singapore have the opportunity to be involved in large-scale and complex cross-border transactions. Singapore law firms are increasingly international in their practice and outlook while international law firms have been allowed to practise Singapore law in corporate areas. Hence strong demand is expected for both foreign- and Singapore-qualified lawyers in the local and international firms.
The Ministry of Law has also made a number of significant changes in 2009 to requirements for admission to the Singapore Bar. For instance, overseas graduates now do not have to attend a year-long conversion course. Instead, they will undergo a Bar examination and an optional three-month course. Pupillage has also been replaced by training contracts.
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