Tuesday, December 29, 2020-9:33 AM
The Ministry of Justice (MinLaw) will renew the Qualified Foreign Legal (QFLP) licenses of all nine Singapore companies participating in this scheme.
They are Allen & Overly. Clifford Chance; Gibson, Dunn & Clutcher; Jones Day; Latham & Watkins; Linklaters; Norton Rose Fulbright; Sidley Austin; and White & Case.
Introduced in 2008, the QFLP scheme aims to support the growth of the Republic’s major economic sectors, grow the legal sector and provide Singapore’s attorneys with additional opportunities.
This allows foreign legal affairs using a QFLP license to practice in areas permitted by Singapore law, except in the areas of domestic litigation and general practice.
MinLaw said in a press statement on Monday that these companies employ about 190 Singapore-qualified attorneys in city-state offices.
QFLP has “significantly contributed” to the growth of Singapore’s legal sector, adding that it has generated over S $ 3.07 billion in offshore revenue since 2013, when the second batch of QFLP was awarded. ..
Following past practice, license renewals for nine companies are subject to conditions that include requirements to achieve quantitative and qualitative goals.
In determining each license renewal and retention period, MinLaw took into account the company’s performance during the license period compared to its previous commitment and its contribution to Singapore.
In addition, the ministry has established new license terms for law firms in areas such as the number of attorneys based in Singapore, plans to establish new areas of practice, and the level of training and career opportunities offered to Singapore. I considered the proposal. lawyer.