[h=2]More foreign lawyers in Singapore[/h]
August 3rd, 2012 |
Author: Contributions
It is a common joke that the only good lawyer is a dead lawyer, however it appears that overseas law firms and their lawyers are flocking in droves to Singapore, and they are very much alive.
According to an article on The Lawyer, Singapore doubled the amount of foreign lawyers in 5 years, from 2006 ~ 2011. As of now, a quarter of all practising lawyers are foreigners.
If you view the column graph below, you will notice a disparity. 25% of lawyers are foreigners, and yet foreign law firms account for only about 12% of all law firms here.
The article admits that the “competition, either for work or for lawyers, is also on the rise.” It is often said that SMEs are the backbone of any economy, and we have concerns that the big law firms are muscling out the smaller ones for the reasons below:
TALENT DRAW
For a new law school graduate, the cream of the crop would want to work for a big-name international firm. This means that the chances for a local law firm to hire good lawyers will be reduced, and over time, reduce their competitiveness. Big firms are in a rush to grab talents nowadays, and this is because they realise in today’s hyper-competitive economy, talents are as much an asset as patents – you have it, and your competitor don’t.
THE GROWING RICH-POOR DIVIDE
The rich will be able and want to afford the best lawyers their money can buy. There is an increasing proportion of rich people in Singapore, and they will want a brand-name law firm to represent them. As a result, there might be hyper-inflationary pressure on lawyer rates, with the bulk of the monies going to the bigger law firms.
The local law firms, on the other hand, has to contend with the poorer folk, who has less money to spend on lawyer representation. On the whole, you might see a proportionate spending on both big foreign law firms, and smaller local ones. However, the big foreign law firms over time will be able to have a stronger footing due to more revenue per firm and getting the higher profile cases.
POLITICS AND LAWYERS
This is what we are truly concerned about at SGPOLCOM – lawyers have been the backbone of politics in many countries, including Singapore. Lee Kuan Yew was a lawyer, Gandhi was a lawyer, Obama was a lawyer, JB Jeyaretnam was a lawyer, Chee Soon Juan was a lawyer, and so on and so forth.
Foreign firms and lawyers do not have a vested interest in Singapore’s politics, they are here to make money primarily. Our predicted outcome of smaller law firms barely able to survive is going to have its consequential effects on stifling the political scene in Singapore as well. How can a lawyer partake in politics when he or she has to worry tremendously about putting food on the table?
As a result, fewer lawyers might take an active participation in politics, lessening the political scene of discussion and debate by people who knows and practices the law.
INTERNATIONAL WATERS, DOMESTIC BACKWATER
According to the article, Singapore is developing itself into an international arbitration centre. Yet, we do still have issues that should be resolved – our democracy ranking is 42 according to democracyranking.org, we are still implementing capital punishment. Law and justice should be developed not just along commercial lines, but socio-political lines as well. We might have a first-class army of lawyers trained to arbitrate commercial cases, but back home our socio-political legislative system is still considered backwards, and what’s the use? Over time, lawyers might even forgo socio-political legislative development in order to focus on the much more lucrative commercial areas.
While we do in general celebrate Singapore’s legal scene development, there are a few worries as laid out above that should be addressed, in order to develop Singapore’s domestic talents and legislative policies.
Article: The Lawyer’s “Sing It Loud” ([url]http://www.thelawyer.com/1013598.article)[/URL]
.
Kelvin Tan
It is a common joke that the only good lawyer is a dead lawyer, however it appears that overseas law firms and their lawyers are flocking in droves to Singapore, and they are very much alive.
According to an article on The Lawyer, Singapore doubled the amount of foreign lawyers in 5 years, from 2006 ~ 2011. As of now, a quarter of all practising lawyers are foreigners.
If you view the column graph below, you will notice a disparity. 25% of lawyers are foreigners, and yet foreign law firms account for only about 12% of all law firms here.
The article admits that the “competition, either for work or for lawyers, is also on the rise.” It is often said that SMEs are the backbone of any economy, and we have concerns that the big law firms are muscling out the smaller ones for the reasons below:
TALENT DRAW
For a new law school graduate, the cream of the crop would want to work for a big-name international firm. This means that the chances for a local law firm to hire good lawyers will be reduced, and over time, reduce their competitiveness. Big firms are in a rush to grab talents nowadays, and this is because they realise in today’s hyper-competitive economy, talents are as much an asset as patents – you have it, and your competitor don’t.
THE GROWING RICH-POOR DIVIDE
The rich will be able and want to afford the best lawyers their money can buy. There is an increasing proportion of rich people in Singapore, and they will want a brand-name law firm to represent them. As a result, there might be hyper-inflationary pressure on lawyer rates, with the bulk of the monies going to the bigger law firms.
The local law firms, on the other hand, has to contend with the poorer folk, who has less money to spend on lawyer representation. On the whole, you might see a proportionate spending on both big foreign law firms, and smaller local ones. However, the big foreign law firms over time will be able to have a stronger footing due to more revenue per firm and getting the higher profile cases.
POLITICS AND LAWYERS
This is what we are truly concerned about at SGPOLCOM – lawyers have been the backbone of politics in many countries, including Singapore. Lee Kuan Yew was a lawyer, Gandhi was a lawyer, Obama was a lawyer, JB Jeyaretnam was a lawyer, Chee Soon Juan was a lawyer, and so on and so forth.
Foreign firms and lawyers do not have a vested interest in Singapore’s politics, they are here to make money primarily. Our predicted outcome of smaller law firms barely able to survive is going to have its consequential effects on stifling the political scene in Singapore as well. How can a lawyer partake in politics when he or she has to worry tremendously about putting food on the table?
As a result, fewer lawyers might take an active participation in politics, lessening the political scene of discussion and debate by people who knows and practices the law.
INTERNATIONAL WATERS, DOMESTIC BACKWATER
According to the article, Singapore is developing itself into an international arbitration centre. Yet, we do still have issues that should be resolved – our democracy ranking is 42 according to democracyranking.org, we are still implementing capital punishment. Law and justice should be developed not just along commercial lines, but socio-political lines as well. We might have a first-class army of lawyers trained to arbitrate commercial cases, but back home our socio-political legislative system is still considered backwards, and what’s the use? Over time, lawyers might even forgo socio-political legislative development in order to focus on the much more lucrative commercial areas.
While we do in general celebrate Singapore’s legal scene development, there are a few worries as laid out above that should be addressed, in order to develop Singapore’s domestic talents and legislative policies.
Article: The Lawyer’s “Sing It Loud” ([url]http://www.thelawyer.com/1013598.article)[/URL]
.
Kelvin Tan