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Why does Lee Wei Ling feud with Brothers and SIL?
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Govt rebuts lawyer's comments on scheme
Mrs Lee cited figures on the Qualifying Foreign Law Practice scheme, and wondered if the outcome was good enough.
PUBLISHED4 HOURS AGO 9am , 15 Apr 2016
Ministry defends 2008 scheme which lawyer Lee Suet Fern says has not benefited S'pore lawyers enough
Grace Leong
The Law Ministry has rebutted comments by a prominent Singapore lawyer who said a scheme unveiled in 2008 to open up the local legal sector to foreign law firms has not benefited local lawyers enough.
The ministry was responding to comments on internationalisation by Mrs Lee Suet Fern, managing partner of Morgan Lewis Stamford, at a lecture organised by the Law Society last month.
Mrs Lee had cited the Qualifying Foreign Law Practice (QFLP) scheme, which allows foreign law firms to practise in permitted areas of local law through Singapore qualified lawyers.
She noted that the six original QFLP firms, despite generating $1.2 billion in revenue between 2009 and 2014, had hired "only about 100 out of thousands of Singapore-qualified lawyers", and wondered if this was a good enough outcome. Foreign law firms, she said, had given local ones a run for their money.
In its response, MinLaw defended the scheme, noting that it had opened up new opportunities for Singaporean lawyers who were keen to do transnational commercial work. The scheme allowed them to gain exposure to niche areas not previously easily available and gave opportunities to young local lawyers.
The ministry noted that for 2014/2015, the nine foreign firms granted QFLP status generated $340 million in revenue, with 80 per cent coming from offshore work, or work that could have been done elsewhere.
Exports of legal services in 2014 were worth $700 million - $400 million contributed by foreign law firms.
The ministry added that more than a third of lawyers in QFLPs were Singapore-qualified and more than a quarter of partners in the QFLPs were Singapore-qualified.
It added that the scheme had received the backing of many of Singapore's larger law firms, some of which would be most directly impacted, as well as those in the financial services industry. "In other words, the introduction of the QFLP, and its role in making Singapore a regional legal centre, has implications beyond the legal sector, and benefits beyond the economy."
Pointing out that Mrs Lee's arguments appeared at odds with her previous positions, the ministry disclosed that she had sought to join the scheme in 2014.
But her proposal to do so was turned down as the ministry "had specific periods when it invited applications from everyone, then considered the best applicants".
"It would not be possible to give a licence to one firm, at that firm's request," MinLaw said.
Mrs Lee, however, appealed for an exception to be made for her firm and "strongly made the case for a QFLP licence to be given", said the ministry, noting that she had "extolled the virtues of the QFLP scheme" at the time.
"However, her request was rejected because no exceptions could be made for her. The QFLP licence is awarded only when an application cycle is called, and on a competitive basis."
Asked about this by The Straits Times, Mrs Lee said: "When we were exploring a merger with Morgan Lewis in 2014, we looked at the various existing options, including a QFLP. But as another round of invitations for QFLP licences was not likely, we searched for another avenue to achieve internationalisation."
Stamford Law merged with Morgan Lewis & Bockius last year. Mrs Lee was Stamford's senior director and founder.
Last night, Mrs Lee said she acknowledged the benefits of the QFLP scheme, but added that it is only one of the ways for the legal sector to grow. "Singapore lawyers need to go regional, with or without QFLPs. And there are many opportunities for Singapore lawyers to tap overseas opportunities, as more local and international firms tie up. This calls for a mindset change. Singapore lawyers need to leave their comfort zone and think regional, think international and venture beyond the shores of Singapore."
Pointing out that Mrs Lee's arguments appeared at odds with her previous positions, the ministry disclosed that she had sought to join the scheme in 2014.
But her proposal to do so was turned down as the ministry "had specific periods when it invited applications from everyone, then considered the best applicants".
"It would not be possible to give a licence to one firm, at that firm's request," MinLaw said.
Mrs Lee, however, appealed for an exception to be made for her firm and "strongly made the case for a QFLP licence to be given", said the ministry, noting that she had "extolled the virtues of the QFLP scheme" at the time.
"However, her request was rejected because no exceptions could be made for her. The QFLP licence is awarded only when an application cycle is called, and on a competitive basis."
A version of this article appeared in the print edition of The Straits Times on April 15, 2016, with the headline 'Govt rebuts lawyer's comments on scheme'.
Bros n Sis ,
"Mrs Lee cited figures on the Qualifying Foreign Law Practice scheme, and wondered if the outcome was good enough."
very "chimp" / deep debate - whats LSF unhappy about ? tks
"Mrs Lee cited figures on the Qualifying Foreign Law Practice scheme, and wondered if the outcome was good enough."
very "chimp" / deep debate - whats LSF unhappy about ? tks
Singapore lawyer Lee Suet Fern of Morgan Lewis Stamford wins lifetime achievement award
MRS LEE SUET FERN
PUBLISHED APR 9, 2016, 5:00 AM SGT
Lee Suet Fern is 1st female lawyer in Asia-Pac to get Chambers and Partners honour
Grace Leong
The managing partner of Morgan Lewis Stamford in Singapore was given a lifetime achievement award by Chambers and Partners yesterday.
Mrs Lee Suet Fern is the first female lawyer in the Asia-Pacific to receive this honour, conferred for her consistent contributions as a leading lawyer in the practice areas of banking, capital markets, corporate finance, and mergers and acquisitions.
Award winners are selected from among senior and well-established lawyers who have made a significant contribution to the market as a whole or to a particular practice area.
"Winning the award is a great honour. I am humbled to be selected from such a large pool of notable lawyers in the Asia-Pacific, and the fact that I am the first female lawyer to be recognised is a tribute to the many women lawyers now in the profession," she said.
Factors behind her award include her involvement in many ground- breaking corporate transactions over many years in the region.
Mrs Lee said: "Perhaps also the entrepreneurship that was involved in starting a new law firm some 16 years ago, growing it into a regional player, and our ground-breaking combination with Morgan Lewis that allowed us to fully service clients in all areas of Singapore practice as well as internationalising our Singapore firm."
The 2016 Chambers Asia-Pacific guide ranks Mrs Lee in Band 1 in both Chambers Asia-Pacific and Chambers Global guides in the Singapore corporate/mergers and acquisition category.
The guide, which is one of the world's largest circulating legal ranking publications, assesses law firms and individual lawyers in bands from 1 to 6, with 1 being the best.
Mrs Lee often advises major clients on acquisitions and reverse takeovers, including recently acting for United Fiber System on its reverse takeover of Golden Energy Mines. She represented IT services firm Infosys in its US$120 million (S$162 million) acquisition of San Francisco-based Kallidus.
Mrs Lee also served as a board member of various publicly listed companies in Singapore and globally. She currently serves as director on the boards of global Fortune 100 companies AXA and Sanofi.
Other winners of the Chambers Asia-Pacific Awards yesterday included Allen & Gledhill for "Domestic Law Adviser of the Year". It had acted as Singapore counsel for Avago Technologies in the US$37 billion acquisition of Broadcom Corporation.
Clifford Chance nabbed the "International Law Adviser of the Year" award.
MRS LEE SUET FERN
PUBLISHED APR 9, 2016, 5:00 AM SGT
Lee Suet Fern is 1st female lawyer in Asia-Pac to get Chambers and Partners honour
Grace Leong
The managing partner of Morgan Lewis Stamford in Singapore was given a lifetime achievement award by Chambers and Partners yesterday.
Mrs Lee Suet Fern is the first female lawyer in the Asia-Pacific to receive this honour, conferred for her consistent contributions as a leading lawyer in the practice areas of banking, capital markets, corporate finance, and mergers and acquisitions.
Award winners are selected from among senior and well-established lawyers who have made a significant contribution to the market as a whole or to a particular practice area.
"Winning the award is a great honour. I am humbled to be selected from such a large pool of notable lawyers in the Asia-Pacific, and the fact that I am the first female lawyer to be recognised is a tribute to the many women lawyers now in the profession," she said.
Factors behind her award include her involvement in many ground- breaking corporate transactions over many years in the region.
Mrs Lee said: "Perhaps also the entrepreneurship that was involved in starting a new law firm some 16 years ago, growing it into a regional player, and our ground-breaking combination with Morgan Lewis that allowed us to fully service clients in all areas of Singapore practice as well as internationalising our Singapore firm."
The 2016 Chambers Asia-Pacific guide ranks Mrs Lee in Band 1 in both Chambers Asia-Pacific and Chambers Global guides in the Singapore corporate/mergers and acquisition category.
The guide, which is one of the world's largest circulating legal ranking publications, assesses law firms and individual lawyers in bands from 1 to 6, with 1 being the best.
Mrs Lee often advises major clients on acquisitions and reverse takeovers, including recently acting for United Fiber System on its reverse takeover of Golden Energy Mines. She represented IT services firm Infosys in its US$120 million (S$162 million) acquisition of San Francisco-based Kallidus.
Mrs Lee also served as a board member of various publicly listed companies in Singapore and globally. She currently serves as director on the boards of global Fortune 100 companies AXA and Sanofi.
Other winners of the Chambers Asia-Pacific Awards yesterday included Allen & Gledhill for "Domestic Law Adviser of the Year". It had acted as Singapore counsel for Avago Technologies in the US$37 billion acquisition of Broadcom Corporation.
Clifford Chance nabbed the "International Law Adviser of the Year" award.
Best case scenario ending for this royal succession struggle.
Ala Nepali style ...one member guns down entire clan with machine gun.
That would really be huat and salvation for all sinkies
Ala Nepali style ...one member guns down entire clan with machine gun.
That would really be huat and salvation for all sinkies
All the human rights lawyers in Sinkieland mati oredi arh?
[video=youtube;jLK8AEg5kg0]https://www.youtube.com/watch?v=jLK8AEg5kg0[/video]
Fast and slow .......... slow and fast ...........
[video=youtube;yPBNx6eB18w]https://www.youtube.com/watch?v=yPBNx6eB18w[/video]
[video=youtube;jLK8AEg5kg0]https://www.youtube.com/watch?v=jLK8AEg5kg0[/video]
Fast and slow .......... slow and fast ...........
[video=youtube;yPBNx6eB18w]https://www.youtube.com/watch?v=yPBNx6eB18w[/video]
both generals hv not fought any single war but promoted skyhigh............ wah beer enuf fo sooth your heart!
the same lawyer who was kicked out from Wong Partnership by Wong Meng Meng when LKY was still around nut she din sue..............why???
you only got power of 2 n you want to up tankee's point??
2 is still a positive number.
None of the members of the so-called "exceptional family" is exceptional in any way, shape or form. The exceptional family is a myth.
OMG, a compliment from Sam Leong. Let me pick myself off the ground now.
I compliment you and add points regularly when I like what you posted.
http://www.sammyboy.com/showthread....-Make-Good-Woman-Cry!!!&p=2355004#post2355004
A couple more criticism of the government's policies appear is a sure indication that it is in trouble.
