Identifier
Created
Classification
Origin
06SINGAPORE931
2006-03-23 06:18:00
UNCLASSIFIED
Embassy Singapore
Cable title:  

SINGAPORE TO EXPAND JOINT LAW VENTURES' RANGE OF

Tags:  ECON ETRD EINV EFIN KIPR ELAB SN 
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VZCZCXYZ0005
RR RUEHWEB

DE RUEHGP #0931 0820618
ZNR UUUUU ZZH
R 230618Z MAR 06
FM AMEMBASSY SINGAPORE
TO RUEHC/SECSTATE WASHDC 9280
INFO RUCPDOC/USDOC WASHDC
UNCLAS SINGAPORE 000931 

SIPDIS

SIPDIS

STATE PASS USTR FOR AUSTR BWEISEL AND JJENSEN

E.O. 12958: N/A
TAGS: ECON ETRD EINV EFIN KIPR ELAB SN
SUBJECT: SINGAPORE TO EXPAND JOINT LAW VENTURES' RANGE OF
SERVICES

REFS: A) 05 Singapore 3324 B) Singapore 0197

UNCLAS SINGAPORE 000931

SIPDIS

SIPDIS

STATE PASS USTR FOR AUSTR BWEISEL AND JJENSEN

E.O. 12958: N/A
TAGS: ECON ETRD EINV EFIN KIPR ELAB SN
SUBJECT: SINGAPORE TO EXPAND JOINT LAW VENTURES' RANGE OF
SERVICES

REFS: A) 05 Singapore 3324 B) Singapore 0197


1. Singapore recently announced that it will begin drafting new
regulations to expand the number of services that law firms with
foreign partners, including U.S. ones, will be able to offer.
These provisions, which should come into effect in the second
half of 2006, will apply to Joint Law Ventures (JLV) and Formal
Law Alliances (cross-border cooperative arrangements). JLVs and
FLAs currently are restricted to practicing banking, finance and
some corporate law. Upon taking effect, the new regulations also
will allow these firms to offer arbitration, intellectual
property, and maritime legal services.


2. Under the new regulations, the Attorney-General will be
authorized to approve, on a case-by-case basis, JLV and FLA
licenses. Foreign attorneys will be permitted for the first time
to own equity shares in JLVs, subject to an aggregate limit of 25
percent of the total shares or profits of the law firm.

A Restricted Market
--------------


3. Sixty-five law firms, including 16 American ones, currently
operate in Singapore. Of these, six are JLVs, including one with
a U.S. partner, Baker & McKenzie. There are no FLAs; all three
that were established in 2000 have since dissolved due primarily
to higher overall operating costs. Despite plans to enhance
market access, foreign law firms still face significant
restrictions (reftels). They cannot, for example, practice
Singapore law except through a JLV. Foreign lawyers cannot
litigate in Singapore courts.

Creating an Arbitration Hub
--------------


4. Since June 2004, U.S. and foreign lawyers have been allowed
to represent parties in arbitration without the need for a
Singapore lawyer to be present. Singapore has ambitions to
establish itself as a regional center for arbitration services.
On February 16, 2006, the International Center for Dispute
Resolution (ICDR) -- the international affiliate of the American
Arbitration Association (AAA)-- and the Singapore International
Arbitration Center (SIAC) announced a joint venture establishing
a dispute resolution center in Singapore. ICDR also has offices
in New York, Dublin and Mexico City.

FTA: Recognition of U.S. Law Degrees
--------------


5. In line with its commitments under the U.S.-Singapore Free
Trade Agreement, Singapore on March 8, 2006, announced that it
would recognize Singapore citizens and permanent residents
holding law degrees from Columbia University, Harvard University,
New York University and the University of Michigan as qualified
for admission to the Singapore bar.

HERBOLD