A robust legal industry serves as both an enabler for other sectors of the economy and a self-sustaining economic engine. Singapore’s legal industry is vital to the country’s economy. In 2017, the legal industry in Singapore generated $2.1 billion in nominal value added (VA), accounting for around 0.5 percent of Singapore’s Gross Domestic Product (GDP). Legal services worth $0.9 billion were exported from Singapore during the same time period.
Singapore’s legal industry is critical to maintaining the city-status state’s as an international financial and economic hub. A strong rule of law and high-quality legal services lay the groundwork for economic growth and offer firms confidence to invest in Singapore. Singapore has Foreign Law Practices (FLPs), Singapore Law Practices (SLPs), Qualifying Foreign Law Practices (QFLPs), and Joint Law Ventures (JLVs). There are also Formal Legal Alliances (FLAs), in which one or more SLPs, FLPs, and/or QFLPs form a “best buddies” relationship and collaborate as independent law firms.
Lawyers in Singapore are members of a merged profession, which means they can practise as both a solicitor and an advocate, albeit most lawyers specialise in one of three areas: litigation, conveyancing, or corporate law. In 2009, Parliament passed legislation to replace the “pupillage” system with structured training and make it simpler for lawyers to return to practise. The majority of international law companies specialise on corporate, finance, and banking law.
The legal industry in Singapore is being brought into the digital age
Beyond document generating solutions, legaltech developments are now focusing on blockchain applications. The launch of a $3.68 million funding scheme by the Ministry of Law, Law Society of Singapore, Enterprise Singapore, and the Infocomm Media Development Authority, which allocates funding of up to $130,000 annually to each Singapore law firm, signalled a growing movement to bring the paper-heavy industry into the digital age and help establish Singapore as a legaltech hub. From 2000 to February 2018, Singapore legaltech startups received $681,700 in capital infusions.
The scenario after Covid 19
Despite the recent obstacles brought by the Covid-19 outbreak, Singapore’s legal market is in good shape. The uncertainties and public unrest associated to Beijing’s new national security policies in Hong Kong have boosted its standing as a major business and financial centre for Asia Pacific. As a result, it is becoming increasingly likely that enterprises will begin to transfer from Hong Kong to Singapore. Simultaneously, Singapore maintains its status as Southeast Asia’s primary commercial, financial, and legal centre. It is the most natural venue for regional business for foreign and Singapore enterprises.
How Bluebox can assist?
Multinational organisations, via various jurisdictions, require legal advisers who will be able to assist in daily activities and corporate life. Bluebox Legal practise offers continuous assistance on policy issues, providing cost-effective support for legal routine activities. We aim to offer our customers value-added, practical solutions that are suitable for modern economy and a world of interconnections. We devote ourselves to offering you the best of our trustworthiness as a consultant and work with you to achieve the most complicated and demanding structures, create new ground in new areas of law and business or generate win-win solutions for our clients.