Singapore Eyes Worldwide Legal Service Expansion

Added: (Mon Aug 30 2010)

Pressbox (Press Release) - The Law Ministry of Singapore expressed confidence that the city-state’s legal services market can expand beyond the limited domestic demand, citing the upbeat forecast within the industry.

In his speech before the UK-Singapore Law Students’ Society forum, Law Minister K Shanmugam said that the country’s legal services sector can achieve its goal of a regional, or even a worldwide, market expansion by serving clients outside the limits of its domestic market.

Citing government records, Shanmugam noted that Singapore’s legal services sector posted a 4.3 percent at the height of the world financial crisis in 2009, outperforming the city’s overall economy.

The Law minister also highlighted the 50 percent increase in the industry value for the last five years, pointing that the legal sector currently consists 0.6 percent of Singapore’s overall gross domestic product.

“The job market for legal services, particularly for lawyers, in Singapore continued to be attractive. Since the world’s financial crisis, the country’s legal sector has been outperforming other labor sectors, branching out even to the international arbitration,” said Shanmugam, who is also the Deputy Home Affairs Minister.

The law minister attributed the outstanding growth rate to Singapore’s strategic location and efficient judicial system, which is part of the government’s financial and legal service development strategy.

“Many people chose to hold arbitrations in Singapore, even if they have nothing to do here, because of our open judicial system. Many international lawyers are coming to Singapore to practice their profession,” the official said.

“Even local lawyers saw an increase in their arbitration works and there is still plenty of room for growth,” he added.

For its part, the Singapore Institute of Legal Education announced the administering of the compulsory professional development program which aims to help both local and foreign lawyers to stay updated with the developments in the city-state’s judicial system, as well as the industry guidelines.

“In the past, we have allowed lawyers to have their own initiative in learning new things about our judicial system. But now, even after graduating as a lawyer, there will be a compulsory development program that they will have to undertake to be able to cope up with the rapidly changing legal system,” Shanmugam said.

Meanwhile, AsiaBiz Services, which assists businessmen to register or incorporate their company, cited that the legal service industry in Singapore is growing since the international community considers the country as one of the best business hubs in the world.

AsiaBiz Services employ professionals with extensive experience with Singapore’s financial, legal, and corporate laws. In this way, the business solutions provider has a “complete service package” for both foreign and local entrepreneurs.