So far, the initial QFLP firms have still only hired a relatively small number of Singaporean lawyers, most of whom are dual-qualified and many of whom have mainly worked abroad. And, while it's true that the number and size of international firms in Singapore has increased, that is probably more attributable to economic growth in the region than actions by the government.
Indeed, several QFLP participants say that, while local law capability is "nice to have" and fits in with strategies of practicing locally wherever possible, they believe the deals would have come to them even if they didn't possess a local license.
"Is it critical to our practice here? I wouldn't say that," says Barrye Wall, Singapore managing partner at White & Case. Full story
