Law firms in Singapore could soon have to answer to a new regulator. The country is looking at setting up an organisation – the Legal Services Regulatory Authority – which would come under the auspices of the Law Ministry.
The new body was proposed by a committee set up by the Law Minister in 2012 to review regulation of the legal market. The proposed regulator would combine the functions of the Law Society of Singapore - which regulates law firms - and the Attorney-General’s Chambers role looking after foreign law firms and the registration of foreign lawyers. The new arrangement would also deal with Alternative Business Structures which the committee is backing. The Law MInistry also announced that a common set of professional conduct rules would apply to all practising lawyers in Singapore, whether local or foreign-qualified. Source: ChannelNewsAsia.com
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