Singapore has over the past month dominated much of the legal agenda in Asia, starting with the renewal process early in March of its sought-after qualifying foreign legal practice (QFLP) licences.
Of the original six firms that were awarded a QFLP in 2008 and which came up for five-year renewal, Allen & Overy (A&O), Clifford Chance, Latham & Watkins and Norton Rose Fulbright had their licences renewed for another five years.
White & Case had its licence extended for an extra year, on the condition that it meets the Singapore Ministry of Law (MinLaw)’s rigorous targets.
Of the six, only Herbert Smith Freehills (HSF) withdrew from the process – which in 2012 saw only four out of 23 applicants awarded a new QFLP licence – after claiming that it did not want to commit to the growth targets imposed by MinLaw as a condition for renewal.
A statement from MinLaw added: ‘Herbert Smith Freehills has decided not to pursue the renewal of its QFLP licence. The firm had recently gone through a merger and indicated its preference not to commit to specific growth plans as part of the QFLP licence. To ensure a smooth transition from the QFLP scheme, the firm will be given a six months’ extension of its licence from the date of expiry.’
According to HSF’s South-East Asia managing partner, Michael Walter, the firm will now pursue other options, including joint law ventures and formal law alliances with domestic Singapore firms.
Outside of the renewal process, Milbank, Tweed, Hadley & McCloy hired Stephenson Harwood’s global head of aviation, Paul Ng, in Singapore.
Aviation finance is a core part of Stephenson Harwood’s offering and the firm has already announced that Richard Parsons will be the firm’s new global head of aviation while Saugata Mukherjee will lead the aviation practice in Singapore.
Meanwhile, last month offshore firm Harneys announced it would expand its Asian footprint with a Singapore launch, relocating two of its Hong Kong partners to spearhead the new office.
Global banking head Colin Riegels and funds partner Lisa Pearce will relocate and be joined by another four lawyers, including Shari Hawke and Richard Griffiths, formerly counsel and senior associate respectively at A&O.
Harneys is the seventh offshore firm with a presence in the jurisdiction, including Maples and Calder, Bedell Group, Conyers Dill & Pearman, Walkers and Collas Crill.