MinLaw to Boost Singapore as Legal Hub
The Ministry of Law outlined plans to establish Singapore as a hub for international dispute resolution and debt restructuring.
03 Mar 2017
Minister for Law K. Shanmugam today (3 March 2017) outlined the Ministry of Law’s strategies to make Singapore a leading legal hub and to support the local legal industry, including efforts being made to establish the country as a centre for international debt restructuring.
Establishing Singapore as centre for international debt restructuring: MinLaw has been working with the Ministry of Finance on the Companies (Amendment) Bill to enhance Singapore’s debt restructuring processes. To further establish Singapore as a centre for international debt restructuring in Asia, MinLaw will work with the public and private sectors to promote Singapore’s debt restructuring regime, attract influential players to base themselves here, and develop multi-disciplinary training and education for legal professionals.
Growing dispute resolution activities: In addition, MinLaw will refurbish the Red Dot Traffic Building and expand Maxwell Chambers’ premises, to allow for more hearings and attract more international institutions, chambers and firms.
Developing legal practice areas: MinLaw will also consider improvements to Singapore’s intellectual property (IP) dispute resolution mechanism.
The Working Group on Legal & Accounting Services under the Committee on the Future Economy will release its report in April, where further details on growth areas and development strategies will be shared.
Supporting Singapore Law Practices (SLPs) in technology adoption: Besides boosting Singapore’s legal hub status, MinLaw will also support the local legal industry. MinLaw will continue to work with partners on several technological aspects, and will review Singapore’s regulations to ensure that they facilitate innovation and the development of legal technology solutions, especially for SLPs.
More multi-disciplinary, practice-oriented legal education: Together with targeted efforts in promoting continuing professional development for legal practitioners, Senior Minister of State for Law, Ms. Indranee Rajah SC elaborated that MinLaw will get industry feedback on the skills required by young lawyers, study international best practices in legal education, and work closely with local universities to update their law curriculum to better prepare law graduates for the future economy.
Together, as the Minister for Law K. Shanmugam highlighted, Singapore can ensure that its legal industry remains vibrant and competitive in the years to come.