Singapore's National Day on August 9 is typically reserved for
patriotic fervour and triumphalism. It was no surprise then that
the final step to allowing foreign lawyers to compete in
Singapore's legal market was announced the following day, when most
newspapers and TV news bulletins were busy gushing with national
pride.
Three years earlier Goh Chok Tong, the prime minister, chose
National Day to announce that Singapore would embark on a drive to
position itself as a regional financial services centre akin to
Hong Kong. To achieve this goal he stressed that Singapore would
need to rely on the skills of foreign professionals: "In the
information age, human talent, not physical resources or financial
capital, is the key factor for economic competitiveness and
success," he said. "We must therefore welcome the infusion of
knowledge which foreign talent will bring."
Joint law ventures (JLVs) are the latest step in this process...