Legal Industry News & Trends: Nov Week 3

Legal Industry News & Trends: Nov Week 3

Legal Industry News & Trends: Nov Week 3

1. Regulations

i. Singapore’s New Bill to Simplify Insolvency Procedures

The Singapore Ministry of Law proposed making the Simplified Insolvency Programme (SIP) permanent within the Insolvency, Restructuring, and Dissolution Act (IRDA). Originally launched in 2021 as a temporary response to the COVID-19 pandemic, the SIP was designed to assist micro and small businesses restructure or wind up their operations more efficiently and at a lower cost. The proposed legislative changes aim to simplify the existing SIP process and broaden the scope of the programme beyond micro and small companies with annual turnovers of up to $10 million.

Takeaway: This development enhances accessibility to debt restructuring and winding-up processes, ensuring that smaller companies, which often lack resources for more complex procedures, have a viable exit strategy or recovery pathway.

 

ii. Singapore Expands Scope of Mutual Legal Assistance for Cross-Border Crimes

Singapore has passed amendments to the Mutual Assistance in Criminal Matters Act. Key changes include:

  • Expanded Legal Assistance: Singapore can now take evidence from individuals under foreign investigation, even if they have not been charged, aligning its powers with those available for domestic cases.
  • Enforcement of Foreign Confiscation Orders: Singapore can enforce confiscation orders made by competent foreign authorities, including those issued by non-judicial entities in civil law jurisdictions. This is designed to strengthen efforts to seize illicit assets.
  • Safeguards for Requests: Not all foreign requests will be granted. Requests will be denied if the conduct in question wouldn’t be considered an offence in Singapore or if providing assistance goes against the public interest. Additionally, reciprocity will be required from countries without formal treaties with Singapore.

In a separate development, changes to the Trustees Act increase compliance obligations for trustees, including the need to gather and retain more detailed information on trust parties and the trust itself. The maximum fine for non-compliance has also been raised to S$25,000. While these changes may increase operational costs for trusts, the government suggests that they will not be significant, as trustees already hold most of the required information.

Takeaway: The move is aimed at improving the country’s ability to assist foreign jurisdictions in cross-border criminal investigations. This comes in response to feedback from the Financial Action Task Force, which monitors money laundering efforts globally.

 

iii. Singapore Rolls Out Laws Addressing Scams and Neighbour Disputes

Two new legislative proposals were made in Singapore that grant the authorities significant powers to address scams and neighbour disputes:

  • The Protection from Scams Bill will allow police to restrict scam victims’ bank accounts to prevent further fraud, even if victims are unwilling to acknowledge the scam. This would apply only after efforts to convince the victim have failed, with the police needing reasonable belief that the victim will continue to transfer money to a scammer.
  • The Community Disputes Resolution (Amendment) Bill mandates mediation for neighbour disputes and empowers officials to enter homes and clear extreme hoarding cases forcibly.

Takeaway: Both laws have strong public support, and while they grant powers to intervene in private matters, they are designed to be used as a last resort only after all other attempts at resolution have been exhausted. They are seen as necessary responses to growing problems, such as a significant increase in scam cases and rising neighbour complaints due to more people working from home.

 

iv. FinFluencers to be Regulated in Singapore

The Monetary Authority of Singapore (MAS) clarified that financial influencers (finfluencers) who provide financial advice must be licensed and regulated under the Financial Advisers Act.  This includes influencers who recommend or express opinions on investment products, even if they are not remunerated, as long as they do so regularly. The MAS requires that:

  • Financial institutions that employ finfluencers must ensure that their content is clear, balanced, and highlights key features and risks of financial products.
  • Finfluencers who provide financial advice must be registered as representatives of licensed financial advisory firms.

Influencers who provide advice without proper licensing will face enforcement actions. MAS also advises the public to engage only with regulated individuals and has a list of unregulated persons on its Investor Alert List.

 

v. China Proposes Comprehensive Medical Device Regulatory Law

China is advancing its medical device regulatory framework with a top-level draft law aimed at unifying the lifecycle governance of medical devices. The law introduces significant reforms, such as:

  • Enabling the transfer of registration certificates, which simplifies commercialisation and reduces redundant investments.
  • Strengthening of compliance measures.
  • Holding local legal agents jointly liable with foreign companies for post-approval obligations, which allows for greater efficiency during the enforcement of the law.

 

2. People Moves

i. SG: K&L Gates and LCIA

K&L Gates: K&L Gates’ Singapore office, K&L Gates Straits Law, added two lawyers from Gibson Dunn & Crutcher to its energy practice.

  • Brad Roach, who was formerly co-chair of Gibson Dunn’s global oil and gas practice group, joins as a partner.
    • Experience: Roach has over 25 years of experience in Singapore. His move to K&L Gates follows a successful career at prominent law firms, including Hogan Lovells, White & Case, Skadden, Arps, Slate, Meagher & Flom, and Freshfields.
    • Specialisations: Upstream oil and gas, LNG, power, and downstream energy industries across Southeast Asia.
  • Alexandra Jones joins as a Senior Associate.

K&L Gates has been expanding its Singapore office and has added several new partners in diverse practice areas this year, bringing its total to 16 partners.

LCIA: Kevin Nash, a key figure in establishing the Singapore International Arbitration Centre (SIAC) as a global leader in dispute resolution, will become the Director General of the London Court of International Arbitration (LCIA) in January 2025. Nash oversaw the management of thousands of international cases and spearheaded key updates to SIAC’s institutional rules in 2013 and 2016, as well as the development of the SIAC Investment Arbitration Rules in 2017. His influence extended beyond SIAC to international arbitration forums, including contributions to the United Nations Commission on International Trade Law’s working groups on dispute resolution and investor-state arbitration. Vivekananda Neelakantan, the current deputy registrar at SIAC, will be his successor.

 

ii. HK & CN: Deacons, Wintell and Stephenson Harwood

Deacons: Deacons, Hong Kong’s largest law firm, appointed Gillian Lam as a partner in its litigation and dispute resolution department.

  • Experience: Lam joins from Baker McKenzie, where she was a senior associate with 15 years of experience.
  • Specialisation: A solicitor advocate, she specialises in commercial litigation and international arbitration. Her expertise includes general commercial disputes, shareholders’ disputes, trust and private wealth, cyber fraud recovery, and fraud investigations.

Deacons now has 181 lawyers, including 52 partners.

Wintell: Wintell & Co. added two senior partners to its Beijing office.

  • Cai Shuaitong has dual expertise in law and finance, with a focus on securities misrepresentation liability and commercial dispute resolution.
  • Fu Liya specialises in securities compliance and misrepresentation litigation and has extensive project experience.

Stephenson Harwood: Stephenson Harwood strengthened its corporate practice with the addition of Jay Ze as a partner. Ze, a former managing partner at Eversheds Sutherland’s Beijing office, specialises in cross-border M&A, restructuring, financing, and joint ventures, particularly in energy, infrastructure, and Belt and Road Initiative projects. This move follows Eversheds Sutherland’s decision to close its Beijing office. Ze’s appointment is part of the firm’s broader strategic expansion in China, which recently included high-profile hires like Paul Ho and Dorothy Siron.

 

iii. UAE: Cleary Gottlieb, CMS and Eversheds

Cleary Gottlieb: Cleary Gottlieb Steen & Hamilton promoted Mohamed Taha, a capital markets lawyer in Abu Dhabi, to partner. The move is part of its 2025 global promotion round, which includes 26 new partners. Taha’s expertise spans equity and debt markets, M&A, and legal tech innovation. More than half of the promotions were awarded to lawyers based in the US, with 10 in New York, the firm’s headquarters, and four in Washington, DC. Outside the US, the London office saw the highest number of promotions, with four lawyers advancing this year across practices such as M&A, capital markets, antitrust, and banking and financial institutions.

CMS: CMS bolstered its Middle East tax capabilities by relocating Andre Anthony from its London office to Dubai, where he has been promoted to partner. A chartered accountant and solicitor, Anthony has extensive experience in cross-border tax advisory and asset finance, including expertise in FPSO units, LNG carriers, aircraft, and emerging areas like crypto taxation. His move aligns with CMS’s broader strategy to expand its regional footprint and strengthen its on-the-ground expertise in response to the UAE’s evolving tax and regulatory landscape.

Eversheds: Eversheds Sutherland bolstered its presence in Saudi Arabia by formalising a joint venture with AlDhabaan & Partners and hiring Musab Aljammaz, a prominent former Saudi Ministry of Justice legislation head, as a partner. Aljammaz has extensive regulatory expertise and has contributed significantly to key legal reforms in the Kingdom. These include the Civil Transactions Law, the Regulations for Licensing Foreign Law Firms, the Lawyers Rules of Conduct, and the Civil Enforcement Law, among others. Concurrently, the Africa group head, John Kemkers, has relocated to Riyadh to lead the joint venture, and the firm’s Saudi office is now home to 40 of its lawyers.

 

3. Business Moves

i. Japan’s TKI to Open First Overseas Office in Singapore

Japanese boutique Tokyo International Law Office (TKI) is set to open its first international office in Singapore in January 2025, marking a key expansion in its global strategy. The office will be led by Koki Yamada, TKI’s co-founder and co-managing partner, who has extensive experience in cross-border M&As, dispute resolution, and competition law, particularly in Southeast Asia. Yamada’s leadership will be supported by:

  • Disputes partner Earl Rivera-Dolera, a seasoned arbitrator with expertise across multiple jurisdictions, including Singapore, India, Indonesia, and the Philippines. Her track record includes representing clients in high-stakes arbitrations and commercial mediations under major institutions such as SIAC and SIMC.
  • Associate Kosuke Nakano, a former Japanese prosecutor with a focus on investigations, M&A and litigation.

Takeaway: TKI’s Singapore office will serve as a hub for international transactions and dispute resolution that caters to MNCs with regional headquarters in Singapore. It will also enhance the firm’s inbound services to Japan. The choice of Singapore was influenced by the region’s growing role in the “decoupling of supply chains,” with clients shifting investments from China to ASEAN and India. This move also comes at a time when legal talent is increasingly relocating from Hong Kong to markets like Singapore.

 

ii. Wintell to Open an Office in Wuhan

Shanghai-based Wintell & Co. opened its 16th domestic branch in Wuhan. Led by partner Liu Weijie, the office employs over 20 lawyers, including two partners. The Wuhan office’s areas of specialisation include maritime, ESG, foreign legal services, insurance & reinsurance, banking & finance, real estate & construction, energy & natural resources, tax & planning, employment & labour law, matrimonial & family & wealth inheritance, and dispute resolution.

Takeaway: This expansion reflects Wintell’s strategy to strengthen its presence in central China and support its national development goals.

 

iii. Tiantai to Open an Office in Urumqi

Beijing-based Tiantai Law Firm opened its 34th domestic branch in Urumqi. The office’s specialisations include government legal issues, administrative law, litigation, arbitration, criminal defence, real estate, construction, finance, non-performing assets, corporate compliance, management of state-owned assets, and bankruptcy.

Takeaway: This expansion is part of Tiantai’s strategy to strengthen its legal network along the “Belt and Road” initiative.

 

iv. TMI Sets Up Office in Brussels, Joining Peers in European Push

TMI Associates established a Brussels office to strengthen its support for Japanese clients navigating EU regulations, particularly in antitrust, data protection, and ESG-related matters. This move complements its existing European presence in London and Paris, forming a strategic network to address complex cross-border legal challenges.

Takeaway: The expansion underscores growing Japanese corporate interest in Europe amid increasing EU regulatory demands. TMI’s move mirrors that of other leading Japanese firms like Nishimura & Asahi and Atsumi & Sakai, which are actively boosting their presence in Europe to compete in a dynamic market for Japanese outbound M&A and regulatory compliance.

 

v. Kramer Levin and HSF to Merge

US-based law firm Kramer Levin Naftalis & Frankel is in talks with global firm Herbert Smith Freehills (HSF) about merging. The merger would result in the formation of Herbert Smith Freehills Kramer globally and HSF Kramer in the US. The combined firm, which is pending approval, is set to launch on May 1, 2024. It will have over 2,700 lawyers and more than $2 billion in combined revenue. It would also bring together Kramer Levin’s offices in New York, Silicon Valley, Washington, D.C., and Paris, with HSF’s 23 global offices, including its sole US office in New York.

Takeaway: The proposed merger aims to expand both firms’ global reach, particularly in the US market. This move follows a trend of UK firms seeking greater US presence, exemplified by the recent Allen & Overy-Shearman & Sterling merger.

 

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Image Credits:

  • Asian Legal Business
  • Reuters
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