There is already a strong US contingency in Singapore with Latham & Watkins and White & Case holding QFLPs. They are keen for more Asian presence to service their high net worth US clients based here.
The number of international law firms in the city state has risen from 70 in 2007 to 110 this year as more expats and foreign companies settle in the former British colony.
Singapore's law minister K Shanmugam said: "We want to make sure of the quality, we are looking for firms that can add value and bring new work from overseas into Singapore and add a significant premium to our legal scene."
But there is another route for a foreign law firm to practice in Singapore, which is home to the world's highest proportion of millionaires.
Instead they can enter into a joint law venture (JLV) with a local firm. This allows them to practice all branches of law including corporate, litigation and retail conveyancing.
This is the route US legal giant Baker & McKenzie, the world's largest law firm by revenue, took.
South Korea has also recently opened its legal markets to American and European law firms as both continents battle it out for Asian business.
Both Clifford Chance and Allen & Overy have signalled their intentions to enter the lucrative Korean legal scene.
Source: www.telegraph.co.uk
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