A new regulatory-focused practice group has been inaugurated by Singapore Big Four Firm Rajah & Tann – the first such group dedicated to compliance to be launched in Singapore.
The Integrated Regulatory Practice (IRP) at current strength hosts over 100 lawyers, including 40 partners across 22 regulatory divisions. According to IRP practice head Andrew Ong, the group was set up as a response to address the growing cross-border regulatory obligations companies face today. “Since the Lehman crisis in 2008, the concept of laissez faire free economies has pretty much disappeared. Regulators don’t think twice about putting markets under greater scrutiny. With more regulations, there is also increased complexity – and that has generated a lot more need for a higher value-added legal service. We aim to target a need in the market with the IRP.”
According to a recent survey of senior executives and general counsels conducted by the firm in conjunction with a local business paper, 80% of respondents have predicted regulatory risk – or the risk of being in breach of new regulations – as the number one business concern. 81% of respondents also expect regulations to increase in the next 12-18 months. “We wanted to take a step beyond focusing on just discrete regulatory practices like telecommunications or financial services regulation. In particular, we are witnessing increased regulations not only in the financial services sector but also in areas as diverse as corporate governance, health and safety, consumer protection and real estate,” Rajah & Tann managing partner Lee Eng Beng said.
The new move will see the firm maintain traditional practice lines but also develop sector roots, with a pure regulatory focus. Set up over the course of one year, deal data on regulatory law and cases advised by the firm’s partners for the last 20 years have been compiled and mapped as a resource to back the group. “The breadth of legal thought or analysis that needs to be covered on a legal issue in today’s highly regulated world cannot just be limited to traditional areas of practice. Awareness of what is going on around the world on the issue is also key,” IRP partner Chestor Toh said.ALB
