A high-level committee in Singapore has proposed a new regulatory framework for the legal profession in Singapore, including having a single body regulate both Singapore law firms and foreign law firms.

A present, Singapore law firms come under the purview, of the Law Society of Singapore, while the Attorney-General's Chambers regulates foreign law firms.

However, if proposals of the Committee to Review the Regulatory Framework of the Singapore Legal Services Sector are approved, a new body, the Legal Services Regulatory Authority (LSRA), will be able to investigate and sanction law firms for regulatory breaches.

According to the proposals, law firms will be able to adopt alternative business structures that allow non-lawyers to own equity and share in the profits of a law firm.

Finally, new Professional Conduct Rules (PCR) will apply to all lawyers, and there will be new management rules applicable to lawyers involved in the management of a law practice. A Professional Conduct Council (PCC) will be established to oversee the new PCR.

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