26 ASIAN LEGAL BUSINESS – AUGUST 2024 WWW.LEGALBUSINESSONLINE.COM ROUNDTABLE ALB: What are the biggest challenges and opportunities currently facing boutique law firms in Singapore, and how are you navigating them? Alfred Lim, managing director, Meritus Law: It is common to see new boutique law firms being set up every month. These firms are set up by seasoned practitioners from established large firms or even young lawyers with less than five years post-qualification experience. Both boutique and large firms face manpower crunch, particularly in finding quality lawyers with between five to 10 years post-qualification experience. This invariably results in firms being top and bottom-heavy, with a shortage of senior associates or junior partners to manage client matters. For Meritus Law, we believe in rewarding the good performers. This means ensuring that we pay market rate or above market rate for our lawyers, giving them a more proactive role in client matters and helping them to build their own practice. As for work opportunities, being in a unique jurisdiction, there is a constant inflow of work, be it for disputes or niche corporate work. However, given that the work is typically of a transnational or international nature, invariably our lawyers will have to work with our counSMALL BUT MIGHTY In order to establish a presence in Singapore’s competitive legal environment, boutique law firms are endeavouring to create a distinctive formula for success. To excel beyond their size, these firms must offer specialised services to their clients, remain informed about the latest legal advancements, and leverage technology to enhance operational efficiency. Managing partners from four boutique firms in Singapore share their insights with ALB. BY SARAH WONG Image: CrizzyStudio/Shutterstock.com
RkJQdWJsaXNoZXIy MjA0NzE4Mw==