Clyde & Co To Create JV With Singapore Alliance Firm
Legalweek (UK) report that Clyde & Co are to form joint venture with their local Singapore ally Clasis LLC early next
year, as it moves to increase the range of legal services it can offer in the region.
Here is the url and the report in full
The firm has submitted an application to the Singaporean authorities to form a JLV with Clasis in the first quarter of 2013, after establishing an exclusive alliance with the firm last year.
The union will enable Clydes' Singapore base to advise on local law, and will provide the legal framework for the two firms to market themselves as one entity and share resources.
Balance sheets will continue to remain separate, and only Clasis lawyers will be permitted to appear in court, but the offices of the two firms will be fully integrated. The name of the JV is yet to be approved.
"We have had this in focus probably for the last 18 months," said the firm's Asia managing partner Michael Parker.
"Previously we could only work together at arms' length, but now we can run the business as one. We are currently committing a lot of investment to Singapore. In the next three to five years we hope to steadily expand."
Clydes has also named Singapore as its operational headquarters in Asia, and is in the process of relocating some back-office staff to Singapore from the UK.
In the coming months the firm will have an IT, finance and HR head for Asia permanently based in Southeast Asian city-state, with partners in Hong Kong also expected to visit more regularly. The firm is also set to move into new offices in Marina Bay Financial Centre, which at 16,000 sq ft are almost double the size of the firm's current base.
Former Mayer Brown London insurance and reinsurance partner Ian Roberts is also joining the firm, and is set to relocate to Singapore from the UK.
Parker said that the emphasis on Singapore had been prompted by a number of clients moving their regional headquarters to the region.
"There are a lot of companies moving their headquarters there," he said. "We did think of moving within the building, but we decided on a fresh start in an area that is more in keeping with what we do."
Clydes currently has nine partners in Singapore, two of which belong to Clasis. The UK firm established an exclusive alliance with Clasis with a view to increasing the scope of work it offers in the region, but has been obligated to remain a distinct legal entity.
Clydes has two other offices in Asia in Shanghai and Hong Kong, in addition to a presence in Australia in Sydney and Perth.