Conditional Fee Arrangements under consideration by Singapore Parliament
On 1 November 2021, a bill to permit Conditional Fee Arrangements (CFA) had its first reading in the Singapore Parliament. If the bill is passed, it will permit law firms and lawyers in Singapore to enter into CFAs with their clients in respect of certain types of disputes (whether relating to proceedings in Singapore or any other foreign state), together with related advice and legal services, even if formal legal proceedings are not actually commenced.
Singapore International Arbitration
This is a further indication of Singapore’s responsiveness to the needs of international commercial parties who are considering using Singapore as an arbitral seat or location for the resolution of their disputes. If passed, this will provide new options for clients for funding their disputes, in addition to third-party funding which, as reported in our previous post, is now also possible for international arbitration proceedings and related court and mediation proceedings, Singapore International Commercial Court (SICC) proceedings, domestic arbitration proceedings, and related mediation proceedings.
Source: Alastair Henderson, Gitta Satryani, Elaine Wong, Tom Furlong, Dan Waldek, Christine Sim | Herbert Smith Freehills