Singapore law firms tighten purse strings, adapt to changes in demand
They face receivable collection issues, cancelled M&A deals; but demand has surged for restructuring and insolvency, private wealth investments
Fiona Lam
Singapore
PAY cuts, trimmed distributions, delayed bonuses - lawyers in private practice are bracing for pain as the Covid-19 crisis disrupts the sector and rejigs the flow of legal work.
As businesses struggle with cash flow and liquidity problems, a "fair number" of law firms will also face receivable collection issues, clients' requests for haircuts and instalment payment proposals, Gregory Vijayendran, president of the Law Society of Singapore (LawSoc) told The Business Times (BT). "A few clients may even pull the plug on deals they were hitherto planning or disputes they were litigating due to their financially beleaguered state," he added.
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