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The Law Society of Singapore recently identified 23 law firms in the city-state as “SmartLaw” firms, or local law practices that have “adopted technology to improve productivity.” Raj Gunashekar profiles three of them.
Name: fsLAW
Founding year: 2013 – as an Australian law firm; 2014 – as a Singapore law firm
Key person: Faith Sing, director
What it does: The firm aims to practice business law well and find business law solutions to difficult and important questions for clients at lower costs than traditional law firms. “I’m not sure if the work from clients is getting unique. Perhaps it is the way in which work is now completed that might be becoming more unique,” says Sing.
Why it is smart: The firm uses cloud-based accounting software and online research tools. It also takes on work based on its ‘retainer counsel’ model, “which is work that in-house counsel undertake on a model that more closely approximates an in-house counsel service,” adds Sing.
She explains further, “We’re keeping our eye on technology and experimenting in that area. We have a ‘self-help’ philosophy when it comes to tech. Our lawyers need to use the technology to work out what will work and what won’t, and we need to buy or cut out technology that is no longer useful or a hindrance.”
The firm’s low-cost model, however, doesn’t mean it always gets the latest gadgets. As Sing shares, “We rely on lawyers speaking up with suggestions. We’re slow buyers of tech because it moves so quickly and there appear to be many legacy software applications that look great and are still being peddled to law firms, for which there are low-cost or free alternatives.”
What’s next: The firm is on the Dentons Nextlaw Global Network and recently visited fellow law firms on the network in Yangon, Bangkok, Phnom Penh and Ho Chi Minh City. It is also strengthening its relationships with foreign law firms in Singapore. “All Singapore law firms need a regional perspective including smaller law firms” Sing notes.
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Name: Fortis Law Corporation
Founding year: 2004
Key person: Patrick Tan, CEO
What it does: The firm is a medium-sized, full-service law firm in Singapore supported by a robust backend system, technological capabilities, and an award-winning standard operating procedures framework.
It provides a complete chain of solutions to its clients. For example, it introduces clients with infrastructure or mining projects to funders and vice versa. It also helps foreign ultra high-net-worth individuals (UHNWI) not only with trust advisory work but also with their immigration and relocation matters.
“We try to help our clients generate leads, create deals, and by doing so we generate legal work for ourselves. As a result, we find ourselves busy with regional and cross-border M&A, fund-raising, dispute resolution, and private clients work,” says Tan.
Why it is smart: According to Tan, technology has played a vital role since the firm’s inception. “We are constantly harnessing the latest cutting-edge technology to improve productivity and efficiency. This translates to greater value and cost-savings for our clients.”
Every aspect of the firm is supported by technology, from CRM and legal research to social media and marketing. Also, leveraging technology allows the firm to add value to its clients and level the playing field when competing with bigger firms. “For these efforts, we are privileged to be recognised as a ‘SmartLaw’ firm,” he says.
What’s next: Fortis Law plans to expand its Singapore office and further develop its transnational practices, which includes entrenching the presence in the region and forging strategic alliances. “We are also committed to developing our unique legal tech platform that will further boost our growth and create more value for our clients,” shares Tan.
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Name: Chan Neo
Founding year: 1987
Key person: Partners Raymond Chan and Monica Neo
What it does: Chan Neo is a boutique law firm that specialises in building, construction, and engineering law. First founded as Chan Tan & Partners in 1987, it was later incorporated as Chan Tan LLC.
Why it is smart: The firm was recognised as a ‘SmartLaw’ firm for its efforts to harness legal technology to improve productivity. These efforts include the adoption of practice management or accounting software and an online knowledge management database, as well as having an online presence. In fact, it was one of the first law practices in Singapore to have its own website back in the 1990s.
What’s next: In the coming years, the firm is looking to make greater use of information and emerging technologies to further increase productivity and enhance the value of its services. “The firm will also be investing in and grooming the younger generation to carry on its work. With luck, they will take the firm to greater heights,” says Neo.