We hosted an insightful webinar yesterday with a panel of experts from the legal and arbitration fields thanks to the initiative of the Chamber’s Legal Services Interest Group co-chaired by Ms. Dawn Tan and Mr. Tony Grundy.
A panel comprising Ms. Sylvia Tee, Counsel, Ashurst Hong Kong, Mr. Patrick Robinson, Partner, Linklaters London, Ms. Ruth Stackpool-Moore, Senior Investment Manager, Omni Bridgeway, and Mr. Gerald Kuppusamy, Senior Legal Counsel, Standard Chartered Bank shared their experiences of and views about Conditional Fee Arrangements (CFA) and what Singapore can learn from China and UK’s practices. The conversation was moderated by Mr. Ramesh Selvaraj, Partner, Allen & Gledhill LLP.
The panel talked about the advantages of using CFAs and how they can enable a better alignment of interest between external counsels and the client. A major concern for clients is the cost difference in fees between using CFAs and the traditional legal fee charging mechanism of $X per hour. The conversation concluded that CFAs are another option for clients just like 3rd party funding. Implementation will likely be incremental and dependent on the availability of safeguards to prevent any potential abuse.
You can listen to the recording of the webinar here.
The Chamber thanks each panellist for their time and for sharing their knowledge and insights with our usual engaged audience.