Leading City law firm, Ashurst is considering closing down its Singapore operation, according to a Legal Week report.
Following the recent example of other international law firms such as Denton Wilde Sapte and Slaughter and May, Ashurst is reportedly intending to maintain the branch in a "lightly manned" form, or close it altogether.
Explaining the reasoning behind the firm's likely departure, Legal Week revealed that:
"The jurisdiction has been hard hit by the two-year slump in Southeast Asia's legal market and concerns about the joint venture regime which bars foreign firms without a formal local ally from offering Singapore law."
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