Family and Matrimonial Head Lim Chong Boon comments in the Business Times article titled ” Singapore law firms tighten purse strings, adapt to changes in demand”
Family and Matrimonial Head Lim Chong Boon comments in the Business Times article titled ” Singapore law firms tighten purse strings, adapt to changes in demand”. The article was first published on 6 May 2020.
Article date: 6 May 2020
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.
Most law firms with a diversified practice mix told BT that, on balance, they still see a steady stream of work.
Below is an excerpt from the article which features comments from Family Law Head Lim Chong Boon:
At PKWA Law, pay cuts and furloughs are not on the cards for its family law and litigation team, but “this may change if the situation becomes bad for us”, said Lim Chong Boon, head of family law and litigation.
Family law practitioners, meanwhile, are seeing a steady inflow of work. This could be because family law disputes are more prevalent during a partial lockdown which brings out simmering tensions, according to PKWA’s Mr Lim. He added that more people are asking about their rights in divorce, child and wife maintenance – particularly after job losses or pay cuts – and child access during the movement restrictions.
Full article can be found here.
Source: Business Times
Article Date: 06 May 2020
Author: Fiona Lam