TSMP featured in BT: “Singapore law firms tighten purse strings, adapt to changes in demand”

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News

6 May 2020

TSMP featured in BT: “Singapore law firms tighten purse strings, adapt to changes in demand”

TSMP Law Corporation is pleased to stand in solidarity with our clients – many of whom will be affected by the global economic slowdown notwithstanding their strong business models – by having our partners take a 25 per cent pay cut. This is also our way of telling our employees that any financial pain will first be borne by us, as business leaders.

The legal market will continue to power on, if at a reduced speed. There are areas of activity uptick flowing from the crisis – restructuring, corporate rescues and the refinancing from the massive QE that all governments are pumping into their systems. New areas, their significance highlighted by the WFH new-normal, such as cyber security, fintech and data protection, will also grow. But now is not the time to capitalise on a misfortune felt by the whole world.

TSMP will structure our engagements with a view to long term client relationship building, as we did in SARS, to support our friends and business partners. Our views in a Business Times story published on 6 May 2020 on how law firms are coping in the pandemic.