Heidi Alexander champions Malaysia's market access for foreign law firms
By Law News
Justice Minister Heidi Alexander has hailed the recent decision to extend the Qualified Foreign Law Firm (QFLF) licence in Malaysia from three to five years, a move that promises to bolster UK law firms' confidence in the Malaysian market
This extension, confirmed by the president of the Malaysian Bar Council in a letter to the British High Commissioner to Malaysia, addresses longstanding concerns regarding the uncertainty of a three-year licence period for foreign legal firms.
Speaking on the significance of this development, Alexander stated, “Our lawyers and law firms are the best in the world. This positive change will increase business certainty for UK firms in Malaysia, boosting the attractiveness of their market.” She emphasised that the legal services sector contributed £34 billion to the UK economy in 2022, making it crucial to strengthen international legal ties.
The Law Society of England and Wales, alongside the UK Ministry of Justice and the British High Commission Kuala Lumpur, has been advocating for this extension for several years as part of a broader initiative to enhance legal services access. With the new five-year licence, firms can now enter the Malaysian market with greater confidence, knowing that the previous uncertainty associated with shorter licences has been addressed.
Law Society President Nick Emmerson also welcomed the change, acknowledging that while the extension currently applies only to licence renewals, it provides a clearer path for firms looking to establish themselves in Malaysia. He noted, “We will continue to work with colleagues at the Malaysian Bar Council to address our members’ concerns around the existing licensing process, conditions and requirements.”
Minister of State for Trade Policy Douglas Alexander added, “The UK is the world's second largest services exporter for a reason – our companies, including our law firms, provide top-quality services.” He highlighted that this extension will empower firms to invest in the Malaysian market, building on the £1.6 billion worth of services already exported to the country.
In summary, Heidi Alexander’s leadership in championing the extension of the QFLF licence underscores a significant opportunity for UK law firms to thrive in Malaysia, fostering stronger economic ties and enhancing business certainty in an increasingly competitive landscape.