Malaysian law firms are an attractive source for businessmen. Law has been a popular way for Malaysian entrepreneurs and foreigners to conduct business in Malaysia. For this reason, many law firms have mushroomed in the past few years. The number of these firms in Malaysia is still growing, and their number will continue to do so in the future. This is why it is essential for law firms in Malaysia to be aware of the changes and developments taking place in the law industry in Malaysia.
A number of factors are responsible for the increasing number of foreign law firms in Malaysia. One factor is that Malaysia has become a popular choice for offshore business firms and the business community that want to establish an offshore business unit. The high growth rate in Malaysia’s economy is another reason behind the rise in Malaysian law firm development. Other factors responsible for the law industry growth include the following.
- Increased Business Opportunities: Since 2021, new licensing criteria for foreign lawyers have been introduced. The number of law firms available in Malaysia has been greatly increased by this change. This has resulted in increased competition among law firms, resulting in lower prices, better services, and more clients.
Malaysia has seen a marked increase in foreign companies setting up shop here. The low costs of doing business in Malaysia, membership to the Bar of Malaysia and ability to access the regional and local markets are some of the reasons. The following are some other factors that have contributed to the rise of Malaysian law firms.
- Increase in Education Opportunities: The Bar of Malaysia (BPM) has allowed new lawyers to be registered in the country. The law firm had more than 28,000 lawyers registered as of March 2021. Almost all the newly registered lawyers are from Asia and the Pacific Islands. There is a significant increase in the number of companies that hire lawyers in Kuala Lumpur (KL). Azim Prem Sikri, Azim Prem Limbaya, and Azim Prem Perham are some of the famous firms that employ several lawyers in Kuala Lumpur.
- Employment Opportunities: In order for a person to establish a business in Malaysia, he or she needs to comply with the local labor laws. If he or she has all the permits, he/she can employ workers directly. Malaysian businessmen need to hire the top private lawyers for their legal needs. Due to more foreign companies coming into Malaysia, the number of Malaysian jobs has increased. There are also a number of government agencies that help a person to establish a business.
- Legal services: Malaysia’s legal industry has much to offer people looking to have their legal services performed. The legal industry in Malaysia is one of the most developed in the world. Malaysia’s legal professionals possess excellent skills and they are highly qualified because they complete their formal education. The law firms and other legal services providers in Malaysia also offer their services at competitive rates. It is important to verify the professional credentials of any lawyer before you hire him. These professionals can be found online by Malaysians.
- Applying for a Business License. Before applying for a business licence, it is important to ensure that you are following the laws of your locality. The local business bureau must be registered for all legal practitioners and businesses in Malaysia. The rules and regulations for the law bureau must be followed by most lawyers and firms. Malaysia’s best lawyers for private practice are those that follow the regulations and rules of the law profession act.