The evolving global sustainability landscape presents an opportunity for Singapore’s legal service sector to meet growing demand over the next decade. The Report on Sustainability-ready Singapore Lawyers, commissioned by the Singapore Economic Development Board, Enterprise Singapore, and the Ministry of Law, and independently researched by PwC Singapore, provides an in-depth analysis of the emerging market for sustainability-focused legal services.
Through interviews and focus groups between August and October 2024 with 66 stakeholders across various industries and jurisdictions worldwide, the report highlights the growing demand for legal services in areas such as green finance, infrastructure, and digital innovations. The market for sustainability legal work in Singapore is projected to triple in value by 2033, driven by regulatory pressures, financial incentives, and Singapore's proactive sustainability policies. For Singapore’s legal professionals, this report offers a strategic roadmap to harness sustainability opportunities, positioning Singapore as a regional leader in sustainability legal services.
Discover the decade of sustainability legal service market opportunity
Today:
The market for sustainability legal work in Singapore is estimated to be between $140 million and $180 million in 2023.
Next decade:
The sustainability legal services market is expected to grow significantly, with projections indicating a market size of $450 million to $500 million by 2033.
Sustainability legal services market in 2033
$270-280m
Green finance
- Growth of sustainable finance has been supported by MAS regulation
- More than 50% of assets under management have integrated sustainability considerations
$130-140m
Capital projects and infrastructure
- Southeast Asia’s renewable energy goals are boosting annual clean energy investments
- Singapore plays an important role as the region’s infrastructure financing hub
$14-24m
Technologies and digital innovations
- Singapore has a high concentration of venture capital funds that invest in new technologies
- Sustainability innovation is a key focus of Singapore's research and development efforts
$13-23m
Sustainability disputes
- Rising regulatory scrutiny and growing stakeholder expectations are likely to increase disputes
- Singapore’s status as a key global arbitration hub will position for sustainability-related arbitration cases
$20-28m
Carbon markets
- Regulators are establishing carbon markets
- Carbon offset project investment in Southeast Asia is growing
- Singapore is positioned to be the regional carbon service and trading hub
$3-5m
Sustainability reporting and compliance
- The scope of sustainability reporting in Singapore is steadily broadening
- Tighter European Union (EU) regulations on sustainable practices are enforcing global supply chain compliance, affecting companies in Singapore
Sustainability trends in these six themes are driving opportunities across the professional services sector
Cross professions collaboration opportunities for law firms to capture opportunities in the area of sustainability services
Critical success factors for building a leading legal sustainability practice
Expertise in sustainability legal domain
Leading firms from across the globe have built successful sustainability legal practice by developing:
- Knowledge of the subject matter
- Structured tracking of regulations and standards
- Thought leadership that establishes a point of view to share perspectives
- Sector-based knowledge through multidisciplinary teams
Sustainability business acumen
Leading firms from across the globe have demonstrated business implications of sustainability by:
- Proactively engaging with clients and prospects about new developments in regulation and standards
- Demonstrating practical application of knowledge of how the new developments would shape business decisions for clients
- Being up-to-date with best practices in complying with new regulations and standards
Sustainability practitioners’ credentials
Leading firms from across the globe have built credentials of practitioners by:
- Developing a personal brand strategy for sustainability
- Presenting thought leadership at seminars and conferences
- Writing and publishing thought leadership papers in journals and media
- Developing a proactive approach to sharing up-to-date newsletters on developments
Industry-specific knowledge
Leading firms from across the globe have built industry-based approach to sustainability legal practice by:
- Developing deep understanding of industry-specific and business drivers that shape those key industries
- Developing thought leadership content for key industries as new developments in regulation and standards emerge
- Developing a multidisciplinary approach within the firm tailored to each key industry
Global and cross-border expertise
Leading firms from across the globe have built successful sustainability legal practice by:
- Leveraging expertise and know-how from more mature markets like the EU
- Cross-pollinating best practice and thought leadership content across the globe
- Developing a hub and spoke approach for experts to be pulled into key pitches and services for key clients
- Coordinating cross-border client engagements, leveraging key experts across the globe
What Singapore law firms can consider doing
As Singapore law firms embark on the journey to develop a sustainability legal practice, it is critical to:
- Develop a holistic and long-term strategic view
- Develop deep knowledge and understanding of the issues and business implications for clients
- Identify opportunities to collaborate with other professional service firms on thought leadership and pursuit initiatives
- Develop a firmwide branding approach and invest in practitioner credentials and brand
Download the full report
Sustainability-ready Singapore lawyers
About the report
Over the course of August and October 2024, PwC interviewed 66 sustainability legal industry stakeholders consisting of 3 academics, 15 in-house counsels, 24 sustainability lawyers, and 24 business leaders to get their perspectives on megatrends shaping the sustainability market, value chain analysis on key trends PwC uncovered, and legal service opportunities for Singapore-based lawyers and law firms. The interviewees represented a cross section of industries (agriculture, aviation, banking and finance, building and construction, carbon markets, consulting engineering, energy, fashion, and legal services), providing nuances to their legal service needs driven by the sustainability trends. The preliminary findings of this report were presented to selected interviewees and representatives from sustainability working groups of the Law Society of Singapore (LawSoc) and the Singapore Corporate Counsel Association (SCCA).
PwC also conducted a focus group with the Institute of Singapore Chartered Accountants (ISCA) and LawSoc with participants across the professional services sector in the different sustainability value chains. The participants include law firms, advisory firms, and accounting firms. PwC also supplemented the primary research with secondary research to provide the estimates in this report. The methodology considers the demand drivers for each theme, the growth rate of these demand drivers, the type of legal service, and the time required to provide the legal service.
Note:
While the scope of the study is on sustainability opportunities, there is an intentional focus on environmental sustainability and governance. Reference to any social aspects will be made only where necessary or relevant. Furthermore, this study is not a strategy paper but instead to identify potential sustainability opportunities for lawyers in Singapore.
Contact us
Sustainability and Climate Change Practice Leader, PwC Singapore
Tel: +65 9817 8213
