Minister of Finance Dr. Yuval Steinitz today signed an order regulating the activity of foreign lawyers in Israel, pursuant to the Foreign Lawyers Law. The order removes barriers that prevented foreign lawyers from working in Israel and permits collaboration between local and foreign law firms. The order will enter into effect 30 days after its publication in the Official Gazette.
The implementation of the order will increase the Israeli economy’s exposure to international law firms and their business customers, and will provide Israeli clients of foreign lawyers with a safety net. A foreign lawyer will be bound by ethical obligations, with entry conditions for foreign firms including insurance mechanisms in the sum of NIS 2 million.
This step propels the world of Israeli law to the forefront of international activity, which the accounting, advertising and public relations sectors are already benefiting from.
Minister of Finance Dr. Yuval Steinitz: “Today we are completing an important reform that will increase the Israeli economy’s exposure to investors worldwide. The entry of global law firms to Israel will strengthen the sector’s international standards, will enable more comprehensive service to Israeli clients and companies, and will create interesting collaborations. The legal sector is joining additional service sectors in Israel that are benefiting from fruitful international collaboration.”