Foreign lawyers allowed to practice in Israel
Monday, June 4th, 2012Finance Minister Yuval Steinitz today signed a directive regulating the work of foreign lawyers in Israel.
Two months ago, the Knesset Constitution and Law and Justice Committee passed the directive and sent it to Steinitz for his signature.
The Ministry of Financesays that the directive will increase the exposure of the Israeli market to international law firms and their business customers, and will give Israeli customers of foreign firms a safety net. A foreign lawyer will be bound by ethical obligations, and entry conditions for foreign firms will include NIS 2 million in insurance mechanisms by deposit or by an insurance policy.
The directive is derived from the Israel Bar Association Law Amendment (5709-2009), which stipulates that the Bar Association may register foreign lawyers and law firms operating in Israel on the basis of their law license at a foreign bar association.