U are in law I guess and u do know that this is due to various factors :

(1) Singapore liberalized it’s legal sectors years ago and this mean opening it up to international firms. Such firms send their lawyers from overseas to Singapore, increasing the number of lawyers in the field.
(2) A lot of work in corporate is cross border today. Our Sg lawyers don’t have the training
and grounding in say Indonesian law (if you do a lot of project financing you’ll know what I mean).
(3) The core Sg law work is drying up. Technology advancement means u really need lesser lawyers around.
(4) With the exception of litigation, most of the law work do not have barrier to entries. Sg firms can easy employ lawyers from India, China (which are much cheaper and better)
(5) The accredited list of foreign unis is just one small issue. The fact they didn’t do anything about Australia unis show that such a move is symbolic to some extent.
(6) The introduction of third law school (focus on crim and fam) will increase competition among 2:2 grads from NUS and SMU bcos these individuals will be vying for the 1-5 man show or the Chinatown law firms.