Yes, it does not have the international law firm license to operate as a standalone in SG. The ATMD stands for Alban Tay Mahtani & de Silva LLP, the local partner.

Admittedly B&B is one of the firm that downplays the local partner in the spirit of "we're all part of the twobirds network", but the pay is not the same, if that's what you're asking.