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LAWYERS TARGET ASIA
Asia is becoming a target destination for international lawyers as opportunities within their own jurisdictions contract, says a leading local recruiter.
Hays Legal says international lawyers are looking at Asia because of the region’s high number of opportunities. “Asia offers far more job opportunities than the US, Europe or Australasia,” said Emma Charnock, Regional Director of Hays in Hong Kong & China.
“China is the world’s third largest economy and regional growth is strong when you consider India, Taiwan and Indonesia, not to mention Hong Kong, PRC and Singapore. Asian roles also offer a higher salary when compared to Australia and New Zealand opportunities, while the tax benefits in Hong Kong and Singapore are attractive to international lawyers.
“The improved perspective of Hong Kong is also a big factor. Candidates appreciate that Hong Kong is the gateway to the PRC and so it is no longer seen as a poor second cousin to London or New York.
“As well as the usual mix of corporate, investment banking, funds, financial services and energy lawyers, there is also a lot more interest from commercial litigators, insolvency lawyers and employment and regulatory specialists. Importantly, local employers are also expressing interest in these candidates.
“Mandarin and Cantonese language skills are generally a requirement for any candidate looking to relocate, although Hong Kong and Singaporean employers will consider non-Chinese speaking commercial litigators and insolvency/restructuring lawyers. Employers will also forego this requirement in specialist finance areas such as derivatives, debt capital markets, distressed debt and project finance.
“The salary on offer often has the biggest impact - on both sides - as to whether to proceed. US qualified lawyers and US nationals are usually the most demanding candidates in terms of salary expectations because they do not enjoy the tax benefits of other nationalities.
“Employers are also looking for candidates with previous Asia, emerging markets or cross-border legal experience, a Commonwealth, common law or US legal qualification, strong academics, big name law firm, banking or MNC experience and either personal ties to Asia or a long-term professional commitment to the region,” said Emma.
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