Hays Legal - January 2009
Hotspots
Within private practice, hotspots of demand exist in the energy, project finance and banking sectors.
In the in-house market, strong and well-managed companies will continue demand for quality lawyers, as they pursue aggressive market share growth strategies ahead of their competitors.
The oil and gas sector remains active, and generalists with experience in this industry will have a distinct advantage in the current employment market. Similarly, specialised lawyers in areas such as mergers and acquisitions and intellectual property will be required.
In Hong Kong, demand is greatest for litigation insurance and funds lawyers as well as restructuring and insolvency lawyers. This is a result of the lower levels of available work in the past, resulting in a lack of broader exposure. Company secretaries are also in demand and PRC corporate lawyers and paralegals are needed as the focus on servicing mainland clientele tightens.
The coming quarter
Over the coming quarter, hiring intentions for qualified lawyers and other legal staff will primarily focus on the refilling of existing roles. At the same time, to meet new market needs there will be an increase in temporary and contract recruitment.
As with previous years, job flow is expected to increase again following Chinese New Year, as existing staff look for other options after receiving their annual bonus.
Salaries
Employee bargaining power has been somewhat dampened and salary increases are now returning to more sustainable levels of around 5 to 10 per cent.
Candidate trends
The pool of available candidates has increased, particularly at the mid to senior level. With most companies still recruiting, albeit with a more limited budget, this has created an exciting opportunity for ambitious mid-level candidates who display leadership potential to secure greater responsibility in a new role.
Candidates should note that the recruitment process has now lengthened, and they should be prepared to be more flexible when negotiating a new role.
