Hays Legal - July 2010
Hotspots
Within private practice, junior to mid level Lawyers with banking, commercial litigation and M&A experience are in demand (2 - 5 PQE). International law firms are either rebuilding their corporate and banking teams or making strategic senior hires across niche areas like corporate insurance, asset finance and IP.
As market conditions improve and more projects begin, candidates with a good understanding of regulatory compliance, structured lending and project finance will be sought.
The finance sector is also in hiring mode, with vacancies across derivatives, private banking, regulatory/compliance, M&A and derivatives.
Coming quarter
Greater China's legal outlook remains positive. Hiring picked up after Chinese New Year particularly within the law firm market across all areas.
Within MNCs, more permanent headcount has opened up. There is also more headcount demand across all areas of the finance sector including investment banking, private wealth management, investment management and securities houses.
Employer trends
The volume of vacancies is up but employers are still being cautious in terms of their hiring. There are uncertainties in some jurisdictions in terms of their respective economic and political outlooks.
There is a shortage of local lawyers with the appropriate technical knowledge so employers are looking to Greater China and external jurisdictions for candidates. Already a number of roles have been filled by candidates from Australia and the UK.
Candidate trends
The law firm and in-house candidate pool remains healthy, but the number of immediately available candidates has decreased.
Other trends
On average salaries will increase on average between five and ten per cent. While this is still relatively low, no downward movement is expected as employers are aware that candidates will move firms.
Law firm candidates are more likely to see their salaries increased to 2009 levels.
