2013 Salary Employment Forecast - Michael Page Hong Kong

LEGAL
Market overview
Skills in demand
A strong requirement exists for specialist Lawyers across the
areas of FCPA compliance and investigation, regulatory financial
services, regulatory litigation and structured products, as well as
derivatives. Within the in-house market, demand is especially
strong for Corporate Lawyers with knowledge of Hong Kong
Listing Rules, to protect companies’ commercial interest and
ensure they are compliant with the law. Banking Lawyers with
general and commercial banking experience are also in demand.
Employers typically seek Lawyers at the mid level or above, with
at least five to eight years of post-qualification experience.
Most employers are looking for junior to mid level Company
Secretaries with two to six years of experience. A background
in handling listed company matters such as announcements,
circulars, annual general meetings and annual and interim reports
is considered important. Familiarity with Securities and Futures
Ordinance, the Hong Kong Exchange (HKEx) and Companies
Ordinance, as well as HKICS/ICSA Associate Membership is also
considered particularly valuable by employers.
Junior to mid level candidates with two to four years of experience
are most sought-after for Paralegal positions. Skills in highest
demand include commercial contracts drafting, reviewing and
revising; Chinese and English translation; legal research and
knowledge management; as well as experience with intellectual
property (IP) and tenancy matters, corporate finance and litigation.
For both Lawyers and legal support roles, strong English,
Cantonese and Mandarin language skills are considered
extremely valuable.
Salary expectations
In 2013, the average percentage salary increase for legal
professionals is expected to be between 10% and 15% when
changing employers. Higher increases may be reserved for
Translators and Lawyers with experience in FCPA compliance or
ISDA and structured products, as considerable talent shortages
exist in these areas.
With regard to bonuses, Lawyers within the in-house commercial
sector are typically paid discretionary bonuses of around
15-25%, with the highest percentages traditionally awarded to
more senior level professionals.
While bonus amounts vary within the financial services sector,
bonuses paid in cash are often valued at around one to six
months of a full year salary for Lawyers, depending on the
company. Private practice discretionary bonuses are likely to
remain at around one month’s salary.
Market outlook
Hiring activity is expected to remain relatively stable over the next
12 months, however this will be dependant on the strength of key
global markets like Europe, the United States and China. A short
term increase in recruitment is expected following the Chinese
New Year period in February 2013, with ongoing demand for both
Lawyers and legal support anticipated in the area of compliance
and regulatory, as well as financial services, FCPA, anti-trust,
bribery and counterfeiting over the coming year.
In order to attract and retain the best talent, employers will be
offering competitive remuneration packages and non-monetary
incentives like flexible work hours and increased annual leave.
As professionals seek to achieve a better work-life balance,
long working hours are becoming a key deterrent for many
jobseekers. Employers that focus on work-life balance initiatives
and equal work allocation among staff will have the best chance
30 SALARY & EMPLOYMENT FORECAST 2013