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SALARY SURVEY 2013 - Robert Walters Singapore

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NEWYORKNEWYORKLEGAL&COMPLIANCENEWYORKLEGAL&COMPLIANCELEGAL&COMPLIANCE<strong>Robert</strong><strong>Walters</strong>GlobalSalarySurvey<strong>2013</strong> 156Ourlegal&compliancedivisionrecruitsbothattorneysandcomplianceprofessionalsintoinvestmentandcommercialbanks,investmentmanagementfirmsandbroker-dealers.Italsoassistsinternationallawfirmswiththeirattorneyrecruitmentneeds.MarketOverviewComplianceCompliancejoblevelsremainedhighamongcertaininstitutionsin2012ascommercialbanks,broker-dealersandhedgefundsallstrengthenedtheircomplianceinfrastructuresastheysoughttomitigaterisks.FirmsaffectedbyTheVolckerRuleandTitleVIIofDodd-Franksoughttoidentifycandidateswithstrongwritingskillsandproductknowledge.Whilethecompliancejobmarkethasbeenrobustincertainareas,sincefinancialinstitutionsareoperatingunderleanresources,compensationhasremainedthesameasin2011.Thehighprofilenatureofseveralanti-moneylaunderingandanti-briberyregulatoryinvestigationsmadethesekeyareasoffocus.Enforcementactionsbyvariousfederalagenciesincreasedthedemandforcomplianceofficerswithfairlendingregulationandcompliancetestingexperience.Legal-In-houseThemarketforattorneysinfinancialservicesremainedchallengingin2012.Forthemostpart,investmentbankskeptthesizeoftheirlegalteamsstableanddidnotaddtotheirheadcount.Forhedgefunds,thevolatileenvironmentwitnessedinhedgefundsalsocontinued,resultinginalargenumberofexperiencedcandidatesatthegeneralcounsellevelenteringthejobmarket.However,wedidseesomerolesbecomeavailableinspecificareasoutsideoffinancialservices,suchasaircraftleasing,oilandgas,renewableenergyandmedia.Businessesinthesesectorstypicallysoughtattorneyswith4-7yearsofexperiencewithstrongcommercialskills.Legal-PrivatePracticeHiringlevelsinprivatepracticewereslightlyhigherin2012thanin2011.Lawfirms,havingoperatedonaleanerbasisattheheightofthefinancialcrisis,soughttoaddattorneystotheirteams.Wesawalengtheningoftherecruitmentprocessasemployersscreenedandinterviewedcandidatesmorethoroughly.Firmsmainlylookedtoaddjuniortomid-levelassociatestotheirteams,particularlyincorporateandnichefinancepracticeareas.Outlookfor<strong>2013</strong>ComplianceWithtwo-thirdsofDodd-Franklegislatureyettobefinalised,complianceislikelytoremainagrowthareain<strong>2013</strong>asfirmsseektomaintainarobustcomplianceprogrammewithoutrestrictingtheirpotentialforgrowth.Becausethefinancialservicesjobsmarketremainschallenging,however,salarylevelsarelikelytoremainstable.LegalAlthoughweanticipatehiringamongsttheinvestmentbanksislikelytoremainsomewhatblurred,thereisasensethatastheUSeconomyisstabilising.In<strong>2013</strong>,therewillbeaneedtoreplacelawyerswholeftpositionsduringtheeconomicdownturn.Withthepartnershiptrackbecomingincreasinglycompetitive,privatepracticelawyerswillbemoreattractedtoin-housepositions.Wealsoforeseeaslightupliftinsalariesforin-houseattorneystomakeupforstagnantsalariessincethefinancialcrisis.

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