SALARY SURVEY 2013 - Robert Walters Singapore
SALARY SURVEY 2013 - Robert Walters Singapore
SALARY SURVEY 2013 - Robert Walters Singapore
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HONGKONGHONGKONGLEGAL&COMPLIANCEHONGKONGLEGAL&COMPLIANCELEGAL&COMPLIANCE<strong>Robert</strong><strong>Walters</strong>GlobalSalarySurvey<strong>2013</strong> 282Ourlegal&compliancedivisioninHongKongspecialisesinthepermanentandcontractplacementofqualifiedlawprofessionalsandcompliance-skilledindividualsacrossinternationalfirms,financialinstitutionsandmultinationalcorporations.MarketOverviewIn-HouseFinancialServicesHiringlevelswererelativelylowwithinfinancialservicesfirms.Employersrecruitedmainlyforbusiness-criticalpositions,suchasfundslawyersandprivatewealthcomplianceprofessionalswithindebtcapitalmarkets,derivativesandgeneralbanking.However,therewerehigherlevelsofrecruitmentactivityonthebuyside,inareassuchasassetmanagement,privatewealthandprivateequityorganisations.Therewashighdemandforprivateequitylawyers,bothupstreamanddownstream,aswellasforgeneralfundslawyers.Derivativesknowledgewashighlysought-after,especiallywithinequitiesasthisisthekeyfocusintradingbusinesses.Organisationsintheinsurancesectorcontinuedtohire,particularlycorporate/commerciallawyerswithregulatoryexperiencetoensurecompliancewithexistingpolicies.Professionalsmovingjobstypicallyreceivedsalaryincrementsof10-15%whileindividualswhostayedintheirexisitngtypicallyrecievedraisesof5-10%.In-HouseCommerce&IndustryAfteracautiousfirsthalfof2012,recruitmentactivityincreasedduringthesecondhalfoftheyearinsectorssuchashealthcare,luxuryretail,hospitality,propertyandentertainment.Employerswerekeentorecruitcorporate/commerciallawyerswithatleast3-5years’PQEandfluentinEnglishandMandarin,aswellaspreviousworkexperienceinChina.Thiswasespeciallynoticeableintheretail,fashionandpropertydevelopmentsectors,whichhadsignificantexpansionplanstargetingChinainearly<strong>2013</strong>.TherewasnotabledemandforemploymentlawyerswithinHRteams.Whiletheserolestraditionallysatwithinlegalteams,employerssoughtin-houselawyersfortheirHRteamsduetoincreasingemploymentregulations.Candidateswhocontinuedintheirexistingrolesreceiveda5-10%salaryincrementwhilethosemovingjobstypicallyreceivedincreasesof10-15%.PrivatePracticeJoblevelswererelativelylowinthefirsthalfoftheyearduetotheeconomicslowdown.Inthesecondhalf,lawfirmsbecameincreasinglycautious.Whilefirmswouldofteninterviewnumerouscandidates,theywouldonlyappointanindividualwhometalltheirhiringcriteria.However,firmsstillrecruitedforkeypracticeareas,suchascorporatefinance,mergersandacquisitions(M&A)andcommerciallitigationmaintainingastrongfocusonmidtoseniorlevelhires.Firmswerekeentorecruitseniorassociatesorpartnerswithastrongbookofbusiness.Professionalswhostayedintheirexisitngjobstypicallyrecievedincreasesof5-10%,whilethosemovingpositionsreceived10-15%.However,professionalsmovingfrominternationallawfirmstoUSlawfirmscouldrecieverisesofupto20-25%.ComplianceTherewasanincreaseindemandforcomplianceprofessionalsinthesecondhalfof2012,withhighlevelsofnewandreplacementhiresinthemajorityofAsianbanksandinsurancefirms.Professionalsspecialisingingeneralcompliance,privatewealthmanagementandanti-moneylaundering(AML)werehighlysought-after.Mostbanksstruggledtohiresuitablecandidatesintheequityspace,astherewasashortageoftalentequippedwiththesenicheskillssets.Investmentbanksexpandedtheirinternalandexternalfraudinvestigationunitsastheyfacedstricterregulationsandwesawnotabledemandinthisarea.Candidateswhomovedjobstypicallyrecievedsalaryincrementsof20%whendoingso.Bycomparison,professionalswhoremainedintheirexisitngrolestypicallyrecievedpayrisesof5-10%during<strong>2013</strong>.Outlookfor<strong>2013</strong>Ingeneral,recruitmentactivityislikelytoremainfairlyconsistentwith2012.Asaresult,weexpecthiringlevelswillremainrelativelylowforin-houselegalprofessionalsspecialisinginfinancialservices,asthissectorcontinuestobeaffectedbythebroaderglobaleconomicuncertainty.Thereislikelytobeanincreaseinhiringincorporatefinance/M&A,commerciallitigation,shippingandemploymentlawastheseareascontinuetogrowandexpand.Wealsopredictstrongjoblevelsonthebuyside,withinprivateequityandhedgefunds.Manyfinancialinstitutionswillbolstertheirwealthmanagementdivisionsbyrecruitingexperiencedwealthmanagement/privateclientlawyersduetotheincreasednumberofhighnet-worthinvestors,especiallyfromChina.Withanincreasingvolumeofregulationgoverningthefinancialservicesindustry,demandforskilledcomplianceofficerswillremainhigh.Theluxuryretailandpharmaceuticalsectorsarelikelytoseekintellectualproperty(IP)specialists,brandprotection,anti-counterfeitingandcontractmanagers.NewUSandinternationallawfirmsarecontinuingtosetupofficesinHongKong,andtheyarelikelytotargetkeyhiresatthepartnerlevel.Theywillbelookingforseniorprofessionalswhocanbringwiththemastrongbookofbusinesstodeveloptheirpracticesaswellasfacilitateteammoves.Generally,weexpectsalarylevelswillremainunchangedcomparedto2012.
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