SALARY SURVEY 2013 - Robert Walters Singapore

TOKYOTOKYOLEGAL,COMPLIANCE&RISKTOKYOLEGAL,COMPLIANCE&RISKLEGAL,COMPLIANCE&RISKRobertWaltersGlobalSalarySurvey2013 318Ourlegal,compliance&riskteamrecruitsacrossallindustries.Wecoverawiderangeofjobfunctions,fromin-housegeneralcounselandlegalrolesandprivatepracticelegalpositions(includingdocumentationspecialists)tocomplianceprofessionalsandmarket,creditandquantitativeriskanalysisspecialists.MarketOverviewMostcompanieswererelativelycautiousintheirlegal,complianceandriskhiring,withthemajorityfocusingonreducingcostsduetochallengingmarketconditions.Asaresult,recruitmentwaspredominantlyreplacementratherthangrowth-focused.However,somepharmaceuticals,onlineandgamingbusinessesbuckedthistrendastheyestablishedin-houselegalfunctionstosupportwidergrowthplans.Salariesremainedgenerallystable,thoughsomein-houselegalprofessionalsreceivedpaycutsasmultinationalfirmsremodelledpaybracketstoconformtoglobalstandards.Legal-In-houseMultinationalfirmsfocusedonintegratingJapanesebranchesintoglobalnetworkstostreamlinelegalfunctionsacrosstheirbusinesses.Aspartofthisrestructuringactivity,employersbegantoremodelpaybracketstoensureglobalconsistency.ForsomeJapaneseprofessionals,thisresultedinsalarycuts.Thisledtoemployersbecominglessflexiblewithsalaryoffersfornewhires,particularlyattheseniorlevel.Insteadofrelyingonexternallawfirms,somecompaniessoughttomovetheirlegalfunctionsin-housetosupportgrowthplanswhileatthesametimereducingoverallcosts.Asaresult,hiringactivityforin-housefunctionsincreasedacrossnumerousindustries.Specifically,online,pharmaceuticalandfinancialfirmsallsoughtmid-levelqualifiedlawyerstosupportthesetransitionsasanalternativetoretainingprivateadvisors.Legal-PrivatePracticeAsfirmsbroughttheirlegalworkin-housein2012,thiscreatedahighlycompetitivemarketforprivatepracticefirms,whichdecreasedrecruitmentdemand.Becauseofthistrendandtheeasingoflocalexaminationstandards,wesawanincreaseinthenumberofJapanese-qualifiedlawyersenteringthelabourpool.However,highlysought-aftercandidatesthatpossessedbilinguallanguageabilityremaineduncommon.Nonetheless,wedidfindsomejobsbecomeavailable.Forexample,energysector-specialisedlawyerswereindemandasfirmssoughttobolstertheirprojectfinanceandenergy,oilandinfrastructurepractices.ThesefirmsrecruitedbilinguallawyerswithfinancinglegalexperienceduetoincreasedinvestmentinenergyandinfrastructureprojectswithinChina,MalaysiaandIndonesia.Clientcompaniestaskedlawyerstosourcelocalpartnersandfundingforenteringnewmarkets.ComplianceWithinthecompliancejobsmarket,mostrecruitmentwasonareplacementratherthangrowth-focusedbasisandgeneralhiringlevelsremainedlowthroughout2012.However,increasedregulatoryscrutiny(specificallyaroundDodd-Frank)ledtosomenewrolesbeingreleasedwithinbothsecuritiesfirmsandinvestmentbanks.Additionally,securitiesfirmscreatednewopeningsforlegalprofessionalswithinternalauditandinternalcontrolexperienceastheysoughttoenhancetheircompliancetestingfunctions.Salariesslightlydecreasedinlinewithcost-cuttingeffortsinthefinancialsector.CreditMarket&RiskFewermarkettransactionsandlimitedcandidatemovementledtorelativelylittlerecruitmentdemandwithinthecreditandmarketriskspace.Somegrowingonlineservicesandsoftwarecompaniessoughtin-housecreditriskprofessionals.However,recruitmentinfinancialfirmswasquietandrestrictedtoattrition-basedreplacementhiring.Candidatesremainedcautiousandweregenerallyhesitanttomoverolesduetolimitedjobopportunitiesasmanycompaniesmovedmoreoperationaltasksoffshoretosavecosts.Outlookfor2013Withcompaniescontinuingtoshiftlegalfunctionsin-house,weexpectthehiringofgeneralcounselstoremainactive.Thegrowthofcloudcomputingshouldincreasedemandforin-houselegalprofessionals,bothqualifiedandunqualified,withknowledgeofthisspace.Lawyerswithindustryexperienceinothergrowthsectors,suchasmobilegaming,willbehighlysought-after,whichislikelytoleadtheseprofessionalstoreceiveapremium.