SALARY SURVEY 2013 - Robert Walters Singapore
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SALARY SURVEY 2013 - Robert Walters Singapore

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SINGAPORESINGAPORELEGAL&COMPLIANCESINGAPORELEGAL&COMPLIANCELEGAL&COMPLIANCE<strong>Robert</strong><strong>Walters</strong>GlobalSalarySurvey<strong>2013</strong> 386Ourdedicatedlegal&compliancedivisionin<strong>Singapore</strong>specialisesinthepermanentandcontractplacementsofqualifiedlawprofessionalsandexperiencedcompliancecandidatesacrossinternationalfirms,financialinstitutionsandmultinationalcorporations.MarketOverviewPrivatePracticeJoblevelswerelowerin2012than2011.Dealflowsdecreasedduetoamorechallengingglobaleconomy,whilefirmsfacedincreasedindustrycompetition-whichfurthererodedtheirmarketshare.Inaddition,lawfirmsthatappliedfortheQualifyingForeignLawPractice(QFLP)licencepreferredtodelaymajorhiringplanstillearly<strong>2013</strong>,astheyawaittheoutcomeoftheseapplications.Despitethesemaintrends,lawfirmscontinuedtorecruittop-tierlawyerswiththreetofiveyears’shippingand/orenergyexperience.Lawfirmsactivelysoughttobuildtheirarbitrationpractices,drivenbythegovernment’semphasisonpromoting<strong>Singapore</strong>asaregionalarbitrationhub.WithinternationallawfirmspreferringtohireCommonwealthandUS-qualifiedlawyerswithpriorlegalexperienceinAsia,professionalsrelocatingdirectlyfromtheUK,AustraliaandUSfounditincreasinglydifficulttosecurerolesin<strong>Singapore</strong>.Salarylevelscontinuedtoriseforjobmovers,althoughincrementsvarieddependingonthesizeandspecialisationofthefirm.CommerceIn-houseIn-houselegaljoblevelswithinMNCswererelativelyhighthroughout2012ascompaniessoughttoreducelegalexpenditurebylimitingtheirusageofexternallawfirmsandincreasingheadcountintheirlegaldepartments.Commerciallawyerswiththreetosixyears’experienceincontractnegotiationanddraftingskillswereinthehighestdemand.<strong>Singapore</strong>-qualifiedlawyerswerepreferredovertheircommon-lawandUS-qualifiedcounterpartsforthemajorityofin-houseroles.Telecommunications,IT,energyandconstructioncompaniessoughtregionalcontractmanagersduetoincreasingtransactionvolumesacrossAsia’semergingmarkets.SmallerMNCsinthemanufacturing,engineeringandITsectorsalsohiredstandalonelegalpositionsbasedin<strong>Singapore</strong>tocovertheASEANmarkets.Typically,candidateswithfiveyearsofin-housecommerciallegalexperiencewereindemand,withastrongpreferenceforCommonwealthlawyerswithregionalexperience.FinancialServices-Legal&ComplianceThetighteningregulatoryenvironmentsurroundingfinancialservicesledtoincreaseddemandforcomplianceprofessionalsparticularlyanti-moneylaundering(AML)andfinancialcrimespecialists.Whileprivatebankswerethebiggestemployersofcomplianceprofessionals,manyboutiquewealthmanagementcompaniesalsoincreasedtheircomplianceheadcountinquarterfourtopreparethemselvesfornewtaxregulationsplannedformid-<strong>2013</strong>.Assetmanagementcompanieswithmorethan$250massets-under-management(AUM)werealsorequiredbylawtohaveadedicatedcomplianceofficer,whichledtoahiringspikeacrosstheindustry.However,legalrecruitmentlevelswerelowacrossthefinancialservicessectorecintheprivatebanks.AlthoughISDAnegotiatorsremainedindemand,hiringvolumeswerelowerthanpreviousyears.Professionalsinhighdemandareas-suchasAML-receivedsalaryincreasesofupto20%whenmovingjobs.However,themajorityoflegalandcompliancecandidatesgenerallyreceivedrisesof10-15%.Outlookfor<strong>2013</strong>Overall,23foreignlawfirmsawaittheoutcomeoftheQFLPlicenceawards,whichwillallowthemtopractisecorporatelawin<strong>Singapore</strong>.Weexpectthoseawardedthelicencetoincreaseheadcount,withlawyerswiththreetofiveyears’experiencewillbeindemand.Withgrowthanticipatedinarbitration,insurance,privatewealthclientsandshipping,partnerswithexpertiseintheseareasandportableclientportfolioswillbehighlysought-afterin<strong>2013</strong>.Withincommercialbusinesses,weexpectdemandforin-houselawyersandcontractmanagerstoincrease.WithMNCsplacingincreasingimportanceontheirAsiabusinesses,weexpectcommercialtransactionvolumestokeeprising,creatingmid-to-seniorlevelrolesbasedin<strong>Singapore</strong>tocovertheASEANcountries.Therewillalsobedemandforcommerciallawyerswithtransaction,intellectualproperty,andcomplexcross-bordercontractualexperience.Withnewregulationscomingintoeffect,compliancewillremainakeyhiringarea-especiallyinprivatebankingandassetmanagement.Asaresult,therewillbesteadydemandacrosstheindustryforcomplianceofficerswithgoodcommunicationsskillsandstrongregulatoryknowledge.PQE and corporate, capital markets, arbitration,x ept

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