Global Pay Report reveals hot spots for senior lawyers

By Daniela Aroche

A recent report revealing managerial pay differentials around the world contains useful indications for lawyers looking to switch jurisdictions to achieve higher pay.

The Global Management Pay Report December 2009 study by global management consultancy Hay Group identified Hong Kong, Thailand and Singapore as hot spots in the Asia-Pacific region for senior managers seeking high pay relative to cost of living.

The US and the UK however, did not fare so well – coming in 30th and 43rd respectively in the Global Management Spending Power Index, due to the adverse effects of the economic downturn on advanced economies along with heavier tax burdens and higher costs of living. Australia and New Zealand are closely matched in the middle of both rankings, marginally below that of US managers.

According to Dan Greenshields of Hays, the survey data heavily supports the widely-held perception that is the countries that have recently rapidly developed where managerial talent is scarce (such as the Middle East, parts of Africa, former Eastern Bloc states, Central and South America and Asia) which offer golden opportunities for candidates with managerial skills – so senior lawyers looking for a fresh start should take advantage.

“Often these locations have large populations and a pool of relatively well educated blue collar/clerical employees to draw from. However, many of these countries have traditionally relied on inward investment by multinationals (who have ‘shipped in’ their own managerial talent). Where locally owned organisations have growth in stature, local talent hasn’t had the time to develop the skills or experience necessary to become business leaders, putting pressure on the local talent market and keeping the door for expatriate recruits firmly open,” he said.

2009 ranking of managers' spending power by country

 
NB: Table ranks management spending power, and provides an index using the US as the base point of measurement. The cost of living figures which these rankings take into account also use the US as their base point.