The latest reports from major recruitment firms Hudson and Robert Walters both indicate what many have been seeing already as 2011 commences; that the number of transactions occurring across the financial services sector is creating more work for lawyers across Asia. As deal flow returns, so too will job opportunities for lawyers in corporate and banking & finance transactional areas. This applies to both wholesale and private banking in-house roles and private practice groups within firms, according to recruiters. A glance at any of the major on-line job search websites also reveals that this is where the vacancies are: “When there is growth in any sector, the increase in the number of transactions would naturally call for a commensurate increase in the number of lawyers to support these transactions,” said Chrys Leong, a consultant with Hudson Legal in Singapore. Leong also notes a rise in ‘support’ roles vacancies in which candidates can be expected to work in multiple areas from project finance and regulatory work as well as general corporate.
In addition, many advertised roles are for jobs left open because someone has moved on or returned home, instead of the result of a round of retrenchments as was the case during the GFC, according to Leong. “Both replacement roles and business expansion roles contributed to the increase in hiring expectations in legal as a direct result of the overall growth in the banking and financial services sector. Replacements roles are mostly, if not all, to fill newly vacated roles as opposed to the gaps from retrenchment arising from the downturn,” she said.
As the amount of work increases, salaries are also expected to become more competitive. Leong predicts that lawyers working on these areas can expect a salary increase of between 4-7% in the coming year, in line with the rise predicted for the financial sector and higher than increases awarded in the last financial year.
To see what banking & finance and corporate law jobs are available in Hong Kong and Singapore, click here.