While the number of jobs advertised has increased, the uncertain state of the global economy has meant that hiring activity is subdued, even if healthy, according to Ricky Mui, manager of the Hong Kong legal division of Robert Walters. “This time last year, the market had been more buoyant, before there was the chance of a double dip recession. In Q3 we started witnessing a slowdown in hiring within investment banks as most are restructuring, cutting low performers and most head-count requests have been put on hold as a result of the cautious market,” Mui said.

The recruitment firm released its Q3 Asia Legal Jobs Index earlier this week, and for lawyers job ads were up 6 percent. “Many roles available are still on the corporate finance/IPO side. Because of Hong Kong listings with PRC and multinational corporations, a lot of those are organisations based in Hong Kong. However, we envisage a delay in IPO listings within most organisations due to the uncertain market conditions,” Mui said. For those with Chinese language skills the opportunities are even broader, Mui noted: “Local and PRC banks have still got an appetite for hiring. They are very very profitable and looking at adding additional resources. These banks are mainly hiring in corporate finance, general banking, funds and derivatives and Mandarin language skills remain crucial.” 

While job ads have increased quarter on quarter, jobs growth in the legal sector can really be attributed to the number of corporates, banks and MNCs with a presence in Hong Kong. “Within private practice, aside from corporate roles there are some general commercial litigation, construction, project finance and employment roles and U.S. firms are hiring in corporate finance and on their U.S. securities teams, but the bulk of the activity is replacing those who have moved in-house,” noted Mui. As a result, most private practice roles are available in banking, derivatives and capital markets practices at large firms. Most are looking for three to five years’ experience, but corporate practice areas accepting newly qualified candidates in some cases, according to Mui.

Mui also said that he has been busy recruiting lawyers for roles with various regulators in Hong Kong. “Candidates with corporate finance, banking, funds and derivatives experience are leaving private practice firms and I-banks to gain strong regulatory knowledge, there’s a huge need for that, so they also become extremely marketable aferwards,” he added.

There was also an increase in in-house roles within the IP space according to Mui, as entertainment companies, luxury brands and tech companies move to protect their brands and adopt anti-counterfeiting measures.