In-house contract roles are on the rise in financial hubs such as Hong Kong and Singapore. In these markets, contract roles have grown steadily over Q3, especially in the areas of transaction management, project roles in private wealth/funds divisions and ISDA legal documentation divisions for the in-house market. In private practice, contract roles were most commonly seen in litigation, corporate and due diligence projects.

Ricky Mui, manager of the legal division of Robert Walters in Hong Kong, says contract lawyers are in high demand due to an overload in legal/legal support work. Demand for contract paralegals has also increased – particularly in due diligence where the amount of projects coming through has increased in the last quarter, he says.

According to Mui, contract lawyers are seen as a more commercial solution in the current market. Most companies and law firms are still operating under tight restrictions on headcount and are not in a position to make permanent long-term hires. “Contract lawyers are easier to hire than permanent staff, which makes them more appealing, especially for temporary project roles,” he said.

In terms of salary, contract lawyers can ask for a competitive market rate – which includes bonuses and benefits such as flexibility in work arrangements, the opportunity to get involved in unique projects, and also a potential route for lawyers who want to move in-house.

Lawyers looking to take on contract work can expect an hourly rate between 10-20% more than a salaried lawyer. For fixed term contracts, the pay rate is usually around the same as permanent roles, if not slightly higher. However, contract pay is pro-rata according to the length of contract.

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