Firms have significantly boosted their hiring activity at the junior and mid levels as well as senior and partner level, according to the latest quarterly report for Asia from Hays Legal.

Junior and mid-level candidates with experience in corporate (M&A/IPO/FDI) and commercial litigation work are in demand. More niche areas such as IP, PRC litigation and arbitration are also seeing increased activity as international firms implement their Asian expansion strategies.

Hong Kong, Singapore and China were the areas with the most positive outlook for candidates. Across Asia, there is demand in the following areas:

• Private banking, both in Hong Kong and Singapore (4 – 12 PQE)
• Consumer banking in Singapore (3 – 5 PQE)
• Financial Institution derivatives in Hong Kong (5 – 10 PQE)
• Equity derivatives in Hong Kong (4 – 20 PQE)
• Trade finance in Shanghai (5 – 10 PQE)
• Insurance in Hong Kong (5 – 10 PQE)
• M&A/corporate finance in Hong Kong (3 – 15 PQE)

The report indicated that law firms are now more willing to re-locate candidates in niche areas such as short-term shipping and energy projects; however financial businesses and MNCs are still more likely to take on local candidates and more permanent roles have been created and filled in these sectors.

Salary increases were 10-15%, up 5-10% from the previous quarter and remaining strong but finance firms are still being somewhat cautious about making offers for in-house roles.

Applicants need not necessarily worry about jumping on their first offer though.  Instances of candidates receiving multiple offers have already occurred, according to Lesley Hobbs, business manager, Hays Legal Hong Kong.

Shipping, oil and gas and IT were found to be driving demand in Singapore, while commercial property was the main driver in Hong Kong. In general, the outlook is expected to slow in Q3 but a busy Q4 is expected. 

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