Lawyers in Hong Kong are preparing for another big year of IPO work, particularly within corporate finance, on the back of a number of US firms establishing their Hong Kong practice during 2010, according to the latest legal salary guide from Hudson recruitment, released on Monday.  The salaries on offer mean that lawyers will also once again be able to choose between private practice and in-house roles and private practice firms may find it harder to attract high calibre candidates going forward, the report said. In addition, Chinese language skills are set to become even more important and will be essential for many roles.

Aside from private practice growth, demand is expected to increase for in-house banking & finance and corporate lawyers with experience in structured products and derivatives- related work. Because of the introduction of so many US firms,  there is also expected to be an increased interest in local lawyers or lawyers with significant local experience. Candidates with international experience and understanding of the Greater China markets will be in high demand too, consultants said.

In terms of changes in salary from the 2010 report, the increase has been strong across most PQE levels, however the top of the range is considerably less for some. For example, the starting salary range for a 1 year PQE candidate went from HK$625k-HK$870k to HK$660k-HK$790k, with the top of the range falling HK$80k.

Full salary figures, including those from 2010, are listed below. The survey follows the release of the Hudson report last month and details key job market and salary findings from consultants within the industry.