Private practice lawyers looking for an overall snapshot of the legal market are in for a treat.
ALB has amalgamated salary surveys from several reliable recruitment companies to provide an overall view of legal market salaries for private practice lawyers of PQE 1-6 across the Asia-Pacific region.
Whilst it is fairly difficult to guage the state of the overall legal market from salary figures alone, they are a good indicator, and David Talalla from recruitment firm David Talalla & Associates says that the ALB average figures depict a slight slide in legal salaries for the mentioned PQEs - especially in Hong Kong.
"The average figures provided are a little on the low side with respect to Hong Kong in regards to lawyers 5 years+ PQE as the figures show that a lawyer with similar experience in Singapore would be earning as much if not more," he says.
The workflow for many lawyers now is comparatively steady - barring those in the financial and real estate practices - due to the upswing in insolvency, restructuring and litigation work catalysed by the current economic crisis.
While some don't expect legal salaries to be hugely affected by the current global economic turmoil, Talalla notes that it is already having a discernable impact on the legal sector - as shown by the lower than usual salary figures compiled by ALB.
"The figures seem to be lower than previous periods and this could be for a number of reasons. The current economic climate is clearly a significant factor where most firms and organisations are adopting a wait and see attitude on recruitment with the exception of insolvency lawyers. The workflow emanating from countries such as China and India will also play a significant part in job vacancies.
Some of the investment houses are coming to the end of their financial year and November is traditionally a month where there is a freeze on recruitment whilst all reports are being finalised and submitted," he says.
Talalla notes that Singapore in particular seems to be in the grips of a transformation at the moment, with the country currently undergoing radical changes to their rules and regulations with respect to foreign lawyers and off-shore firms.
"These [changes] in turn will have a knock on effect on the movement of foreign and local lawyers in that jurisdiction and again a better indicator would be early to mid 2009," he says.
"These are indeed interesting times in the Australasian legal market."
Lawyers on the lookout for a bigger pay packet should turn their attention to overseas positions, but Talalla warns that the current economic climate means that the opportunity to snare a meatier salary may depend on their area of practice.
"There is still a demand for high quality energy & resources lawyers at most levels especially in Asia and the Middle East. Australian firms in states such as Brisbane and Perth are also on the lookout for such lawyers particularly the junior to mid level ones," he says.
"Overseas moves are also always an option - particularly for returning Australians who have a proven record and who have gained solid experience from a high calibre firm or organisation."
NB: The tables below refer to only private practice - not in-house.
Australia (Sydney - top tier only)
Recruitment company average (AU$)
| Qualification |
1 year PQE |
2 years PQE |
3 years PQE |
4 years PQE |
5 years PQE |
6 years PQE |
| ALB average |
73,833 |
85,750 |
97,833 |
114,833 |
129,583 |
157,500 |
| Hays |
82,000 |
90,000 |
105,000 |
120,000 |
135,000 |
150,000 |
| Hudsons |
72,500 |
82,500 |
100,000 |
115,000 |
132,500 |
152,500 |
| Hughes Castell |
65,000 |
75,000 |
83,000 |
100,000 |
105,000 |
140,000 |
| Taylor Root |
75,000 |
92,500 |
102,500 |
127,500 |
140,000 |
165,000 |
| Michael Page International |
72,500 |
82,500 |
87,500 |
107,500 |
135,000 |
180,000 |
| Mahlab |
76,000 |
92,000 |
109,000 |
119,000 |
130,000 |
|
* These figures refer to Sydney salaries and top tier firms only
**Mahlab did not have figures for 6 yrs PQE
Hong Kong / China
Recruitment company average (HK$)
| Qualification |
1 year PQE |
2 years PQE |
3 years PQE |
4 years PQE |
5 years PQE |
6 years PQE |
| ALB average |
845,847 |
926,114 |
1,000,714 |
1,109,357 |
1,183,500 |
1,270,229 |
| Hays |
852,000 |
906,000 |
978,000 |
1,050,000 |
1,194,000 |
1,272,000 |
| Hudsons |
765,000 |
830,000 |
890,000 |
937,500 |
951,500 |
982,000 |
| Hughes Castell |
800,000 |
905,000 |
1,000,000 |
1,200,000 |
1,300,000 |
1,450,000 |
| Lewis Sanders |
912,000 |
1,008,000 |
1,080,000 |
1,152,000 |
1,260,000 |
1,380,000 |
| Taylor Root HK |
864,000 |
948,000 |
1,044,000 |
1,140,000 |
1,200,000 |
1,320,000 |
| Law Alliance |
870,000 |
970,800 |
999,000 |
1,218,000 |
1,236,000 |
1,287,600 |
| Mahlab |
858,000 |
915,000 |
1,014,000 |
1,068,000 |
1,143,000 |
1,200,000 |
*Figures represent international firm salaries - not local
Singapore
Recruitment company average (Singapore $)
| Qualification |
1 year PQE |
2 years PQE |
3 years PQE |
4 years PQE |
5 years PQE |
6 years PQE |
| ALB average |
141,375 |
152,000 |
165,125 |
228,125 |
244,375 |
256,875 |
| Hays |
100,000 |
110,000 |
115,000 |
125,000 |
130,000 |
130,000 |
| Hudsons |
210,000 |
227,500 |
255,000 |
282,500 |
310,000 |
337,500 |
| Law Alliance |
140,000 |
155,000 |
175,000 |
205,000 |
237,500 |
260,000 |
| Hughes Castel |
115,500 |
115,500 |
115,500 |
300,000 |
300,000 |
300,000 |
*Figures represent international firm salaries - not local