Asian legal job market favours candidates and trainees as sentiment improves
Candidates with relevant experience in one of a few key areas may once again find they receive multiple offers when applying for new positions, according to the latest quarterly report to be released by Hays Legal. The report covers Hong Kong, Singapore and China.
Jobs growth is predicted across specialisms such as private banking, equity derivatives and niche corporate insurance areas - ones that require an understanding of regulatory and compliance frameworks. Recruiters and firms are actively seeking out lawyers with the correct technical and language skills, usually gained in the wider banking & finance and project practice areas.
Firms are also speeding up the offer process to avoid missing out on the in-demand candidates. This is in sharp contrast to last quarter, where they were still reluctant to hire too many too quickly and would take time to make formal offers and guarantee bonuses given the turbulence of the preceding 12-18 months.
The predicted candidate shortage has the knock-on effect of creating opportunities for those with less experience who are keen to get into a niche area. Although vacancies call for 2-5 years PQE on average, law firms are going to have to look at taking on more trainees and graduates in order to fill the gap, said Lesley Hobbs, business manager, Hays Legal, Hong Kong.
Candidates can also expect more firm recruitment evenings, especially among the larger firms, corporates and banks. These give candidates the perfect opportunity to network their way into their next position. They highlight critical roles that need to be filled and provide the opportunity to get to know a firm’s culture, according to Hobbs.
Lawyers from foreign jurisdictions can also consider themselves more favourably placed than three to six months ago, as the report also recommends that firms will need to broaden their search to attract the right people to their Asian locations.
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