By Daniela Aroche

Lawyers looking for employment in Hong Kong can expect to see more opportunities emerge in the near future. A recent report reveals that hiring expectations in Asia are on the rise, with Hong Kong employers the most optimistic in the region.

According to 'The Hudson Report - Hiring and HR Trends Hong Kong', 35% of Asia employers overall plan to increase headcount (up from 22% in Q3), and expectations among Hong Kong employers are rising more rapidly than in the other markets surveyed in Asia.

"Hiring expectations continue to rise at an accelerating rate. Overall, expectations are higher than they were a year ago and it now seems that the 'green shoots' are here to stay," said Mark Carriban, managing director, Asia, Hudson.

Whilst law firms in particular are still slightly cautious when it comes to hiring - only 15% of respondents in the legal sector forecast an increase in hiring this quarter - none anticipate a decline and there is some activity in the areas of corporate finance, litigation and insolvency.

"Insolvency and litigation lawyers are definitely more in demand. There is also demand for corporate finance lawyers and this is due to the rise of Hong Kong IPO listings. We have been seeing a lot of companies being listed on the Hong Kong stock exchange again after the peak of the tsunami, so many law firms are now looking to Hong Kong lawyers to work on IPO projects," said Florence Pang, senior consultant of Legal at Hudson Hong Kong.

The survey results also suggest that employers in Asia are prepared to hire a candidate who has been out of work for a long period, providing the candidate has substantial previous experience and a good track record (38%) and/or possesses a set of specialist/niche skills (30%).

However, it seems law firms in Asia are apprehensive about filling senior positions with local talent.

Respondents across all sectors indicated that the more senior the role, the more difficult it is to find local candidates with the requisite skills and experience, but law firms in particular suggested that they tend to seek out candidates with international experience for senior positions.

"It is a fact that when it comes to partners, international law firms usually prefer to have someone transferred from their base headquarters (UK/US) rather than find someone locally. This is because lawyers working for international law firms may often work on international deals where good knowledge of law in other countries - especially financial markets such as those London and New York - is required. Local lawyers here in Asia are not as well-versed in those markets; therefore they are not as likely to be hired for those senior positions.

Candidates should perhaps make their expectations a little more flexible in terms of the kind of law firms they want to work for," she said."If they only want to work for international law firms, then they could be waiting quite a bit longer to find employment. Instead, they should aim to employ their time effectively, even if that means part-time work or accepting slightly lower salary packages as long as the job can keep their skills up-to-date - that is crucial. It's very important that they don't sit around idle."