(As excerpted from our monthly Associate Newsletter - Asia Pacific)

Associate Newsletter – Asia Pacific is a monthly resource that reports current legal market news, trends, partner moves and active opportunities in the Asia Pacific legal markets.

Legal Market Summary

HONG KONG

The legal market in Hong Kong is experiencing a period of cautious optimism as it navigates the aftermath of previous economic challenges and the ongoing impacts of global events. Here are the key trends observed in 2024: Following significant layoffs in 2023, there is a notable surplus of legal professionals, giving employers more negotiating power. There is a rising demand for legal professionals with expertise in technology, particularly those familiar with legal tech and data privacy. Companies are looking for attorneys who can bridge the gap between legal and technological frameworks. Litigation and Finance: These sectors continue to see robust hiring activity. Despite a slower pace in financial services, there is a concerted effort to bolster regulatory and compliance functions, leading to increased legal headcounts. M&A and Private Equity: Anticipated growth in mergers and acquisitions is evident as firms look to deploy capital accumulated during previous years. This area is expected to remain a focal point for hiring throughout 2024. Regulatory Compliance: With evolving regulations, particularly in financial services and trade compliance, there is a growing demand for lawyers specializing in these areas. International Arbitration and Crypto/Blockchain: As the crypto market shows signs of recovery, there is an emerging need for legal expertise in this space, alongside continued interest in international arbitration.

Mainland CHINA

The recruitment activities in Beijing and Shanghai have remained stable. We have seen more US firms exiting the mainland China market in the recent months. Some partners movements have led to associate level recruitment activities. The main area is investivation space.

SINGAPORE

From a hiring trend perspective, Law firms are adopting a more cautious approach to hiring. While there is still a need for legal talent, firms are scrutinizing revenue and utilization rates before approving new hires. This trend indicates a shift from aggressive expansion seen in previous years to a more measured approach. For 2024, certain areas within corporate law are particularly active such as Mergers and Acquisitions. Despite some sluggishness due to high-interest rates, M&A remains a critical area as companies seek strategic partnerships and consolidations. From an Energy and Infrastructure perspective, with Singapore's focus on sustainability and energy transition, legal services related to energy projects and infrastructure development are seeing increased demand. This includes advising on regulatory compliance and project financing. Dispute Resolution is busy with The Singapore International Arbitration Centre (SIAC) remaining a leading venue for international arbitration, reflecting the city's status as a hub for resolving cross-border disputes. Areas such as construction disputes, investor-state arbitration, and cryptocurrency-related issues are particularly prominent.

As we draw the curtains on Q1, the demand for permanent associate talent in Singapore has been robust rather than buoyant! There has been activity in the corporate & funds arena, where we have seen replacement hiring. And there continues to be a need in project development and international arbitration. All our clients remain open to considering the best candidates from around the globe, reflecting the increasingly pan-Asian center that Singapore is.

SINGAPORE (Interim)

As we approach the festive season, interim legal recruitment activity in Singapore has begun to slow, with many firms and candidates shifting their focus to year-end priorities. This is a natural pause as the market winds down for the holidays.

However, we anticipate a strong start to 2025, with hiring demand likely to rebound as firms prepare for the challenges and opportunities of the new year; the US – China trade sanctions come to mind. If greater flexibility or tailored opportunities are on your wish list for the coming year, now is the perfect time to connect with our Singapore interim team. We’re here to help you position yourself for success in the evolving legal landscape.

JAPAN

While this year started off relatively strong in terms of associate hiring, the number of open roles started to drop off around the spring, and a wait and see approach became the order of the day for a number of firms, with major elections in both Japan and the US looming. Now, with more political certainty and lower interest rates in the US, but also remaining uncertainty as to the impact of a second Trump presidency come January, firms are again cautiously optimistic. As ever, there is appetite for bilingual junior corporate associates and M&A bengoshi, but demand in other segments of the market remains to be seen.

Korea

This has been an interesting period for the Korean market, as corporate activity (both inbound and outbound) has been robust, and both the international and Korean firms have been adding to their teams, with DLA Piper adding two partners this year alone and some of the Big 6 really looking to expand their foreign law execution capability. But President Yoon Suk Yeol’s short-lived imposition of martial law in early December, swiftly followed by a failed impeachment motion and arrests and resignations of a number of senior political leaders, has catapulted the country into instability, which will no doubt have a chilling effect on the market for at least the short-term.

AUSTRALIA

Despite the Christmas and New Year shutdown period only a couple of weeks away, law firms across the Australian market, particularly in Sydney, Melbourne and Brisbane remain actively hiring with strong demand continuing for mid-level Associate and Senior Associates with Corporate/ M&A, Banking & Finance, Investment Funds and Infrastructure experience. To meet demand, Australian law firms are welcoming the resumes of top-tier qualified transactional lawyers with an interest to relocate to Australia. Particularly of interest are top-tier UK qualified lawyers with experience in the aforementioned practice areas.

Partner Moves

Partner moves are obtained from both public sources and Major, Lindsey & Africa market intelligence. The list is not intended to represent Major, Lindsey & Africa as the consultancy involved in the moves, although some moves may have been brokered by Major, Lindsey & Africa.