(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

Recruitment activities remain steady at the associate level. Openings are available in the funds, finance, and dispute resolution spaces. Opportunities are available at both onshore and offshore law firms, and they are keen to hire lawyers with at least 3-4 years of post-qualification experience. Partners highly prefer candidates with strong academic background and top training from international law firms. They are open to relocating the right candidate to Hong Kong. Further firms have notified their lawyers on the cost-of-living allowance (COLA) changes. They are phasing it out and some traditional US firms will no longer offer COLA by 2025.  

Mainland CHINA

Recruitment activity remained cautious in Beijing and Shanghai. Lawyers with at least 4 years of post-qualification experience gained in the US litigation and investigations space are in demand. Firms remain open to relocating Chinese nationals with at least a couple of years of experience in the US or UK market to return to Beijing or Shanghai.

SINGAPORE

We are mid-way through the year and residents of Singapore are beginning to think about their summer plans, while the city is full of travelers visiting from other countries. Whilst the law firm market remains robust in Singapore, there is certainly caution coming from global markets which is influencing hiring. At more senior ends, processes have stopped or been put on hold and there is caution at more junior levels. That said, we continue to see a demand for associates in investment funds, financial regulation, and technology.

SINGAPORE - (Interim)

Millennials now make up the largest portion of the legal profession. As a demography, they have placed emphasis and importance on work-life balance as this MLA study shows. Interim legal work can offer Millennials the opportunity to have more control over their schedules, take breaks between assignments, and pursue personal or other professional interests.

SOUTH KOREA

With the summer months just beginning, several foreign-qualified associates living outside of Korea have found roles on the ground in Seoul and will be starting their new jobs over the next few months. There has also been some lateral movement within the market. Both international law firms and top Korean firms are continuing to strengthen their corporate and project finance teams. Of particular note, Ashurst has continued to grow its new joint venture presence in Seoul with the addition of the Shearman Seoul team despite the announcement of the possible merger between Shearman and Allen & Overy.

JAPAN

The market for international associates remains slow, with firms that traditionally were always willing to consider bilingual lawyers with excellent credentials now largely uninterested in increasing their headcount for the time being. That said, there are several roles open for candidates with the right skill set (generally M&A or projects), and the demand for bengoshi associates remains as strong as ever. For those considering a move to Tokyo in the future, this is a great time to focus on getting as much solid experience as possible in your current city, which will make you that much stronger a candidate when the market improves and there are more positions available.

AUSTRALIA

Recruitment at law firms in the Australia market has slowed down this past month as partners and HR managers continue to stay busy with annual performance reviews and meeting deal deadlines before the end of the Australian financial year on June 30th. Demand for corporate/M&A lawyers remains relatively quiet as does demand in banking and finance. There has been an uptick in demand for commercial litigators and firms remain opportunistic as ever for excellent investment funds lawyers. Appetite for sponsoring Commonwealth-qualified lawyers from abroad is low but opportunities exist for top UK-qualified lawyers with 3-5 years of transactional experience.

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.