Legal recruitment outlook in Asia in January 2023

Hong Kong

Happy Lunar New Year! We wish you all the best in your health and happiness in the year of the rabbit!

As we step into 2023, law firms are feeling more positive about the year ahead. Most UK businesses are having budget meetings this month and need to learn about the latest post-Chinese New Year updates. The U.S. law firm completed a budget meeting in the second half of last year, and the schedule could make the projected budget similar to last year’s.

Recruitment activity is quieter than usual due to the close proximity of Christmas and Chinese New Year. However, we have received several new opening mandates in business areas such as capital markets, funds, finance, litigation and arbitration. These positions are a mix of alternate and extended employment. The firm is primarily mid-level to senior-level lawyers, and we are keen for him to have at least three years of post-qualification experience.

Mainland China

Happy Lunar New Year! Consihua Kai!

With borders reopening and the Lunar New Year holiday over, most people are back on the road. January was quieter for markets in Beijing and Shanghai, but we expect things to change after Chinese New Year. Note that the past year saw a high level of outbound recruiting activity at the partner and associate levels. In the Hong Kong market, we have always received inquiries from lawyers, especially from lawyers with foreign qualifications. M&A, finance, FCPA, and finance attorneys have the opportunity to transfer their skill sets elsewhere.

Singapore

With Lunar New Year coming so early, the international legal community in Singapore seems to be in a bit of a turmoil and will be back in action as soon as Lunar New Year is over.

The outlook for law firm clients remains positive, but cautiousness is creeping into hiring and decision-making in some sectors. This is especially acute at senior levels (lawyers and partners) where the investment costs are high. We continue to see demand for quality associates in investment funds, restructuring, major projects and disputes. Our clients are always open to considering experienced candidates from global markets in most practice areas.

Happy New Year. We wish you success and prosperity in 2023.

Singapore – (provisional)

With the start of the new year and finalization of the budget at the end of 2022, more and more general counsel are considering an interim model, as the likelihood of obtaining approval to hire contractors on the budget of outside counsel increases. Taking an interim route can help fill gaps that already exist or could potentially be created by staff turnover. Raising external legal fees is already a priority, so there may be cost-saving benefits if you can bring work in-house or hire temporary staff. Interim talent also helps legal team members stay challenged and engaged (Major, Lindsey & Africa’s Global In-House Market Conditions, January 2023).

Korea

With the start of the new year, 2023 is expected to see an increase in cross-border trading activity. Activity levels in 2022 looked uneven, with only some of the international company’s trading teams staying completely busy. As mentioned in previous newsletters, we look forward to meeting many of you in person when our consultants travel to Seoul later this month. Please feel free to contact me if you would like to meet me. Our February update is jam-packed with the latest information on the Seoul legal market.

Japan

After a busy holiday season that felt like it was pre-coronavirus, lawyers in Tokyo are back at work and hope the easing of border restrictions and a stable yen will boost cross-border trading activity. . Now that bonus season is over, a new associate role may be on the horizon at an international company. However, many companies still take a wait-and-see approach to their hiring needs. Companies, as always, are opportunistically interested in corporate attorney associates and international company associates who are fluent in Japanese.

Australia

The Australian legal market entered the New Year quietly but with optimism. Although January is a relatively low recruitment month, we continue to see demand for experienced attorneys in litigation, private he equity/M&A, investment funds, banking, finance, financial services/regulation and infrastructure areas.

It is expected that there will continue to be demand for the highest level of training and federally qualified candidates with 2 to 10 years of post-qualification experience, especially in trade, from abroad looking to immigrate to Australia. increase.