Welcome to the Hong Kong Private Practice market update and salary guide for 2018-2019.
Since we delivered our last report, we have seen another busy 12 months for law firms in Hong Kong. The main driver of hiring has centred around a busy period for capital markets. So much so that some law firms have reportedly increased their IPO pricing to their clients in the hope to stem the flow of work coming in. This tactic has largely proven ineffective, and therefore firms are increasingly looking to bolster their capital markets teams with further lawyers.
This has created a huge demand for experienced lawyers and with so many firms looking, candidates have had the luxury of choosing from multiple offers within a short space of time.
Outside of this, the major development otherwise has been the rise of US law firms. The drawcard, aside from a healthy salary increase, has been the opportunity to work in relatively small teams led by leading Chambers ranked partners. Lawyers are typically of the view that they are working similar hours to US law firms in any event, so the lure of remaining at a UK headquartered firm is proving difficult for them to justify.
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