The 2018 Global In-House Report is an overview of hiring trends from a variety of sources, from the local knowledge of experienced consultants to our regional salary guides through to general market sentiment derived from interviews with senior contacts.
Below is an extract from the Hong Kong section. The full report contains market insights for Germany, Italy, the Middle East, Turkey, South Africa, China, Singapore, Australia, the United Kingdom and North America.
The Hong Kong Legal Market
Hong Kong has a unique position as the gateway to China, the world’s freest economy and the Asia Pacific hub for legal services and dispute resolution.
Under the principle of ‘one country, two systems’ Hong Kong has its own legal system based on the English common law, distinct from the Law of the People’s Republic of China. All business contracts as well as Intellectual Property rights are covered by international accepted law practices and the Court of Final Appeal has at least one visiting judge from UK Supreme Court. Hong Kong is an important global and regional arbitration centre with a strong stance against corruption. Transparency International’s corruption index rated Hong Kong 12th globally, right behind Norway.
Hong Kong is the world’s freest economy, a rank it has held for the past 24 years. Its economy is fuelled by the world’s third largest financial system. 69 of the world’s largest banks are represented in Hong Kong, it has the sixth largest foreign exchange centre and has the largest number of IPO’s listings per year in the world. On top of its financial system, Hong Kong has the fourth busiest airport globally, one of the world’s largest container terminals, and is the key regional hub for trading, logistics, tourism and professional and producer services ranging from accounting to information technology services. For these reasons, Hong Kong is home to every Magic Circle and White Show law firm as well as all major U.S., European and UK law firms.