The 2019 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, BeNeLux, Italy, the Middle East, Turkey, South Africa, China, Singapore, 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 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 the 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 14th globally, right behind Australia.
Hong Kong is being the world’s freest economy, a rank it has held for the past 25 years. Its economy is fuelled by the world’s third-largest financial system. 70% of the world’s 100 largest banks operate in Hong Kong, it has the fourth largest foreign exchange centre and has the largest number of IPO’s listings per year in the world.