EBC Legal Salary Survey and Market Update HK

SALARY GUIDE AND MARKET UPDATE

HONG KONG

BeathChapman is pleased to announce that our Hong Kong Legal Desk has been officially launched

in Q3FY2015. Collectively, there is increased workflow in the form of retainers and mandates for the

Financial Services, Industry and Commerce teams at BeathChapman. Hong Kong has been an attractive

location for MNCs’ regional headquarters and representative offices. We also observe an increasing

number of PRC organisations with joint ventures and possible upcoming listings basing their global

operations in Hong Kong.

A strong pipeline of opportunities from State-Owned Enterprises (SOEs)/SOE related companies, HK Conglomerates and

US multinationals across industries provide optimism for legally trained professionals in Hong Kong. The Hong Kong market

continues to produce competitive opportunities for mid-level lawyers. Lawyers with excellent mandarin skills continue to be

in demand to take on North Asian, APJ opportunities.

In this market survey, we review trends in the market, and attempt to predict the mid-year outlook for 2015 based on

historical and prevailing trends in the Hong Kong market. BeathChapman is pleased to share that there is a healthy demand

for in-house mid-level corporate lawyers with PRC centric role remit increasingly being required.

HONG KONG IN-HOUSE CORPORATE REVIEW

www.ethosbc.com©BEATHCHAPMAN PTE LTD 2015

HONG KONG MARKET UPDATE


• Hong Kong is still a well-connected regional hub for many industries; State owned enterprises and HK conglomerates

continue to be active throughout 2014 and the better half of 2015.

• Amongst a range of industries, the Luxury Services, Hospitality and industrial manufacturing sectors had been the busiest

at hiring legal counsels for 2014 and 2015.

• Real estate, financing and construction lawyers remain a favourite with local conglomerates, spurred on by the booming

construction and real estate sector.

• Technology, Media and Telecommunications (TMT) clients have been active in Hong Kong with ongoing mandates for

lawyers possessing specialised IP, Data protection, IT distribution and Systems Integration skills.

• HK corporates remain consistent in their preference for Hong Kong qualified corporate lawyers given their valuable capital

markets experience (familiarity on listing rules and cross border M&A transaction management experience).

• Company secretarial (Manager to Group Company Secretary/Head Cosec level) professionals with or without legal training

have found good paying opportunities in the market with reputable HK-listed companies /conglomerates.

• Global Markets & Investment banking (transactions and regulatory (EMIR, Dodd-Frank and Volcker), asset management

and insurance sectors have been prudent but steadily hiring in view of turnover at the start of Q2 2015. Product lawyers

with funds, derivatives or treasury exposure have all been very marketable.

We expect more international and PRC companies to be based in Hong Kong to be closer to the manufacturing hubs and

commercial operations in China.

Law firms have struggled to retain quality talent as lawyers are attracted by the allure of

career prospects in-house and a perceived better work-life balance, losing 20% of their

junior associates. Notwithstanding, HK/UK Qualified lawyers with good practice training

(from pedigree law firms) and in-house general corporate/commercial skills continue to

be in demand. As lawyers have better options in a matured in-house market, employers

looking for good career stints in a CV may be disappointed as the job market remains

fluid and opportunistic.

General Counsels and hiring managers alike weigh personality traits against culture and

how well potential hires can deal with the business people. Junior associates seeking

in-house career opportunities should volunteer for secondment experience as this will

expose them to more commercial matters giving them much needed advantage in making

an informed decision on the various challenges of an in-house role.

There has been an increase of newly created Lead sole legal “greenfield” roles available as organisations in Hong Kong and

China continue to see the economic value add of the in-house legal function. Increasingly, positions tend to have a greater

regional focus as corporates seek to invest and diversify in the region.

Regulatory/Compliance skill sets across in the Financial Services space have been in demand since late 2014 and should

continue to be in 2015/2016 as governance frameworks come under greater scrutiny. Those with knowledge of the UK Anti-

bribery act, FCPA, Data privacy rules, Employment, Volcker, Dodd-Frank/EMIR regulatory requirements have been more

marketable as new regulations meant legal departments often had to bring in additional resources to service the work.

Law firms losing 20% of their junior associates.

Regulatory/ Compliance skill sets should continue to be in demand.

Increase of newly created Lead sole legal “greenfield” roles available.

20%

HONG KONG OUTLOOK


Candidates within the 8-12 PQE range with general corporate commercial in-house experience and excellent soft skills to

manage business stakeholders have been most in demand in 2014/2015. Senior In-House counsels with strong transactions

and corporate M&A and commercial experience are well positioned to take up leadership roles with reputable Fortune 500

MNCs and Asian conglomerates that are looking to strengthen their legal bench. Candidates who are common law qualified

with good spoken Cantonese, Mandarin and Chinese drafting skills can take advantage of opportunities in organisations with

investments/interests in Greater China. It is worth noting that familiarity with a third language like Korean and Japanese has

landed candidates in regional roles in 2014.

GC-level, leadership positions remain relatively scarce. General Counsels with cross border M&A, strong listing (company

secretarial) experience and management experience continue to be in demand when there are succession planning roles

with reputable conglomerates.

We are still positive about the Hong Kong legal space but patience and some creative engagement with C-level professionals

from us will be important in securing these senior roles.

HONG KONG OUTLOOK


HONG KONG COMPENSATION

Annual salary adjustments in Hong Kong tend to be in the region of 5 - 10%. For those seeking a career switch, a financial

incentive in the region of 20% - 25% increment can be expected. The salary ranges in the table below are relatively wide;

indicative of the commerce and industry market.

Career company secretaries (ICSA Qualified or the equivalent) with listed experience can expect a monthly salary range from

HKD 65 000 to HKD 100 000.

Remuneration still remains fair and competitive. MNCs tend to pay at the higher spectrum of the salary scale, but with less

attractive year-end bonuses (hovering around the 2 - 3 months mark) as compared to HK listed companies (hovering around 3 -

5 months). Banking, derivatives and structured finance lawyers continue to command market leading compensation packages.

Our information has been researched and corroborated by input from clients, candidates and from our knowledge of the

marketplace. As with all surveys, the ranges represent the mainstream view and past placement records of BeathChapman.

There will be anomalies outside the ranges published here. Please use this survey as a guide and do not hesitate to contact

Linus Choo at [email protected] or call +65 6692 0795 for a confidential discussion.


POST QUALIFIED EXPERIENCE MONTHLY SALARY (HKD$)

1 - 3 Years 40 000 – 70 000

4 - 6 Years 65 000 – 110 000

6 - 10 Years 90 000 – 135 000

10 - 15 Years 85 000 – 150 000

15 - 20+ (General Counsel & Head Legal, Group Company Secretary) 130 000 & above

LINUS CHOO

ASSOCIATE DIRECTOR

LEGAL - APAC

T: +65 6692 0795

E: [email protected]

Linus leads the legal practice at Ethos BeathChapman, focusing on legal & compliance and company secretarial placements. He has

successfully conducted and completed many senior level in-house legal positions across all sectors throughout APAC with reputable MNCs

and conglomerates.

Prior to joining Ethos BeathChapman, Linus was with a large specialist legal recruitment firm, where he was responsible for the legal and

company secretarial portfolios. This focus has enabled him to develop strong functional knowledge of the discipline and a broad network of

contacts and referrals within the legal sphere. He has executed retained legal search assignments up to C-Level.

His recent track record of successful placements include General Counsel for a Resources and Chemicals organization, Head Legal of a

leading real estate Singapore Listed Company, Head of Legal of a Medical services company, Corporate Compliance Director of a Global

Logistics company, Head Corporate Secretariats of leading Singapore and HK Listed companies, Head of Legal & Compliance of a European

Pharmaceutical MNC and Senior Attorneys with Fortune 500 MNCs. He has also placed mid-level lawyers in investment banks, boutique asset

management fund houses and with leading Singapore listed companies.

Linus has laid claim amongst the top billers’ league over the course of his career. He is known and respected for his tenacity and his ability

to close “hard to fill” positions; and as a trusted advisor to his contacts. In his free time, he enjoys a game of football with his friends, hunting

down good food options and spending quality time with his loved ones.


IN-HOUSE LEGAL

For further information or to discuss your recruitment needs, please contact:

www.ethosbc.com

LINUS CHOO

ASSOCIATE DIRECTOR

LEGAL - APAC

T: +65 6692 0795

E: [email protected]

REG NO. R1216328

BEATHCHAPMAN (PTE LTD)

EA R1216328 LICENCE NO: 11C5008

Documents

EBC Legal Salary Survey and Market Update HK