Hays Legal - April 2009
Hotspots
Current economic conditions have generated an increasing number of disputes with companies seeking exit strategies from contracts signed during the market boom. Within private practice this has resulted in an increased demand for contentious lawyers across a range of areas. The most notable demand is for lawyers with insolvency, restructuring, and regulatory experience.
The in-house market has seen a steady demand for internal legal counsel and teams to manage both contentious and non-contentious matters. Candidates with 4-6 years PQE continue to be in demand due to the technical competence of such lawyers. Compliance experience and knowledge of Singapore listing rules are generally required for these roles.
Executive recruitment
There is continued demand for senior level corporate hires. Despite the slow down in transactions, forward-thinking law firms are being opportunistic in their approach and recognise that this is a time to secure candidates with strong technical and commercial knowledge.
The coming quarter
Six international law firms are now operating in Singapore under the Qualifying Foreign Law Practice (QFLP). These will continue to generate job opportunities for private sector lawyers in the coming year.
Both the energy and insurance sectors are areas to watch for increased demand as both practice areas are expected to experience growth in the coming months. Additional international law firms will therefore be looking to establish themselves in the Singapore market.
Overall, employers have a cautious confidence about the coming quarter. While headcount will not be allocated until at least the second half of the year, the market in Singapore should remain stable and relatively positive.
Salaries
It is anticipated Singapore will soon follow the London legal market and introduce salary freezes along with significant cuts to bonuses.
Candidate trends
Mid to senior level lawyers with appropriate technical expertise are now difficult to find largely due to insecurities about making a move in the current climate.
In general, there has been an increase in good quality candidates however these tend to be corporate lawyers, specifically capital markets, IPO and structured finance lawyers, with less than 3 years PQE. While some firms have taken the opportunity to employ these candidates, for the most part headcount reductions in these practice areas have resulted in fewer opportunities for them.
As a result, candidates are now much more flexible with their salary expectations and are open to a range of career options.
