Hays Legal - October 2008
Hotspots
PRIVATE PRACTICE
Following the recent Legal Profession (Amendment) Act 2008, Foreign Law practices and Representative Offices have been changed to a licensing regime. Singapore solicitors holding practising certificates are allowed to practice Singapore law in permitted areas of legal practice in their constituent foreign law practices, or to practice Singapore law in licensed foreign law practices on international matters. This has created some excitement among the Singapore Bar qualified Litigation lawyers who are hoping to bring their expertise from Singaporean law firms to Foreign law firms.
IN-HOUSE - BANKING
Given global financial instability, candidate movement in the in-house market has decreased. Candidates are instead remaining in their current roles, with the focus shifting from job-hopping for attractive salary increases to securing long-term tenure. To cut down on hiring costs, banks are recruiting experienced legal support staff rather than qualified lawyers. General derivatives remain a hotspot of demand.
IN-HOUSE - COMMERCE
Local companies expect increased acquirers from Mainland China over the coming six months as Chinese companies across various business industries pursue opportunities in Singapore. This can greatly enhance the process of integration following mergers & acquisitions. As a result, entry to mid level candidates with general corporate, mergers & acquisitions and joint venture experience are in demand.
The coming quarter
With fewer candidates changing roles, this quarter is not expected to witness the traditional movement of employees securing a new role for the New Year. The temporary market is however expected to be active, as employers indicate they will focus on ongoing contract assignments for the next six to 12 months.
Executive recruitment
Paralegals with substantial IPO experience are in demand as Chinese companies enter Singapore. These candidates are required by both private practice and in-house employers, with incentives used successfully to attract and prompt their career moves.
Salaries
Little salary movement is expected this quarter.
Candidate trends
Candidates are considering all possible options, but appreciate that local companies often provide a flexible and appealing solution.
