Although thousands of attorneys will work with a recruiter this year, most will spend less time evaluating recruiters than they do researching airfares on the Internet or on Facebook. A recruiter should play a much larger role in the job-search process than simply relaying information about opportunities, especially when it comes to Asia based assignments. Unlike the practice of law, the legal-recruiting profession is not regulated and does not require any type of license. Yet using a recruiter involves temporarily entrusting the course of your career to another person. As many recruiters turned their attention to the Asia legal markets after the domestic economic downturn, we thought it timely to suggest the following questions when interviewing a potential recruiter to determine their experience and expertise in the Asia legal markets. There are many excellent legal recruiters out there, but not all recruiters are created equal and, most importantly, only a handful of recruiters have yet to gain the experience and the knowledge that the Asia legal recruiting field demands.
Dawn P. Robertson, Esq. March 13th, 2016
We are pleased to share this compensation report to provide guidance to our partner and associate candidates. We have gathered information with the help of our law firms clients and candidates and from our in-depth knowledge of the market. Please note that this report isn't all inclusive as we represent mostly Am Law 100 international firms and top local firms in Tokyo, Hong Kong, Mainland China and Singapore.
Premier law firms are offering increasingly competitive packages in order to attract and retain top legal talent throughout the Asia market. Hiring conditions across Asia are showing steady and noticable signs of improvement with new openings in litigation, dispute resolution, project finance, fund formation, capital markets and M&A.
Interestingly, the Hong Kong market for the last twelve months has been experiencing the continued tussle for HK qualified and US, UK and AUS qualified associates and a few American firms continue to pay their Hong Kong and UK and AUS qualified associates at New York-scale salaries starting at $160,000 for first years. However, it is important to note that not all of their competitors in Hong Kong have followed suit and some are waiting to see how these salary changes develop.
The Hong Kong and Beijing offices of US NLJ 350 firms also saw large increases in their lawyer headcounts this year. Beijing firms experienced an 15% gain and Hong Kong firms experienced a 12% gain.
William Wesley March 7th, 2016
Amidst a flourishing economic climate in Asia, eyes are turning to the fluctuating currency rates more than ever. The week of April 20th was the best week for Asian currencies in the past seven months. Additionally, Asian shares rose the most in almost two weeks amid growth in U.S. home sales, earnings that exceeded forecasters’ expectations and speculation the European Central Bank will cut interest rates.
Despite the yen’s recent dwindle in Japan, Bloomberg-JPMorgan Asia Dollar Index, which tracks the ten most active currencies in the region, rose 0.5% this week. Investment incentives are skyrocketing, especially in Southeast Asian countries. Thailand’s “currency has started to move beyond its fundamentals” according to Governor Prasarn Trairatvorakul. In fact, the baht, one of the eleven most traded Asian currencies, has strengthened the most in the past year—6.8% against the dollar.
Amy Amornpongpisut April 27th, 2013
As the U.S. economy shows signs of recovery this year, many Americans are expecting for the jobs lost to their cheaper and more efficient counterparts in the East to return home. As the one of the first Presidents to grapple with the shifting global economy naturally, President Obama is the most prominent advocate for “insourcing”. During his re-election campaign the President often said that he “want[ed] to be a pioneer of insourcing” and since then, global companies such as Apple and Lenovo have said that they plan to bring production facilities home from Asia. China’s rising wage costs and declining labor force seems to motivate insourcing enthusiasts however, the U.S Bureau of Labor says that even though China’s labor costs are rising hourly manufacturing still costs about 25 times less than that in the U.S. (more…)
Zara Mohidin February 22nd, 2013
Chinese outbound foreign direct investments (ODFI) in December 2012 were the largest on record, demonstrating that the world’s largest recipient of foreign direct investments over the last decade has begun to return the favor. (more…)
Zara Mohidin February 14th, 2013
As mentioned in the Wall Street Journal today, China has taken new steps to loosen restrictions on the range in which the yuan trades against the US dollar. The Chinese Central Bank still maintains a relatively tight grip on the yuan by setting a daily “parity” rate for trading the yuan against the US dollar. China until today had allowed the yuan in daily trading to increase or decrease from the party rate by no more than .5%. The changes which went into effect today allow the yuan to fluctuate up to 1% from the parity rate.
Joshua Flagg April 16th, 2012
In the past few years, the Hong Kong Stock Exchange has emerged as a global IPO leader, dominating the market two years in a row. The scaled back pricing of a few large IPOs and investor nervousness have done little to seriously alter the financial world’s shift to the Asian market. Likewise, the reclamation by the United States of the number one position in the IPO market, as recently pointed out by the Wall Street Journal, has not dampened foreign companies’ appetite for listing in Asia. This interest is hardly one-sided, as Chinese companies are also increasingly attempt to list on American exchanges.
As for Hong Kong IPOs, Prada and Samsonite are just a few of the prominent Western companies that listed in Hong Kong this summer. Prada’s offering, which was handled by Slaughter & May, was the biggest in Hong Kong this year and despite disappointment over scaled back prices and the initially modest .3% rise, the stock has gained 18.9% since its June debut. (more…)
Dawn P. Robertson, Esq. November 15th, 2011
Tags: American Banking, Asia Banking, China, Emerging Markets, Ernst & Young, Financial Times, Folli Follie IPO, hkse, Hong Kong, Hong Kong Stock Exchange, IPO, Jimmy Choo IPO, listing, Morgan Stanley, NYSE, Prada, RTO, Samsonite, Slaughter & May, U.S.A., US Stock Exchange, Wall Street Journal Asia IPO
The offshore renminbi market (RMB) has come to an important time in its progress as a potential international trade currency. At this point, it is safe to say that renminbi is not a small-scale experiment in the Hong Kong financial market but is rather at the beginning stages of becoming an international trade currency. The scheme, which was originally created in June of 2009, has rapidly grown, most importantly due to the changes made in June 2010. The scheme, originally, allowed for the trading of exports and imports in RMB between participating enterprises of 5 Chinese cities and their trading counterparts in Hong Kong, Macau, and the ten nations of ASEAN. Under the June 2010 growth-plan, participating enterprises in 20 Chinese cities are trading in renminbi with international trading partners. The benefits in doing this for China are clear, as it would reduce US dollars in China, as well as reduce trade costs for China because it uses its own currency. (more…)
Dawn P. Robertson, Esq. and Isabelle Nadler May 31st, 2011
Following the last two years of salary freezes and lowered bonus structures, ex-pat packages in China and Japan have become a hot topic among U.S. and U.K. attorneys looking to relocate from the U.S. and U.K. to Asia. The top firms have weathered the economic crisis just fine according to data gathered by ALB Legal News, and most firms continue to offer competitive packages in Asia in order to attract and retain top legal talent. This is especially true of firms that, as newcomers to a given market, are anxious to increase their ranks.
Firms remain committed to the region, investing resources into their foreign offices, hiring or promoting partners, and offering competitive remuneration packages to their strongest attorneys, especially bilingual ones. While ex-pat packages have for the most part remained stable at top firms, especially in more mature legal markets like Tokyo and Hong Kong, we have seen more variance than ever over the past year. Increasingly there is a willingness to negotiate and make offers on a case-by-case basis.
Joshua Flagg December 16th, 2010
Hong Kong is presently the world’s largest IPO center. However, latest reports from Ernst & Young and PricewaterhouseCoopers (PwC) predict that China is well on its way towards leading the IPO market.
From 2000 to June 2010, companies in China’s mainland raised $188 billion in 495 deals on the leading bourses such as New York Stock Exchange (NYSE), Nasdaq Stock Market, London Stock Exchange and Hong Kong Stock Exchange. Overall, there were 1,114 global deals raising $366 billion in the same period. Hong Kong Stock Exchange was ranked first with 409 deals raising $171.2 billion.
In the near future, PricewaterhouseCoopers (PwC) predicts that domestic PRC companies are expected to raise US$55.7 billion on the Shanghai Stock Exchange this year, while in Hong Kong the figure is expected to be US$47.7 billion.
It can be deduced that the Chinese companies are recovering from the worldwide economic slump and have not been adversely affected by the Europe debt crisis. In terms of fund raising, more Chinese companies choose domestic capital markets as they have become increasingly attractive compared with foreign markets. Domestic companies have raised RMB213bn from 176 IPOs in the first half of the year, more than the RMB187bn raised in the whole of 2009. And according to PwC’s predictions, the total number of new listings on the country’s two bourses in Shanghai and Shenzhen may reach 300 in 2010, compared to 99 last year. Unlike other countries, China has high investor confidence due to increasing listing value and the strict regulations of the China Securities Regulatory Commission (CSRC).
Companies in the BRIC (Brazil, Russia, India and China) countries constituted nearly 68 percent of the total funds raised in the past decade. London stock exchange, NYSE and NASDAQ were ranked second, third and fourth respectively in the report.
Ira Handa July 15th, 2010