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In legal recruitment terms Singapore tends to be the focal point for much of South Asia and even the Middle East. As we move into 2007, this fact has undoubtedly contributed to a strong market for lawyers in the Island State, as demand has grown for well qualified lawyers not only domestically, but also regionally, perhaps most notably in India and the United Arab Emirates. Put in the most simple of terms, the Singapore legal recruitment market enters the New Year in a very healthy state. Having withstood significant challenges in recent years, which led to several international law firms reviewing their presence in the Lion City and to a number of them eventually withdrawing, the market is now bouncing back strongly. On the private practice side, we have recently witnessed a significant increase in instructions. This has been especially true of the Singapore based practices, both local and international, as well as outfits with operations in the Middle East. Locally, with lots of lawyers having just been paid their annual bonuses, it is a common time for individuals to move on to greener pastures, which in turn leads to the opening up of new opportunities. In Dubai and the United Arab Emirates generally, business is good for the vast majority of law firms, which is leading to expansion amongst those firms already there, as well as attracting new entrants to the market. Domestically there is presently particularly strong demand for skilled corporate specialists, most notably at the junior end of the market. International firms are generally perfectly content to recruit from the best of the local Singaporean practices. This demand for local lawyers has resulted in significant upwards pressure on salaries within the local firms as they endeavour to retain the best of their talent. There are also plenty of opportunities for project finance lawyers, with some firms apparently finding it difficult to fill vacancies. One consequence of this is that we have started to see some flexibility amongst firms in the packages they are willing to offer and in particular we have recently witnessed firms offering signing bonuses to encourage candidates to move to Singapore. The senior end of the market is also seeing movement. A number of firms are currently looking to beef up their capital markets/corporate capacity by way of lateral hires. Of particular note has been American firm, Duane Morris's, high profile entrance into the Singapore market. They have already made five senior lateral hires, which instantly makes them a serious player in the market. We are also currently seeing significant activity on the in-house side, with numerous new instructions from both banks and corporates looking to add to their legal teams. In general terms there seems to be an appreciation that salaries in the private practice sector have been subject to notable increases over the last 12 months. Accordingly, in order to compete, most corporate employers are trying to keep pace with these rising salaries. The growing demand for highly capable lawyers amongst our banking clients is reflected by the fact that they, in particular, are competing very aggressively on salaries/packages. At the present time, Singapore is playing a key role in legal recruitment terms for the rapidly expanding Indian market. In particular, the number of new opportunities for skilled lawyers in both the retail and investment banking sectors in the World's second most populous nation is currently increasing very rapidly. It is a relatively new market for us and one in which we expect to see a great deal more movement during the course of 2007. India is unquestionably a place to keep a close eye on. The growing prominence of India is a very good example of the way in which the legal recruitment market out of Singapore is becoming increasingly international. It is a fact which is not escaping the attention of lots of ambitious lawyers, who are beginning to understand that opportunities are not necessarily confined to their home jurisdiction. In fact, some of the best opportunities for advancement may now lie in developing economies. Therefore, in the same way that many Hong Kong lawyers have embraced the economic revolution in the Chinese Mainland to their significant advantage, a growing number of Singapore based lawyers, both local and expatriate, are likely to view India and other South Asian developing economies in the same way. Early experience certainly suggests this will be the case. |
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