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SCMP Reporter

The demand for lawyers with specialist skills is increasing, writes Frank Longid

CHANGE IS IN the air for legal professionals. A market slump that had been dragging on for years is showing signs of recovery, especially for professionals with expertise in unique areas of the law.

'It's a good time to be a lawyer,'  said Doreen Soong Jaeger, managing director of legal recruitment firm Hughes-Castell. 'Right now, the legal market is very busy again. After Sars and the recession, there has been a major upswing.'

And while the industry has seen its share of ups and downs, Ms Jaeger felt this time the turnaround is here to stay.

'This [recovery] is more sustainable. The big difference between this year and last year in the legal market is that last year we had a very high supply of good candidates and not enough jobs. Now, there's a very high supply of good jobs and not enough candidates. It's very much a seller's market and it's much, much busier.'

The biggest demand is for lawyers specialising in corporate finance and mergers and acquisitions.

'The capital markets are very active, and as a result there is a large volume of listing transactions that have created a significant demand for lawyers with IPO experience,' said Ms Jaeger.

'The economic recovery has been quite noticeable and has led to more activity in the stock and property markets. With capital flowing more freely there is also increasing acquisition activity.'

There's also strong demand for lawyers specialising in intellectual property and with experience in 'China work'.

A particularly important skill is mastery of the Chinese language.

'A lot of the work is for Chinese issuers and Mandarin is a significant advantage,' Ms Jaeger said.

And it's not enough that a lawyer can speak Putonghua fluently. 'When you're literate in Chinese, it doesn't mean you can draft a legal document,' she explained. 'Even those brought up in Hong Kong who studied in Chinese schools don't necessarily have the skills to draft legal documents in Chinese. It is a skill that has to be learned.'

Another reason fluency in Putonghua is such a big advantage is because the Closer Economic Partnership Arrangement (Cepa) 'has led to some hiring on the mainland for international law firms. Most law firms' inbound China practices have migrated to the mainland while Hong Kong handles more corporate finance and outbound China work.'

Not only has Cepa led to a number of law firms expanding their presence in China, Ms Jaeger said it had also led to an increasing number of transactions handled on the mainland, putting pressure on existing resources.

It has become increasingly difficult for non-Chinese speaking lawyers - no matter how experienced - to find work in Hong Kong unless they have 'a specialised skill that is hard to find such as derivatives or investment products'.

'For example, if you have experience in exotic financial instruments then you could probably find work. If you're a general commercial lawyer, that's much more difficult without the language skills,' she explained.

But she stressed lawyers should not learn  Putonghua at the expense of English. Hong Kong can keep its edge if it continues to function as a hub, and it cannot do so if English standards slip.

'My biggest tip for every up-and-coming Hong Kong lawyer is to improve their English, written and spoken,' Ms Jaeger said.

'English remains the most important language for business, especially when you're a lawyer. You're dealing with words, so it's very important that your English documentation and your spoken English are at a very high level.'

While  it may be a seller's market, she warned against being too eager to swap jobs in the hunt for a bigger pay cheque.

'Don't switch jobs too quickly,' she advised. 'It may sound odd coming from a recruiter, but employers look for stability. People who change jobs every year create the wrong impression and damage their prospects in the long run.'

New lawyers, in particular, should be careful about switching too quickly, she said.

'Our recommendation to anyone who's just finishing a [training] contract is to stay at the firm. It's a good sign you performed well during your training.

'I think the market's reaching the point where it's getting so busy that headhunting will probably start quite soon.'

the verdict

Take the time to improve your Putonghua and English

Focus on a speciality area and try to become an expert in it

Do not be too quick to switch jobs, even if the money is attractive

Before switching jobs, consider the long-term impact it will have on your career



Hunt is on for top legal eagles