Hong Kong
Hong Kong is a modern Chinese city with multi-Asian and Western elements. It is the biggest and most important financial centre in the region and is still the city of choice for most international businesses. It offers everything from the bustle and crowds of Central and Causeway Bay, to the mountains of Lantau and the beautiful bays of Sai Kung. Culturally and historically, it has a unique place in Asia.
It is efficient and well run with a first-class transport system. Everything is within an easy distance and a commute to work is typically a five minute taxi ride. Hong Kong provides a rich diversity of professional and personal opportunities that few other places in the world can match.
Law Firms & In-house
Hong Kong is long established as the hub of Asian trade, finance and commerce. Its highly developed financial infrastructure and established common law legal system is a powerful magnet for regional and international corporations. As a result, a large number of major international law firms from the UK, US and Australia have a presence in the city. It is also the Asia Pacific headquarters for a large number of major investment banks and international corporations. While previous Asian transactional experience is always helpful, the above areas are busy enough to see lawyers with strong experience being relocated into this region.
Principal Areas of Demand
Private Practice
Despite the increase in the requirement for Chinese language skills, there is still demand for high quality lawyers in the following areas:
- Corporate
- Banking & Finance
- Project Finance
- Securitisation
- Capital Markets
- Construction
- Energy
- Dispute Resolution
In-House
Hong Kong is headquarters for a large number of major investment banks and international corporations. Lawyers within these organisations tend to have regionally focused responsibility, resulting in a diverse and interesting workload. Increasingly, the PRC is becoming a focus for companies and Mandarin language skills are in demand. Interest is high for lawyers with the following experience:
- Structured Finance & Securitisation
- Debt Capital Markets
- Derivatives & Structured Products
- Compliance - both investment banking and funds related
Remuneration & Benefits
Salaries tend to be generous in Hong Kong, affording lawyers a good level of income and a comfortable lifestyle. However, the huge ex-pat packages once offered to lawyers relocating to Hong Kong are rare in today’s market. Generally, overseas lawyers are offered an all-inclusive salary package which won’t contain a separate housing allowance, but is likely to include an economy class flight home each year, a discretionary bonus, full life assurance and private health cover. Tax levels are very low and are capped at 16%.
Outside the Office
With its renowned work-hard, play-hard spirit, the city is one of phenomenal energy. You may be required to work late, but there will always be plenty to do once you leave the office. The bars are generally full seven days a week and stay open very late. The choice and quality of restaurants, cafés, shops and clubs which are open all hours is equally impressive.
The image of the city as a pulsing urban jungle seems only too real, but there is more to Hong Kong than this. There are beautiful beaches at Sai Kung and fantastic walking in the new territories. Stanley and Repulse Bay provide a haven from the bustle of Central and there are clubs and leisure facilities that provide opportunities for participation in a wide range of sports and activities. You are also well placed to travel throughout Asia and Australasia and to explore the different cultures at your doorstep.
For further information on the legal market and job opportunities in Hong Kong please contact your nearest Taylor Root office:
London:
Shobana Kanagasingham E: shobanakanagasingham@taylorroot.com T: 020 7415 2828
Dubai:
Shane Morton E: shanemorton@taylorroot.com T: +971 4 319 7601
Hong Kong:
Michael Luckett E: michaelluckett@taylorroot.com.hk T: +852 2973 6333
Sydney:
Sandra D'Souza E: sandradsouza@taylorroot.com.au T: +61 (0)2 9236 9000
Melbourne:
Tim Fogarty E: timfogarty@taylorroot.com.au T: +61 (0)3 8610 8400