The number of legal positions advertised in Hong Kong and Japan has improved in the second half of 2009, in what may be another signal of economic ‘green shoots.’
The Robert Walters Asia Job Index tracks advertisements posted by recruitment companies, newspapers and job sites in Asian countries. According to the index, vacant positions for lawyers in Hong Kong grew by 20%, jumping up from 574 jobs in April to 692 in June. In Japan, there was nearly a 12% increase in advertisements, up from 94 to 104 roles.
The number of legal jobs advertised in China and Singapore contracted, however, with China posting 4,198 legal positions available in June, compared to 4,513 in April. Singapore remained relatively stable – only dropping slightly, advertising 268 jobs in April, down to 262 in June.
Jacqueline Keddie, managing consultant at legal recruitment firm Law Alliance, said that although it’s still a tough job market, especially in Japan, there are signs of growth around the region. “Across the board things are improving in the corporate and finance side – there are more deals happening and that translates through to law firms,” she said. “We’re seeing specific opportunities across a range of practice areas.”
Keddie predicts that the Singapore government’s recent investment in the arbitration field will create new job opportunities there. “Singapore is making a very strong push as a jurisdiction for arbitration, so that on the dispute-resolution side we’re seeing some opportunities there, just as we saw some Qualifying Foreign Law Practice (QFLP) opportunities following the liberalisation of the legal market,” she said. “Across Asia finance and corporate work is starting to grow.”
While she predicts that the current quarter – from July to September – will be the best seen this year for levels of activity, law firms largely remain cautious about hiring. “Firms need to see sustainability in the workload before they are prepared to hire, particularly in circumstances where [they] have gone through retrenchment exercises.”
Related stories: