Legal
The overall hiring activity for the commerce and industry legal market picked up substantially in 2022 compared to 2021.
As a result, sectors previously most impacted by the pandemic, such as retail, hospitality/entertainment, and aviation, saw a rebound in hiring activity. Generally speaking, there was an increase in hiring requirements across technology and life science over the year. To a lesser extent, there was also an increase in hiring year-on-year across property, construction and manufacturing.
Market Trends
Online giants' hiring activities were more dominant at the start of 2022, while they slowed comparatively during the year's second half. Continued investment from Chinese companies continued expansion plans in Hong Kong. Established multinational corporates also continued to hire, with a more significant proportion of hires being replacement headcount. However, smaller companies and newer start-ups were more reserved in their hiring across 2022. In practice areas across industries, there was high demand in technology, data privacy, M&A experience, and disputes, with consistent demand for general corporate commercial lawyers. Lawyers with PRC qualifications and PRC experience were also in high demand from the in-house market as Chinese companies continued long-term hiring plans across the Greater Bay Area. For General Counsel hires with specific highly desired attributes and skillsets, employers offered significant increments and bespoke work arrangements to lure across senior hires and retain highly desirable talent. However, salary increments were conservative at other levels outside general counsel movements.
Outlook for 2023
As we move into 2023, hiring activity is stable, and we expect an active H1. With Hong Kong borders now open and travel restrictions removed, we expect talent outside of Hong Kong to look at HK in a more favourable light concerning exploring opportunities.
Company stability and flexible working arrangements remain key factors candidates will consider regarding new opportunities. Increasingly we see companies implementing a permanent hybrid work model. As ever, in-house legal professionals seek empathetic, supportive leaders and managers.
Commerce & Industry Salaries
Corporate Secretarial
Please note: Salary figures reflect the total package, including bonuses, incentive schemes and stock options. In addition, there are anomalies outside these bandings where exceptional compensation structures apply.
For bespoke salary information, please get in touch with a Pure consultant.
Areas of Activity
Assistant Legal Counsel Senior/Legal Counsel General Counsel APAC Lead Counsel Corporate Counsel Compliance Specialists Company Secretarial Professionals Legal Manager Legal and Corporate Service Manager