Legal and Compliance hiring continues to maintain a steady pace despite COVID-19; however, these are usually critical hires on lean teams that support the region. As most of APAC comes out of lockdown, we are seeing a spike in hiring across the industry.
According to data from LinkedIn, hiring rates in APAC have signaled a strong growth in the post-pandemic job market, particularly in Singapore.
Source: LinkedIn
Across all our markets in APAC, we have seen an uptick in demand. As we move into the second half of 2020 and into 2021, we anticipate hiring to continue to pick up, with organisations wanting to fill headcounts which were put on hold due to COVID-19 earlier in the year. As such, the second half of 2020 will probably be busier than the first, and this pick up is likely to spill over into Q1 2021.
We are cautiously optimistic about hiring in the second half of 2020 based on the data; however, we are also fully conscious of the current situation and its implications on the job market.
HIRING TRENDS
1. Technology/Entertainment/Gaming/Fintech/Digital Lawyers
As most of APAC move their consumption online, we have seen technology, gaming and entertainment companies grow their capabilities. Brick-and-mortar companies no longer need just office spaces but require cloud and digital transformation in order to survive as a business. As a result, lawyers with strong project management skills and understanding of digital platforms have surged in demand across all industries. We also expect a pickup in hiring for data privacy lawyers/Compliance officers in the coming months.
2. Healthcare/Insurance
Healthcare and insurance remain in a steady state of hiring across the region. In China, healthcare continues to grow, and clients are looking for strong counsels to provide legal leadership. Across the region, we are seeing pharma and medical devices companies pick up their recruitment now that most of the region is out of lockdown. Tele-medicine, infectious diseases vaccine development, local hospital operators as well as medtech with robotics and artificial intelligence elements are all areas of growth.
3. Fund Management
In China, hiring has been driven by CSRC requirements for WFOE PFM (Wholly Foreign Owned Enterprise Private Fund Managers) and WFOE Asset Management Companies, requiring local hires that fit CSRC criteria. Across Singapore and Hong Kong, we are seeing steady-state replacement hiring for both long-only and alternative fund managers.
4. Strategic Upskilling
In China, MNCs are looking to strengthen their in-house counsel position (with a particular demand for capital markets experience). Across the region, companies are taking the opportunity to upskill their current in-house Legal and Compliance teams as we move to a new normal. Everyone is now expected to be a digital native.
5. Stronger Focus on Greater China
Across all industries in APAC, we see demand for candidates who have Mandarin language capabilities and demonstrated experience in supporting Greater China.
HIRING HOTSPOTS IN 2020
These are areas of high demand amongst our clients:
APAC
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Digital/IT/Gaming Lawyers
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Data Privacy Lawyers/Compliance Officers
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Insurance In-house Counsels/Compliance Officers
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Fund Management In-house Counsels/Compliance Officers
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Healthcare In-house Counsels/Compliance Officers
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Mandarin Speaking Lawyers
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Business Partnering Legal & Compliance Professionals – those who can communicate effectively and be commercial while upholding governance standards
CHINA
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In-house Counsels with capital market exposure in China
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Legal professionals with experience helping Chinese businesses go international
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Experienced Chinese Healthcare Compliance candidates who have helped companies IPO
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Chief Compliance Officers for PFMs and AMCs in Shanghai
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Bilingual Legal/Compliance Officers across industries
WHAT ARE CANDIDATES THINKING
Senior candidates are choosing stability. In this COVID-19 climate, senior Legal and Compliance candidates worry about being “last in, first out”. They are more cautious about moving into new ventures as stable organizations with a long-term outlook are preferred.
ARE YOU CONSIDERING LEAVING YOUR ORGANISATION IN THE NEXT 6–9 MONTHS?
In our recent Working in APAC survey, the number of respondents who were considering leaving their organisation fell from 55% to 41%.
SOURCE: COVID-19 Impact Survey, Profile, A WilsonHCG Company
Most candidates who have worked from home during lockdown have now indicated that going forward, they would ideally like to build in working from home a few days a week, even when things get back to normal.
FLEXIBLE WORKING POST-COVID-19
People view flexible working as the future. According to our survey of 2,685 working professionals across APAC, most respondents agreed that their organisation would adopt flexible working policies post-COVID-19. This sentiment held true across all industry sectors, size of organisations, countries, generations, and gender.
SOURCE: COVID-19 Impact Survey, Profile, A WilsonHCG Company
On the other hand, mid-level candidates who are less risk-averse are looking to make a change. Given bonus expectations are minimal for most market conditions, mid-level candidates will be more open to leaving before bonus season, especially if the new opportunity offers more upside for growth.
CHINA UPDATE
In the WFOE space, candidates are looking for committed, international organisations with a strategy of growth in place. Given the candidate-short market in the WFOE market segment, advocacy remains a crucial component of what we do.
Across industries in China, candidates are still looking for potential upside for any job move. Compelling reasons to join a company include IPOs and aggressive business expansion plans.
RECENT PLACEMENTS BY PROFILE
ROLE |
ORGANISATION |
LOCATION |
|
Singapore Head of Legal |
Global Insurance Firm |
Singapore |
|
Legal Counsel |
Global Fund Manager |
Singapore |
|
Legal Counsel |
Regional Private Equity Fund |
Singapore |
|
Associate Director, Legal |
Multi-Family Office |
Singapore |
|
Legal Counsel |
Global Offshore Marine Firm |
Singapore |
|
Singapore Head of Compliance |
Global Insurance Firm |
Singapore |
|
Vice President, Compliance |
Global Private Equity Fund |
Singapore |
|
Associate Director, Compliance |
Multi-Family Office |
Singapore |
|
IP Counsel |
Global Luxury Brand |
Singapore |
|
Legal and Compliance Manager |
Real Estate Firm |
Singapore |
|
Regional Head of Legal |
Global Asset Manager |
Hong Kong |
|
Hong Kong Head of Compliance |
Global Asset Manager |
Hong Kong |
|
Hong Kong Head of Compliance |
Global Brokerage |
Hong Kong |
|
Regional Head of Investment Compliance |
Global Asset Manager |
Hong Kong |
|
Senior Legal Counsel |
Global Conglomerate |
Hong Kong |
|
APAC Digital Lawyer |
Global Insurance Firm |
Hong Kong |
|
Legal Counsel |
Global Insurance Firm |
Hong Kong |
|
Vice President, Greater China Compliance |
Global Private Equity Fund |
Hong Kong |
|
Compliance Officer |
Hedge Fund |
Hong Kong |
|
China Chief Compliance & Risk Officer |
Global Asset Manager |
Shanghai |
|
China AMC Chief Compliance Officer |
Global Asset Manager |
Shanghai |
|
Vice President, China Investment Compliance |
Global Asset Manager |
Shanghai |
|
Senior Legal & Compliance Counsel |
Global Asset Manager |
Shanghai |
|
Vice President, Legal |
Education |
Shanghai |
|
Legal BP |
Global Luxury Brand |
Shanghai |
|
Head of COmpliance |
Pharmaceutical Company |
Shanghai |
|
China Head of Compliance |
PRC Asset Manager |
Beijing |
KEY CONTACTS
For more information or individually tailored advice, please do not hesitate to contact our regional Legal & Compliance team:
Hong Kong Office - please contact Sonny Wong
Singapore Office - please contact Suan Wei Yeo
Shanghai Office - please contact Andy Zhi
Beijing Office - please contact Winni Wei
