2023 APAC legal and compliance market update
APAC has experienced a buoyant, candidate-led market across legal and compliance. Despite the global pandemic, we have seen generous salary increases and sign-on bonuses to support this. Many companies now have hybrid working policies and this has become a retention tool (especially for millennial and Gen Z candidates). We have seen firms that do not offer flexible hybrid policies struggle to attract candidates.
We foresee continued hiring growth in legal and compliance across APAC in 2023, though the incoming economic uncertainty raises doubts for more senior-level candidates to make moves. China’s new data privacy laws have driven high demand for onshore compliance/data privacy counsels in the region who are able to support the Chinese market.
Six hiring trends across APAC
#1. INCREASED DEMAND FOR DATA PRIVACY ROLES
Global regulators, led by the EU, have largely shaped the data privacy framework since the inception of the general data protection regulation (GDPR) in 2018.
Additionally, rapid technological advancements and hybrid working policies across APAC have added to the increased demand for data privacy roles. Evolving to become all-encompassing in skillset, from policy, advisory and implementation support for new regulations, finding qualified candidates with the necessary skillsets within the industry continues to prove challenging.
We expect demand to grow in the coming months as businesses continue to transform working practices and evolve digital skills.
China also recently updated its data privacy laws in 2021, which impacts all organisations with a presence in China.
#2. GROWING ENVIRONMENTAL, SOCIAL AND GOVERNANCE (ESG) CONCERNS
We’re seeing an uptick in roles focused exclusively on ESG legal and compliance and this can largely be attributed to the twofold increase in the number of ESG policies in the region over the past five years, according to the Goldman Sachs 2022 report. More policy means increased visibility into corporate disclosure and around climate reporting, carbon pricing and fund requirements. This has led to more dedicated resources for ESG reporting.
We’ve seen more roles where ESG-oriented tasks in the legal and compliance space require up to 50% of the candidates’ work scope to include these disclosures and research.
#3. RISING ASSET AND WEALTH MANAGEMENT ROLES IN SINGAPORE PLUS SUSTAINABLE INVESTMENTS
Budding investments in Singapore around family offices and asset and wealth management have driven demand for legal and compliance professionals in this space. Since legal counsel became strategic advisors during the COVID-19 pandemic, their roles have been elevated to encompass new policies and establish new procedures in line with changing financial priorities and requirements. This includes prioritising and managing portfolios that are environmentally and socially conscious.
Check out our 2022 Singapore Family Office Market Report.
#4. TIGHT LABOUR MARKETS IN HONG KONG
In fund management and legal and compliance, hiring talent into Hong Kong has proven challenging for multiple reasons. Between expatriates choosing to leave Hong Kong to struggles around relocating candidates from abroad, labour markets are incredibly tight. This has led to Hong Kong candidates receiving higher salary increases when moving jobs compared to previous years.
Flexibility and hybrid working models have been helping to attract talent in the region.
#5. CHINA
Legal and compliance hires are in demand since asset managers are diversifying their portfolios to expand their WFOE mutual fund, joint venture wealth management or applying for a renminbi (RMB) license. There is huge demand for bilingual data privacy lawyers who can interpret Chinese data privacy regulations as well as effectively manage both the Chinese regulators as well as international stakeholders.
Having data privacy counsel has become essential in China with the Personal Information Protection Law and Data Security Law that both came into effect in late 2021.
#6. MAINTAINING HEADCOUNT IN JAPAN
Japan’s recent reopening in October of 2022 has caused a bigger delay in bouncing back from the COVID-19 pandemic than other APAC countries. These closures meant the hybrid working model has been a top concern, with hiring managers finding difficulty gaining legal and compliance workers from the middle of the year onwards. For global firms, the talent pool for bilingual candidates has been an ongoing challenge. Hiring managers are feeling the pressure and fear of losing headcount going into 2023, which would inevitably impact business’ bottom lines.
Recent Placements
HONG KONG
European Asset Managers
APAC Head of Legal
Head of Compliance, Hong Kong
Regional Legal Counsel
Asian Hedge Funds
General Counsel
Head of Compliance
US PE Fund
Regional Regulatory Compliance
US Alternative Asset Manager
Regulatory Compliance
US Asset Managers
Regional Head of Compliance
Greater China Regulatory Compliance
Global Asset Manager
APAC Counsel
Global Banks
VP, Equities Compliance
VP, Corporate Banking Compliance
Global PE Fund
Greater China Regulatory Compliance
Boutique Asian Fund Manager
Regulatory and Investment Compliance
SINGAPORE
Global Investment Banks
MD, APAC Chief Compliance Officer
MD, APAC Head of Wealth Management Legal & Compliance
Global Real Estate Investment Manager
Chief Compliance Officer
US Bank
Legal Counsel, Data Privacy
Global Asset Managers
Head of Compliance, Singapore
Associate Director, Legal
US listed Fintech Firm
APAC Head of Compliance
Asian Securities Firm
Head of Compliance
Family Office
Director, Compliance
Global Private Bank
VP, Private Banking Compliance
European Asset Managers
Senior Compliance Manager
Legal Counsel, Wealth Technology
ESG Compliance
Telecommunications
Senior Legal Counsel
US Investment Bank
Compliance Manager
CHINA
Global Asset Managers
Chief Compliance Officer, Mutual Fund
Chief Compliance Officer
Senior Legal Manager
Senior Legal Manager
VP, AML
Senior Manager, Anti- Bribery & Corruption
Global Investment Banks
Chief Compliance Officer
VP, Compliance
Asian Asset Managers
Head of Compliance
European Asset Manager
Senior Compliance Manager
Global PE Fund
VP, Corporate Legal
US Bank
VP, Compliance
Hospitality
Legal & Risk Director
Luxury Goods
Legal Counsel
Key contacts
The demand for legal and compliance talent will continue to grow both for the foreseeable future – and beyond. Speak with our experienced consultants today to learn more.
SINGAPORE
Yeo Suan Wei
Director, Legal & Compliance
+65 6513 2573
SHANGHAI
Andy Zhi
Director, Financial Services Practice
+86 21 6080 0608
Sophia Sun
Director, Legal / Finance Practice
+86 21 6080 0624
TOKYO
Nicolas Rumebe
Director, Head of Financial Services
+81 90 3814 1932
Kayo Hayashi
Associate Director, Legal & Compliance
+81 90 3475 9788
HONG KONG
Sonny Wong
Associate Director, Legal & Compliance
+852 3589 6804
