Singapore has overtaken Hong Kong as the leading financial center in Asia and ranks third in the Global Financial Centre Index 2022, trailing only New York and London globally. Economic prosperity and a high-end quality if life continue to attract foreign law firms to launch or expand their Asia offerings. On the other hand, China’s legal markets are picking up after the end of travel restrictions, as there were strong lateral hiring figures in Jan and Mar.
Corporate/M&A/Capital Markets practices comprised the top senior recruitment hires in Q1. Banking & Finance overtook Projects/Construction/Infrastructure practices to climb to 2nd. We also saw a gradual rise in Restructuring/Insolvency practice hires.
Law firms evenly shared the partner hires in the region, with DLA Piper making marginally the most partner hires (5) in Q1 across Australia, Hong Kong, Japan, Singapore, and Thailand.
Top Partner Recruiters in the Region
- There is an 8% decrease in lateral hires in Q1 compared to 2022.
- In Jan, China had still adopted strict Covid-19 restrictions plus the Chinese New Year holidays took place, so the lateral hire market was relatively quiet compared to Feb and Mar.
- The regional lateral hire market was relatively stable in Feb and Mar.
Locations
- There is an 8% decrease in lateral hires in Q1 compared to 2022.
- In Jan, China had still adopted strict Covid-19 restrictions plus the Chinese New Year holidays took place, so the lateral hire market was relatively quiet compared to Feb and Mar.
- The regional lateral hire market was relatively stable in Feb and Mar
Locations
- Australia and Hong Kong saw a decrease in key appointments compared to this period in 2022.
- We saw a 20% increase in Singapore’s partner recruitment market compared to 2022 and in the share of the regional lateral hire markets from 16% (2022) to 21% (2023).
- Hong Kong saw a drop for the 2nd consecutive year (2023 and 2022), possibly due to the pandemic and the travel ban.
- Despite an increase, lateral hires in China remain low.
- Seoul had a dynamic Q1: foreign law firms, Dentons and Watson Farley & Williams opened offices in Seoul, and Korean firm Yoon & Yang hired 3 foreign registered lawyers.
Practices
- Corporate/M&A/Capital Markets practices constituted 33% of the key hires in Q1 of 2023.
- Corporate, and Banking & Finance practices increased in Q1 of 2023. On the contrary, Project, Energy and Compliance practices received a significant drop in key hires.
- The restructuring/Insolvency/Debt practice area has seen stable growth since 2020.
Types
