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The compensation packages available to US/UK trained attorneys who currently are or who are considering practicing in China and Japan have become a hot topic lately among the expat attorney community as well as in the industry press, making it an opportune moment to consider relocation. As the market in Asia for attorney compensation matures and expands, so do packages available to expat attorneys. Unlike in the US, these packages can vary significantly among the top US and UK based firms operating in these regions, from city to city and country to country, and in some cases are even open to significant negotiation with a potential employer.
For more than seven years, Cypress Recruiting has focused exclusively on the Asian legal markets, providing a unique level of guidance throughout all stages of the recruitment and relocation process to associates as well as partners. Cypress has also provided extensive original research, market reporting and guidance to numerous law firms as they adjust their strategies, their compensation plans and even their partnership structures to meet the growing demands of the Asian markets, as well as the logistical and cultural issues inherent in doing business and expanding in the region.
Whether you are practicing (or planning to practice) in Tokyo, Hong Kong, Beijing, Shanghai or Singapore, there is the potential for considerable variation in the remuneration packages available from potential employers. This variation is based on a number of factors, including cost of living, competitiveness of the local legal market, a candidate's nationality and academic pedigree and whether a firm considers a location to be a hardship destination. In this survey, we provide a general outline of the various components of legal compensation packages in the Asian legal market, provide location-specific information, and discuss how an attorney candidate can ensure that they obtain the best package for themselves.
For more detailed information, please feel free to contact us directly at firstname.lastname@example.org or visit our website at www.cypressrecruiting.com.
The Expat Package- The basic components of an expat remuneration package can include:
It should be noted that the amount and form of distribution (lump sum versus allocated reimbursements) of these benefits vary from location to location and from firm to firm.
The Specifics– Beyond the general make up of an expat remuneration package, there are location specific factors that alter what an attorney may expect in each of the major legal centers in Asia. Here we discuss these specifics in more detail:
Hong Kong: Hong Kong, often described as the place where East meets West and long the doorway into mainland China for business and investment, is one of the world's truly cosmopolitan cities. The following should be kept in mind regarding packages for Hong Kong.
Mainland China (Beijing and Shanghai) :Mainland China's two international hubs, Beijing and Shanghai, are very different cities. However, whether you are looking at positions in Beijing, the seat of government which has seen incredible growth leading into the Olympics and looks to maintain that momentum, or in Shanghai, the traditional business center with its electric energy, the remuneration considerations are much the same.
The Conclusions- Finding the right package and the right opportunity is not simply a matter of dollars and yuan or yen, it is a complex process that must take into account and compare a multitude of factors. Attorneys considering a move within or to the Asian legal market should be aware that remuneration packages can differ considerably, based on their credentials, firm policies, and their destination. These attorneys maximize their own potential when they carefully consider their situation and the available opportunities, and carefully analyze how the components of varying remuneration packages fit together into the package that is the most attractive for them.
Remuneration issues are complex, sensitive and challenging to manage. It is therefore critical to have a knowledgeable and strong advocate to help you negotiate the right deal. Having an expert partner like Cypress Recruiting will help you reap substantial benefits as you pursue a career in the Asian legal market. If you have any questions about remuneration packages in Asia, or would like to speak with an experienced recruiter, please feel free to contact our New York office at +1.212.979.5900 or visit our website at www.cypressrecruiting.com.
© 2008, Cypress Recruiting Group
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