SALARY GUIDE IN-HOUSE LEGAL.

Transcription

1 SALARY GUIDE IN-HOUSE LEGAL

2 MARKET REVIEW In-House Legal BeathChapman is pleased to announce that the outlook for 2015 is more positive based on recent financial predictions and market signals. Despite a rather lacklustre 2014, our Commerce & Industry and Legal desks have seen noticeable increase in recruitment mandates, including retained assignments, in the first 4 months of the year. A strong pipeline of opportunities from European and US multinationals across industries provides optimism for legally trained professionals in Singapore. Lawyers with capital markets and corporate finance experience remain highly sought after by Singapore listed companies and conglomerates alike. Practicing lawyers under 8 years of PQE may want to evaluate the option of moving in-house due to the healthy recruitment forecast for in-house corporates. Lawyers from leading local and boutique firms are well poised to take up in-house positions has also seen a good mix of newly created Lead Sole legal or greenfield roles as organisations in Singapore and Asia recognise the economic value add of the in-house legal function. These roles tend to be most common with clients already headquartered in Singapore or whose SEA/APAC HQ is in Singapore/Hong Kong looking for counsels with prior in-house corporate and commercial expertise in addition to pedigree law firm training. Increasingly, positions tend to have a greater regional focus as corporates seek to invest and diversify throughout Asia. Regulatory/Compliance skill sets across industries (Pharmaceutical, Oil & Gas and Financial Services) have been in demand since late 2014 and should continue to be in 2015 as governance frameworks come under greater scrutiny. Those with knowledge of the UK Anti-bribery act, FCPA, Data Privacy rules, Employment, Volcker, Dodd-Frank regulatory requirements have been more marketable as new regulations meant legal departments often had to bring in additional resources to service the work. This market survey aims to predict hiring trends in 2015 based on our extensive market review as well as historical and current trends in Singapore and Asia.

3 MARKET REVIEW 2015 Outlook Law firms will continue in their struggle to retain quality talent as experienced lawyers are attracted by the allure of career prospects in-house and a perceived better work-life balance. Notwithstanding, Singapore Qualified lawyers with good practice training and in-house general corporate/commercial skills will continue to be in demand. As lawyers have better options with a maturing in-house market, employers looking for good career stints in a CV may be disappointed as the job market remains fluid and opportunistic. General Counsels and hiring managers alike weigh personality traits against culture and how well potential hires can deal with the business people. Junior associates seeking in-house career opportunities should volunteer for secondment experience as this will expose them to more commercial matters. Candidates within the 8-15 PQE range with general corporate commercial in-house experience and excellent soft skills to manage business stakeholders will continue to be in high demand as they have been in Senior In-House counsels with strong transactions and corporate M&A and commercial experience are well positioned to take up leadership roles with reputable Fortune 500 MNCs and Asian conglomerates that are looking to strengthen their legal bench. These corporate counsels also tend to possess ready transferable skill sets to switch industries. Candidates with good spoken Mandarin and Chinese drafting skills can take advantage of opportunities in organisations with investments/interests in Greater China. It is worth noting that familiarity with a third language like Korean, Japanese, Bahasa has weighed favourably in the selection of regional roles in This trend should continue through GC-level, leadership positions remain relatively scarce. General Counsels with cross border M&A, strong listing (company secretarial) experience and management experience continue to be in demand when there are succession planning or replacement roles. We are generally positive about the Singapore corporate market but patience and some creative engagement with C-level professionals from us will be important in securing a long-term position.

4 IN-HOUSE LEGAL LINUS CHOO SENIOR CONSULTANT LEGAL - APAC T: E: linus@beathchapman.com Linus is a Senior Consultant at BeathChapman, specializing in in-house legal & compliance and company secretarial placements. He has successfully conducted and completed many mid-to-senior level in-house legal positions across all sectors, and counts amongst his prolific track record, placement of lawyers in the commerce and industrial markets in Singapore and throughout APAC with reputable MNCs and conglomerates. Prior to joining BeathChapman, Linus was with a large specialist legal recruitment firm, where he was responsible for the legal and company secretarial portfolios. This focus has enabled him to develop strong functional knowledge of the discipline and a broad network of contacts and referrals within the legal sphere. His recent track record of successful placements include General Counsel for a Resources and Chemicals organization, Head Legal of a Leading Real Estate and Hospitality Singapore Listed Company, Head of Legal of a Medicals holding company, Corporate Compliance Director of a Global Facilities company, Head Corporate Secretariat of a leading Singapore Listed company, Head Legal and Compliance of a reputable European Pharmaceutical company and Senior Attorneys with Oil & Gas Fortune 500 MNCs. Over the past years, he has also successfully partnered and placed practicing lawyers in investment banks, boutique asset management fund houses, leading MNCs in their fields and several Singapore listed companies. He also laid claim amongst the top billers league in his previous firm. Linus is known and respected for his tenacity and his ability to close hard to fill positions. In his free time, he enjoys checking out IT gadgets, a game of football with his friends, hunting down good food options and spending quality time with his loved ones. Linus holds a BSC Business Studies (Honours).

5 IN-HOUSE LEGAL PQE/EXPERIENCE (YRS) MONTHLY SALARY (SGD) AVERAGE PERFORMANCE BONUS 1-3 $5,500 - $8, Months 4-7 $8,000 - $11, Months 8-10 $11,500 - $15, Months $13,500-16, Months $18,000 25,000 & above 5-6 Months (HOD, General Counsel, Head Legal, Group Company Secretary)

6 MARKET REVIEW Summary Remuneration remains fair and competitive but appears to be stagnating as the supply of legal talent in the market has kept up with demand. Global multi-nationals tend to pay at the higher spectrum of the salary scale, but with less attractive year-end bonuses (hovering around the months mark) as compared to Singapore listed companies (hovering around 3-5 months). Pharmaceutical and global markets/derivatives lawyers continue to command market leading compensation packages. Some MNCs tend to include a variable monthly variable component (MNC), which is revised every 6 months, allowing management to give salary increments when the company has been significantly profitable. Salary figures have been taken from lawyers in a broad spectrum of companies ranging from global multi-nationals to Singapore listed companies and statutory boards. Our information has been researched and corroborated by input from clients, candidates and from our knowledge of the marketplace. As with all surveys, the ranges represent the mainstream view and past placement records of BeathChapman. There will be anomalies outside the ranges published here. Please use this survey as a guide and do not hesitate to contact Linus Choo at linus@beathchapman.com or call for a detailed discussion on the market.

7 For further information or to discuss your recruitment needs, please contact: LINUS CHOO SENIOR CONSULTANT LEGAL - APAC T: E: linus@beathchapman.com