Robert here. The number of US associate openings in Asia continue to increase substantially (including at two top 10 US firms coming off hiring freeze very recently), especially in HK / China, where we have been making multiple placements on a weekly basis recently. This week has been a particularly good week, with Yuliya and I each making placements in Asia (Singapore, BJ, SHG and HK).
If you are in HK, BJ or SHG and would like to meet with Robert or me this month, Robert and I will be in HK / China the 2nd half of May. Further, Yuliya (who is based in Russia) and I will be available in NYC on May 18 and I will be in NYC May 30 to June 2. If you happen to be in Las Vegas this weekend or Miami next week, well I will be there too and can make myself available.
One of our top US firm clients has asked us to help them find two US securities associates interested in relocating to Sydney. The two positions will be filled by 3rd to 5th year cap markets associates, most likely coming from a top 20 US firm in New York or another major US market. The role will be entirely US securities law and not deal at all with local law (unlike which can happen in HK and other overseas markets at some firms). This US cap markets practice in Sydney is widely considered to be the best in Australia. It is an opportunity to settle down permanently in Sydney (there is career advancement potential and this firm has a track record of promoting partners from within in busy overseas offices) or spend a few years getting interesting experience and then head back to US. While this position will be challenging and of course consist of long hours, a strong argument can be made that it is a better quality of life than working in biglaw in NYC. Past experience or strong connection to Australia not needed to apply for this position. Of course, we are happy to go over the opportunity in detail with you by phone / email if you are interested. I met with the hiring partner from this firm’s Sydney office yesterday, as he was in the US on business. He said they are prepared to move very quickly with offers for the right two candidates, so it will not be a drawn out process. Further, this particular top US firm has a track record of moving very quickly with US associate hires in Asia.
Here is a representative list of some of our more urgent openings in Asia (there are many more than what we list here):
– ‘09 to ‘06 native Korean fluent US associate opening at top 5 US firm in HK (M&A and cap markets mix position)
-’03 to ‘00 US PE / M&A background opening for private equity fund in HK (Mandarin and experience in both HK and NYC preferred, but not required)
– ‘08 to ‘05 fluent Mandarin US cap markets associate opening at top 15 US firm in HK
-’00 to ‘05 fluent Mandarin US cap markets associate / counsel opening at magic circle firm in HK (equity partner short track very much available))
-’08 native Korean fluent US associate opening at top 10 US firm in HK (M&A and cap markets mix position)
-’08 to ‘07 fluent Mandarin US cap markets / M&A mix opening at top 5 US firm in HK and BJ
-’00 to ‘04 fluent Mandarin US M&A / cap markets associate / counsel opening at top UK firm in HK (equity partner short track very much available)
-’08 to ‘07 US PE / M&A opening at top 10 US firm in HK (Mandarin not required)
-’08 to ‘06 fluent Mandarin US cap markets / M&A mix opening at top 5 US firm in SHG
-’07 to ‘05 US cap markets associate opening at top UK firm in HK (Mandarin not required)
-’08 to ‘05 fluent Mandarin US cap markets / M&A mix associate opening at top 10 US firm in BJ
-’08 to ‘05 fluent Mandarin US M&A associate opening at top 20 US firm in SHG
-’06 to ‘02 native Mandarin US M&A associate opening at top UK firm in SHG
-’07 to ‘05 fluent Mandarin US M&A associate opening at top 40 US firm in HK
-’07 to ‘05 fluent Mandarin US M&A / cap markets mix associate opening at top 30 US firm in HK
-’08 to ‘04 US cap markets associate opening at top 15 US firm in Singapore (English only ok)
-’06 to ‘03 fluent Japanese US cap markets / M&A mix associate opening at top 10 US firm in Tokyo
The above are only some of our openings. Now that just about all US and UK firms are off hiring freeze in Asia and their home offices are giving them more clearance to make hires, the number of openings will only increase this summer. However, we expect there will still be many more very qualified US associate candidates than there are openings in the Asia markets (there will also continue to be a lot of internal firm transfers to fill openings until US markets fully boom back), so continue to expect a potentially long-term job search. Further, please note that M&A is still not as busy as cap markets in HK / China, so M&A openings will be filled at a slower pace than cap markets openings.
Because of the high number of very qualified US associate candidates on the market in Asia, firms continue to have a lot of leverage in hiring, but things are changing with the top candidates coming off the market now quicker than even just a few months ago. One encouraging sign is that expat allowances are increasing at the US firms in HK / China that have traditionally not paid competitive expat allowances. We have seen several firms raise their expat allowances in the past six weeks (all of these firms lowered their allowances last year).
At the firms that have always paid competitive expat allowances, for the most part nothing has changed. We do have a new top market expat / housing allowance in HK though – $90,000 USD annually (for single associate with no children), a package that has been at place at one US firm in HK since late last year and is $10,000 more than any other firm now or previously (not counting the few firms that have tax equalization to NYC and very high expat allowances). Thus, the competitive expat allowance range for HK is now 60k to 90k, with most of those firms being in 65k to 70k range.
In Asia markets outside of HK / China, there is an increase in openings and hiring, but not enough to cause movement in expat allowances.
As always, feel free to contact us at Kinney and we are happy to to discuss the Asia markets with you.
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