Robert here. Robert and I are visiting our Hong Kong office most of this week, getting ready to usher in the year of the tiger. We have a very busy week, with over 30 meetings scheduled. Today, February 2, 2010, was a special day in the Hong Kong legal community – it was the day that the results of the Hong Kong Law Society’s annual admission examination were published. Interested parties included several dozen partners and associates of top international law firms who were “encouraged” to take the examination last October in order to assist their offices in achieving the required ratio of foreign admitted to Hong Kong admitted attorneys in the offices. A 50/50 ratio or better is required if a firm seeks admission to practice Hong Kong law rather than just foreign law. There has been a sudden recognition among a number of firms that competing in this market is going to require a move beyond advice solely on foreign law issues. The exam is not that hard. It’s fair to say that everyone from the firms that count passed, if they studied.
Some people were too busy to study. The legal market here is booming again, at least temporarily. Lots of practices are “flat out”. Here’s a complete email I received from a friend who is a partner in an international firm today – “I’m in KL through Weds night. How long you in town? Find any senior associates for us yet? We are pretty desperate.” This is a capital markets practice. The truth is that we have already probably filled the position, but my friend has just been out of the loop. Things are moving fast here again, which explains why our esteemed competitors are probably calling our readers on a daily basis.
As we described to someone today, we’re working hard to make hay while the sun shines. The market has indeed picked up a lot but it is clear things are not like they were once. Your average native Chinese speaker who holds a JD and works at the best firm in Kentucky still will not be catching attention here like he or she would have just a few years ago. But for the best candidates, there are options.
It is late and this a long week, so we will stop here. Tomorrow evening we’re attending a benefit for Haiti being held at a local restaurant, so we need our rest. Look for a longer analysis of openings and options as soon as we have a chance to digest the week.
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