We are pleased to announce the publication of our Hong Kong & Singapore Legal Private Banking Salary Survey 2015.
Please click here to view the PDF version.
Hiring within the ISDA negotiation teams remained active over the last twelve months and we continue to see strong demand for negotiators in North Asia, particularly those with legal qualifications, stable experience and Chinese language skills. Poaching between banks remains commonplace due to the finite pool of talent and the lack of external talent being produced by law firms. The major banks in Hong Kong have considered candidates from overseas although generally expat packages are not on offer, as most regional talent comes from Singapore and other Commonwealth jurisdictions. Hiring was most active at junior and mid-levels while senior roles were rare. Most teams are segmented from legal departments, but where there is greater integration and diversity of work on offer, the teams have tended to stay together longer. Turnover tends to be high and many ambitious lawyers with a legal qualifications in demand market themselves well. Salaries have generally been moving up faster than the traditional legal departments given turnover and ISDA Negotiators with legal qualifications are generally paid higher than their counterparts who have not been admitted. We expect 2015 to be another busy year of recruitment in the ISDA space.
Similar to Hong Kong, hiring within ISDA negotiation teams remains challenging for most employers due to supply and demand given the tight pool of talent available in the market, often resulting in employers paying increases of around 25 - 30% to secure preferred candidates. Most hiring activity is seen at Assistant Vice President and Vice President level for both newly created and replacement positions. Unlike the market in Hong Kong, language skills are not an issue in Singapore, which means employers tend to be more open to considering candidates from Common Law jurisdictions including the UK, Australia and Malaysia. Some Legal teams integrate their ISDA Negotiators, giving them a variety of work, which helps employers keep staff. Regional team heads are either based in Hong Kong or Singapore and more recently one major bank moved the team from Singapore to Hong Kong. Similar to Hong Kong, salaries have generally been moving up faster than the traditional legal departments given the turnover and qualified lawyers working as negotiators are generally paid higher than their counterparts who have not been admitted. We expect a sustained demand for experienced ISDA negotiators during 2015.
Salary ranges of ISDA Negotiators in Hong Kong
|Level/ No. of Years|
|Monthly salary range (HK$)||Bonus|
|0-2 years||40,000||65,000||1-3 months|
|2-4 years||50,000||85,000||2-3 months|
|4-6 years||65,000||90,000||2-4 months|
|6-8 years||70,000||105,000||2-4 months|
|8-10 years||85,000||120,000||2-5 months|
|10-15 years||100,000||140,000||2-5 months|
Salary ranges of ISDA Negotiators in Singapore
|Level/ No. of Years|
|Monthly salary range (SG$)||Bonus|
|0-2 years||4,000||8,000||1-3 months|
|3-5 years||7,000||12,000||2-4 months|
|6-8 years||10,000||15,000||2-5 months|
|9-11 years||15,000||20,000||2-6 months|
|12 years||16,000||25,000||3-6+ months|