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.
Hong Kong remains a major hub for the insurance industry with over 150 authorised insurers and tens of thousands of intermediaries providing a sophisticated range of products to an increasingly savvy market. Hiring within legal teams remained active and we have seen strong demand for lawyers with relevant industry expertise along with an appetite to hire from the broader financial services community. Evolving global regulations together with the soon to be established Independent Insurance Authority in Hong Kong should see an uptick in hiring for insurance regulatory specialists. Within the local legal teams, Cantonese and Hong Kong admission were typical prerequisites with team sizes averaging between 4-6 counsels and most having flat structures. Mid level product lawyers remained highest in demand and although budgets remained tight, compensation levels have moved up and key staff have been ring fenced with long term incentive schemes. Regional teams were mostly dedicated to regulatory, policy and transactional work and local languages and qualifications seemed less relevant. Turnover in these teams was lower and we found many mid level positions being filled from private practice. We expect 2015 to be another busy year of recruitment within the insurance legal space.
Growth in both the life and non-life insurance markets has led to another busy year for the major insurers led by strong demand for more products and services. The evolving regulatory landscape has also been a challenge for the issuers and distributers with a variety of local and global regulatory changes to navigate. This has translated into increased regulatory and policy work often taken up by the legal teams. Talent in the market remains stretched and poaching is commonplace, with many searches taking in excess of three months and with significant premiums been paid in some cases to attract candidates (20 to 30% in some cases). Clients often had to consider hiring from outside the industry or from overseas (mostly from the UK or Australia) without Singapore qualifications. Generally, teams have been growing with departments often having 4-5 counsels at country level with team structures designated across business lines. Regional teams tend to be lean and support the region on cross boarder matters. The market remained most fluid around the 8-12 yrs PQE mark for most roles and candidates at this level were starting to be considered for more senior and occasionally leadership roles. Continued growth as well as increased competition and ongoing regulatory change will mean that demand for lawyers within the insurance industry looks set to continue during 2015.
Salary ranges in Hong Kong
|Level/ No. of Years|
|Monthly salary range (HK$)||Bonus|
|0-2 years||50,000||75,000||0-2 months|
|3-5 years||60,000||95,000||1-2 months|
|6-8 years||85,000||120,000||1-3 months|
|9-11 years||100,000||140,000||2-4 months|
|12 years +||140,000||200,000+||4+ months|
Salary ranges in Singapore
|Level/ No. of Years|
|Monthly salary range (SG$)||Bonus|
|0-2 years||5,000||7,000||0-2 months|
|3-5 years||6,500||12,000||0-3 months|
|6-8 years||9,000||16,000||1-3 months|
|9-11 years||14,000||25,000||2-4 months|
|12 years +||15,000||35,000+||4+ months|