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IN-HOUSE LEGAL TEAMSIN-HOUSE LEGAL TEAMS
MARKET REVIEW | 2020MARKET REVIEW | 2020
SD Legal
SD Legal is a search firm located in Hong Kong to serve the Asia Pacific legal markets. Our goal is to provide candidates
with real time job opportunities from across the region; and to give hiring managers access to a candidate pool that is
unrivalled in depth and reach. The team at SD Legal have over 20 years of experience covering key hubs including: Hong
Kong, Singapore, Shanghai, Beijing and Tokyo.
What to Expect from this Report	
•	 The report focuses on the In-House recruitment sector across Hong Kong and Singapore	
•	 Hong Kong and Singapore – market review	
•	 Executive-level movement across Hong Kong and Singapore	
•	 Salary Survey, In-House legal teams in Hong Kong and Singapore (MNC’s)
Background and disclaimers
Nathan Smith has over a decade of recruitment experience working in London, Sydney, Singapore and Hong Kong. He
has worked for listed firms such as Hydrogen Group, helping to set up offices in Sydney, Singapore and Hong Kong. More
recently he was a part owner of Eximius Group; helping to develop the legal teams across Asia.
Nathan prides himself on having a strong and often exclusive database of lawyers, many of which are not accessible
through LinkedIn or indeed other forms of resources.
Nathan’s success rate over the past 8 years has resulted in multiple recommendations, many of which are endorsed on
his LinkedIn profile. A standout statistic is that over 92% of lawyers placed by Nathan and his team have stayed with their
respective employer for at least 2 years and on average between 4 and 6+ years.
This report has been generated with direct market intelligence from over 1,500 In-House lawyers and 150+ Legal heads in
Singapore and Hong Kong. The salary survey is a combination of this intelligence, as well as unrivalled industry knowledge
on what firms are paying across the region. Whilst the information is accurate and correct at the time of print, exceptions
will always occur.
T: +852 3752 0529 | M: +852 6508 2202
E: nathan.smith@sdlegal-asia.com
W: www.sdlegal-asia.com
Nathan Smith | Managing Director
2019 – Volatility and The Great Exodus of CEO’s
2019 has widely been dominated by the UK and Europe’s battle over Brexit, as well as the on-going trade war between
the US and China. Perhaps what many of us have missed is what lies between these countries. Iraq, Lebanon, Sudan, Egypt,
Iran, Kashmir and India have held various demonstrations, witnessed corruption scandals and suffered assassinations to
name just a few. Along with this, climate change tension has finally reached melting point and 2019 will join 2018, 2017,
2016, 2015, 2014, 2013, 2010 and 2009 in the top ten of the hottest years ever recorded.
2019 was also a record-breaking year for the exodus of Chief Executives, nicknamed the ‘Great CEO Exodus’. Over 1,500
CEO’s departed their posts in 2019, a 12% increase from 2018. The high-profile list includes leaders of: Alphabet, Best Buy,
Ebay, Expedia, HBO, Altira, Kraft Heinz, McDonalds, Nike, Under Armour, United Airlines, Warner Brothers and WeWork.
Hong Kong and The Impact of Instability
Before 2019, the initial conversation with someone unfamiliar with Hong Kong – would be bookended with curiosity,
occasionally envy, and even jealousy. This all changed from June 2019, with weeks and now months of demonstrations in
the streets of Hong Kong. The stranger to Hong Kong is now asking questions on the truthfulness of the media as well as
direct questions riddled with controversy: “How bad is it?” or “When do you think it will end?”, “Do think you will stick it
out for much longer?”.
The impact of month-long clashes and over-inflated media reports has of course affected the wider job market.
GDP is forecasted to be -1.3% for the year 2019, the first annual contraction since 2009 (the global financial crisis).
Unemployment is set to be at a 5 year high in the latter half of 2020 as it approaches 4% (currently sitting at a 2 year high
of 3.2%).
Retail and Hospitality have felt the full impact with sales volumes and foot traffic severely down in areas hit by the
demonstrations. For example, retail sales volume declined by 22.9% year-on-year in August and September combined, the
largest on record for a two-month period. Inbound tourists are down 10% since 2018.
To put that in perspective, 80% of visitors to Hong Kong are from the mainland and before the protests started, the
numbers in Q1 and Q2 of 2019 were up from 2018. However, in August we witnessed a 42% drop of mainland tourists to
Hong Kong. This number has increased each month with golden week 82% down from 2018. It is no surprise hotels are
operating at 30-50% capacity.
We recently surveyed over 100 General Counsels and Heads of Legal in Hong Kong to find out hiring plans through 2020.
120
100
80
60
40
20
0
Hospitality	 Retail	 Fintech	 Real Estate	 Internet /	 Medical	 Funds / Family				
Software	 Devices	 Offices
Yes
No
Headcount Growth in 2020 - Legal Teams across Hong Kong
Two Sides to Every Story
The chart demonstrates how firms are viewing 2020 as a year to regroup rather than expand following the clashes in Hong
Kong. Contrastingly, China’s technology giants Alibaba, Huawei and Tencent, who have worldwide footprints, will continue
to hire throughout the year.
Hong Kong is also home to a number of Unicorns (privately held start-up company valued at over US$1 billion), and soon
to be Unicorns. I expect to see continued growth from these firms which should result in an increased demand for lawyers
to be based here at their respective headquarters. These include CompareAsiaGroup, Oriente, BitMEX, GoGoVan, Klook,
Airwallex, TNG and WeLab. To plays devil’s advocate though, whilst the FinTech market appears to be wholly fruitful, it is
important to recognise that joining a start-up presents several career risks. For example, Tink Labs was one of Hong Kong’s
first Unicorns and recently shut down due to ‘operational issues’ or in simple terms, became insolvent.
So, whilst the impact of the city’s unrest is still to be fully understood, the overall feeling is that the city will bounce back.
Out of all the Hong Kong legal heads interviewed, at no point did we get the feeling that moving away (business and/or
personal) from the city was a solution in the short term.
People Moves
In Hong Kong we saw similar numbers of senior lawyers moving jobs from 2019 when compared to 2018. In total we
witnessed around 150 (General Counsel/Heads of Legal) split roughly 50/50 between FS (Investment Banking and Global
Markets) and Non-FS (1%> change from 2018).
Please see below a list of people moves across the city through 2018 and 2019. Please note, some moves cannot be added
due to confidentiality.
Steve Winegar (General Counsel)
Paul Hastings k Ping An
Cathy Wong (General Counsel)
China Resources Capital Management kLan Kwai Fong Group
Patricia Ho (Head of L&C)
HSBC k WeLab
Stephen Chiang (General Counsel)
BrightOil k Pacific Andes Group
Olivia Tong (General Counsel)
McKinsey & Co k KPMG
Maggie Guan (Head of Legal)
5miles k New World Development
Delia Lang (General Counsel)
BMO k Allianz GI
Jeanette Chan (General Counsel)
Paul Weiss Rifkind Wharton and Garrison k Airwallex
Vincent Ng (General Counsel)
Hyatt k Klook
Paul Chow (Group General Counsel)
Davis Polk k Cathay Pacific
Piet Grillet (General Counsel)
Mastercard k Prudential
Rienk Brouwer (Head of Legal)
Learning Technologies kVistra
Judy Wong (General Counsel)
EY k Tricor
Jada Soyun (General Counsel)
Lee Loeb & Loeb kPhoenix Property Investors
Stelios Moussis (General Counsel)
Alibaba Group k Diginex
Amy Teh (Head of Legal & Compliance)
Hillhouse Capital Management kSymmetry Investments
Maaike van Meer (General Counsel)
AXA k Aegon
Laura Hannon (General Counsel)
Maples k CompareAsiaGroup
Su-Sin Chiam (General Counsel)
Gategroup k L’Oréal
Paul Fong (General Counsel)
K Wah International k Link REIT
Roy Neo (General Counsel)
Kering k Puma
Karen Law (Head of Legal)
Lan Kwai Fong Group k TNG Fintech Group
Rupert Hall (General Counsel)
Goldman Sachs k Vena Energy
Yvonne Tsai (General Counsel)
Blackrock k Citadel
People moves through 2018
(source, LinkedIn and correct as of January 2019)
People moves through 2019
(source, LinkedIn and correct as of January 2020)
Singapore – This is Your Moment (potentially)!
The facts are simple, if Hong Kong tourism is down; then other countries in the region will benefit. In Q3 2019, Singapore
had over 5,000,000 visitors to the city, a 3.4% increase from 2018 and in the month of November this increased further,
up 8.2% from 2018. The obvious beneficiary is the hospitality sector, recording a 14 year high in occupancy rates at 93.8%
for July.
Singapore also boasts a number of regionally headquartered offices for global MNC’s, funds and family offices. The
incentives include lower rental costs, easier access to a fast growing market (SEA), grants and various tax incentives.
Perhaps more importantly, Singapore offers stability and security when compared to the other major hubs in the region.
Two Sides to Every Story
The chart above clearly shows Singapore’s In-house legal teams are optimistic about 2020. However, the country is not
without its own challenges.
Growth will be uneven across industries, partly down to volatility in the electronics industry. The major stumbling factors
will be the US-China trade, technology and currency battles. The fact the country is operating at 0.1% growth for 2019
would suggest any escalation in this battle could result in at least a technical recession if not more.
120
100
80
60
40
20
0
Hospitality	 Retail	 Fintech	 Real Estate	 Internet /	 Medical	 Funds / Family
				 Software	 Devices	 Offices
Yes
No
Headcount Growth in 2020 - Legal Teams across Singapore
Seeni Kabeer (Regional General Counsel)
Toll Group k WeWork
Vanessa Chew (General Counsel)
Razer Inc k Top International
Darrell Chan (Deputy General Counsel)
Discovery kAirbnb
Jeffrey Koch (Regional Head of Legal)
Dell k Red Hat
Michael Fleisher (General Counsel)
IFlix k HOOQ
Ben Lee (General Counsel)
Mercedes-Benz k Daimler
Louise Fitzpatrick (General Counsel)
Goodman k Supernova
Jasmine Karimi (Head of Legal)
Illumina k Avanos Medical
Linh Duong (General Counsel)
Mead Johnson k Align Technologies
Beng Kuan Toh (Head of Legal)
Schneider Electric k Hilti
Krystal Kim (General Counsel)
Kering k Ferrero
Shailyamanyu Singh Rathore (Regional Head of Legal)
P&G k Dyson
Bernard Liew (Associate General Counsel)
DigitalGlobe k Aveva
Sue-Ann Li (Head of Legal)
Partner (Law Firm) k Gojek
Peter Hopp (General Counsel)
Bunge Asia k Rio Tinto
Min Wei Chow (General Counsel)
APL Logistics Ltd. k Interplex
Jeffrey Ng (General Counsel)
Asurion k Accuron Technologies
Grace Guang (General Counsel)
Bausch Health k RTI Cable
Alan Pineda (General Counsel)
Autodesk k Ingenico
Ian Chye (General Counsel)
Cargill k Clermont Group
Buchan Love (Area Legal Director)
Mead Johnson k Health at RB
David Sullivan (General Counsel)
BetEasy k Mediapro Asia
People Moves
In Singapore we witnessed an increase in the overall number of senior lawyers moving jobs (up 4% from 2018). In total
around 220 (General Counsel/Heads of Legal), mainly spread across Fintech, TMT, Manufacturing, Hospitality and Medical
Devices/Healthcare/Pharma.
Interestingly, we found that the movement in 2019 was more focused at the middle to upper levels (10-20 PQE) with some
senior changes. In 2018 the list of lawyers moving jobs with over 18 years of experience was triple that of 2019.
Please see below a list of people moves across the city through 2018 and 2019. Please note, some moves cannot be added
due to confidentiality.
People moves through 2018
source, LinkedIn and correct as of January 2019
People moves through 2019
(source, LinkedIn and correct as of January 2020)
The role, requirements, candidate profiles and remuneration details are typical for the corporate and commercial sectors in
Hong Kong and Singapore. Our overall goal is to give you a benchmark, taking into account differences such as travel, work/
life balance, salary and availability of candidates.
Hong Kong						 Singapore
Associate Legal Counsel (Non-Transactional) Associate Legal Counsel (Non-Transactional)
PQE: 1-4 years
Languages: No requirement
Background: Candidates are
often trained at a local law firm.
Candidates may also be from
overseas and relocating to Hong
Kong, often with a spouse.
Due to budget constraints, hiring
managers may need to look at
candidate pools from other
practice areas such as Disputes/
Litigation
Main Job Function:
Commercial contracts, review,
drafting & negotiating
Coverage: Hong Kong
Hours of work: Standard (9 - 6)
Salary:
HK$ 55,000 – 70,000
per month
Bonus:
13th month guaranteed +
discretionary (1 month)
Difference between HK
and SG for base pay:
37% (lower end) – 27%
(higher end) in favour of
Hong Kong
PQE: 1-4 years
Languages: No requirement
Background: Candidates likely
trained and working in a law
firm outside of the Big 4 (Rajah
& Tann, Allen & Gledhill,
WongPartnership and Drew
& Napier).
A requirement for Singapore /
common law qualified lawyers
with no visa restrictions often
prioritised
Main Job Function:
Commercial contracts, review,
drafting & negotiating
Coverage: Singapore / SEA
Hours of work: Standard (9 - 6)
Salary:
SG$ 6,000 – 10,000
per month
Bonus:
AWS (13th month
guaranteed) + discretionary
(1 month)
Legal Counsel (Transactional) Legal Counsel (Transactional)
PQE: 2-6 years
Languages: English & Chinese
(Mandarin spoken), read / write
Chinese
Background: Candidates have
been trained at an international
law firm, mainly from a corporate
/ M&A background
Standout lawyers will have 1-2
years In-House experience,
focused on transactions and
commercial work
Main job Function:
Transactional (M&A / JV)
accounts for 50%, Commercial
& Compliance the rest
Coverage: APAC role, possible
focus on PRC related work, some
travel to be expected
Hours of work: Extended, late
night projects and weekend work
to be expected
Salary:
HK$ 80,000 – 100,000
per month
Bonus:
2 – 3 months
(discretionary)
Difference between HK
and SG for base pay:
35% – 20% in favour of
Hong Kong
PQE: 2-6 years
Languages: Another Asian
language preferred but not
essential
Background: Candidates are
trained and working at one of
the Big 4 and/or international
law firms
Standout lawyers will have 1-2
years In-House experience,
focused on transactions and
commercial work
A requirement for Singapore /
common law qualified lawyers
with no visa restrictions can be
priority
Main job Function: Transactional
(M&A / JV) accounts for 50%,
Commercial & Compliance the
rest
Coverage: SEA focused role,
some travel to be expected
Hours of work: Extended, late
night projects and weekend work
to be expected
Salary:
SG$ 9,000 - 14,000
per month
Bonus:
2 – 3 months
(discretionary)
Salary Review - 2020Salary Review - 2020
Senior Legal Counsel (Non-Transactional) Senior Legal Counsel (Non-Transactional)
PQE: 8-14 years
Languages: English & Chinese
(Cantonese / Mandarin spoken),
read / write Chinese
Background: Candidates have a
mixture of law firm and (Hong
Kong company) In-House
experience
Candidates are predominately
from Hong Kong and educated /
trained locally. They are
comfortable when working for
Hong Kong / Chinese owned
enterprises
Main Job Function:
General Commercial, Project
work, sole counsel and/or
managing a small team
Coverage: Hong Kong, Macau,
Taiwan & PRC
Hours of work: 9am-7pm,
working hours still offer flexibility
Salary:
HK$ 90,000 – 120,000
per month
Bonus:
13th month guaranteed +
discretionary (1-2 months)
Difference between HK
and SG for base pay:
24% in favour of Hong Kong
PQE: 8-14 years
Languages: Another Asian
language preferred, often
dictated by the commercial
teams focus
Background: Candidates have a
mixture of law firm and In-House
experience
Candidates have a solid under-
standing of Singapore law and
the SEA market, perhaps with
direct experience of handling
Indonesia, Vietnam, Thailand
Higher paid lawyers often have
MNC and international law firm
training (inclusive of the Big 4)
Main Job Function: General
Commercial, Project work, sole
counsel and/or managing a small
team
Coverage: SEA
Hours of work: 9am-7pm,
working hours still offer flexibility,
although travel often expected
Salary:
SG$ 12,000 – 16,000
per month
Bonus:
AWS + discretionary
(1-2 months)
Senior Legal Counsel (Transactional) Senior Legal Counsel (Transactional)
PQE: 8-14 years
Languages: English & Chinese
(Mandarin spoken), read / write
Chinese
Background: Candidates have
tier 1 law firm training. Preferred
is a lawyer with listco / MNC
experience (directly or through
secondments)
Candidates will have stable cv’s
and year on year can
demonstrate excellent
performances through
recommendations and/or higher
bonus payments
Main job Function: Transactional
(M&A / JV) accounts for 50%,
Commercial & Compliance.
Management of team members
locally and regionally.
Coverage: APAC / Global
Hours of work: In this role
increased hours, travel and
workload will be expected by the
employer.
Salary:
HK$ 120,000 – 150,000
per month
Bonus:
20 - 50%
discretionary bonus + LTI’s
(Longer term incentives)
Difference between HK
and SG for base pay:
28% – 12%
in favour of Hong Kong
PQE: 8-14 years
Languages: Another Asian
language preferred, often
dictated by commercial teams
focus
Background: Candidates are
highly regarded when a solid law
firm background exists, ideally
at an international law firm.
Preferred is a lawyer with listco
/ MNC experience (directly or
through secondments)
Candidates will have stable
cv’s and year on year can
demonstrate excellent
performances through
recommendations and/or higher
bonus payments
Main job Function: Transactional
(M&A / JV) accounts for 50%,
Commercial & Compliance.
Management of team members
locally and regionally
Coverage: SEA / Global
Hours of work: In this role
increased hours, travel and
workload will be expected by the
employer.
Salary:
SG$ 15,000 –$23,000
per month
Bonus:
20 - 50%
discretionary bonus + LTI’s
(Longer term incentives)
Associate General Counsel (Non-Transactional) Associate General Counsel (Non-Transactional)
PQE: 10-18 years
Languages: Chinese (Mandarin
spoken), read / write Chinese
Background: Candidates have a
mixture of law firm and (Hong
Kong - HQ) In-House experience
Candidates are predominately
from Hong Kong and educated /
trained locally. They are
comfortable when working for
Hong Kong / Chinese owned
businesses
Main Job Function: General
Commercial, Compliance, Com
Sec, Team Management.
Candidates will be part of
strategic committees and have
direct influence over C-level
members of staff
Coverage: Hong Kong, PRC,
North Asia
Hours of work: 9am-7pm, some
weekend work
Salary:
HK$ 110,000 – 140,000
per month
Bonus:
20 - 30%
(discretionary)
Difference between HK
and SG for base pay:
10-11% in favour of
Hong Kong
PQE: 10-18 years
Languages: Another Asian
language preferred, often
dictated by commercial teams
focus
Background: Candidates have
tier 1 law firm training and
currently in a listco with regional
/ global presence, or an MNC
Candidates will have stable cv’s
and year on year can
demonstrate excellent
performances through
recommendations and/or higher
bonus payments
Main Job Function: General
Commercial, Compliance, Com
Sec, Team Management.
Candidates will be part of
strategic committees and have
direct influence over C-level
members of staff
Coverage: SEA
Hours of work: 9am-7pm, some
weekend work
Salary:
SG$ 17,000 – 24,000
per month
Bonus:
20 - 30%
(discretionary)
Associate General Counsel (Transactional) Associate General Counsel (Transactional)
PQE: 10-18 years
Languages: Chinese (Mandarin
spoken), read / write Chinese
Background: Top tier law firm
backgrounds and years of
In-House experience at MNC’s
Candidates will have a stable
cv and year on year can
demonstrate excellent
performances
Candidates will be part of
strategic committees and have
direct influence over C-level
members of staff
Candidates will demonstrate
hands on experience of handling
major transactions, large scale
projects and high level cases
Main job Function: Transactional
(M&A), Commercial &
Compliance. Management of
teams globally
Coverage: APAC / Global
Hours of work: Increased hours
and travel are expected
Salary:
HK$ 150,000 – 180,000
per month
Bonus:
30 - 60%
discretionary bonus + LTI’s
(Longer term incentives)
Difference between HK
and SG for base pay:
25% – 4% in favour of
Hong Kong
PQE: 10-18 years
Languages: Another Asian
language preferred, often
dictated by commercial teams
focus
Background: Top tier law firm
backgrounds and years of
In-House experience at MNC’s
Candidates will have a stable
cv and year on year can
demonstrate excellent
performances
Candidates will be part of
strategic committees and have
direct influence over C-level
members of staff
Candidates will demonstrate
hands on experience of handling
major transactions, large scale
projects and high level cases
Main job Function: Transactional
(M&A), Commercial &
Compliance. Management of
teams globally
Coverage: SEA / APAC / Global
Hours of work: Increased hours
and travel are expected
Salary:
SG$ 20,000 – 30,000
per month
Bonus:
30 - 60%
discretionary bonus + LTI’s
(Longer term incentives)
General Counsel General Counsel
PQE: 18 – 25 years
Languages: Chinese(Mandarin
spoken), read / write Chinese
Background: Candidates are
top tier in terms of experience,
delivery and communication.
They will demonstrate strong
relationships with commercial
teams and influence over
C-level stakeholders.
Strong people management
skills
Main job Function: General
Commercial, some
Transactional work &
Compliance
Coverage: Multiple jurisdictions
across Asia
Hours of work: Candidates have
significant amounts of autonomy.
In return extensive travel and
weekend work to be expected.
Salary:
HK$ 160,000 – 200,000
per month
Bonus:
30 - 100%
(mixture of guaranteed
and discretionary + LTI’s)
PQE: 18 – 25 years
Languages: Often no
requirement
Background: Candidates are top
tier in terms of experience,
delivery and communication.
They will demonstrate strong
relationships with commercial
teams and influence over
C-level stakeholders.
Strong people management
skills
Main job Function: General
Commercial, some
Transactional work &
Compliance
Coverage: Multiple jurisdictions
across Asia
Hours of work: Candidates have
significant amounts of autonomy.
In return extensive travel and
weekend work to be expected.
Salary:
SG$ 30,000 – 38,000
per month
Bonus:
30 - 100%
(mixture of guaranteed
and discretionary + LTI’s)
Difference between HK
and SG for base pay:
7% – 9% in favour of
Singapore
General Counsel
(Heavy Volumes of Transactions / Travel)
General Counsel
(Heavy Volumes of Transactions / Travel)
PQE: 20 – 25+ years
Languages: English, Cantonese
and Mandarin (reading and
writing).
Background: Top tier law firm
training and In-House experience
at FTSE 100 / Forbes 50 firms
Candidates will form part of the
senior management team and
have direct access to the board
of directors. They will also have
significant influence over the
operational side of day to day
business, effectively running a
COO type team
Main job Function:
Transactional (M&A),
Commercial & Compliance.
Management of teams
regionally and where needed
globally
Coverage: APAC, Europe, US
Hours of work: Candidates have
significant amounts of autonomy.
In return extensive travel and
weekend work to be expected.
Salary:
200,000 – 400,000*
per month
* Exceptions occur, large
scale MNC’s paying
20-40% more
Bonus:
50-100%
(mixture of guaranteed
and discretionary + LTI’s
PQE: 20 – 25+ years
Languages: Often no
requirement
Background: Top tier law firm
training and In-House experience
at FTSE 100 / Forbes 50 firms
Candidates will form part of the
senior management team and
have direct access to the board
of directors. They will also have
significant influence over the
operational side of day to day
business, effectively running a
COO type team
Main job Function:
Transactional (M&A),
Commercial & Compliance.
Management of teams
regionally and where needed
globally
Coverage: APAC, Europe, US
Hours of work: At the higher end
of the pay scale, 50% + travel
Salary:
SG$ 40,000 – 80,000*
per month.
* Exceptions occur, large
scale MNC’s paying
20-40% more
Bonus:
50-100%
(mixture of guaranteed
and discretionary + LTI’s
Difference between HK
and SG for base pay:
15% in favour of
Singapore
2019- Reality!
2019 was undoubtedly a hindrance in what has been a strong decade for Hong Kong. However, the unrest and ongoing
political situation has only highlighted the In-House job markets’ departure away from the city.
The major change is that Hong Kong now forms part of the Greater China region and as such, legal teams often report to
a senior lawyer based in Beijing (sometimes Shanghai). The need to pay candidates a large salary in Hong Kong has
diminished, and these resources are now allocated to recruiting lawyers in Greater China who are native to the Mainland,
with International law firm training and solid MNC experience. These lawyers are still at a premium and it makes no sense
for firms to pay executive salaries in both Beijing and Hong Kong, especially when the former is clearly the bigger market.
2020 – What to expect…
The result of the last decade is that Singapore is now where regional heads are based. They will have oversight for the
entire APAC region which will include direct involvement in the South-East Asia emerging markets and Australasia, with
indirect (managing through the senior lawyer(s) in Beijing) responsibility over the Greater China region. I now see a
number of these roles also include India and the Middle East. This overall requirement now warrants strong people
managers with 20-30 years’ experience, often working in Top Fortune 100 Firms.
Hong Kong still has a competitive advantage when looking at the Financial Services sector, due to the fact 86 of the top
100 institutions are based in the city. Other areas such as Chinese technology firms, start-ups and unicorns who want to
have the robust regulatory system and be close to a key growth market will continue to be headquartered in the city, and
this is the area where I see big paying roles existing through the next 5 years.
Final CommentsFinal Comments
SD Legal Limited
Suite 137, 13/F
Somptueux Central
52 Wellington Street, Central
Hong Kong

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In-House Legal Teams Market Review

  • 1. IN-HOUSE LEGAL TEAMSIN-HOUSE LEGAL TEAMS MARKET REVIEW | 2020MARKET REVIEW | 2020
  • 2. SD Legal SD Legal is a search firm located in Hong Kong to serve the Asia Pacific legal markets. Our goal is to provide candidates with real time job opportunities from across the region; and to give hiring managers access to a candidate pool that is unrivalled in depth and reach. The team at SD Legal have over 20 years of experience covering key hubs including: Hong Kong, Singapore, Shanghai, Beijing and Tokyo. What to Expect from this Report • The report focuses on the In-House recruitment sector across Hong Kong and Singapore • Hong Kong and Singapore – market review • Executive-level movement across Hong Kong and Singapore • Salary Survey, In-House legal teams in Hong Kong and Singapore (MNC’s) Background and disclaimers Nathan Smith has over a decade of recruitment experience working in London, Sydney, Singapore and Hong Kong. He has worked for listed firms such as Hydrogen Group, helping to set up offices in Sydney, Singapore and Hong Kong. More recently he was a part owner of Eximius Group; helping to develop the legal teams across Asia. Nathan prides himself on having a strong and often exclusive database of lawyers, many of which are not accessible through LinkedIn or indeed other forms of resources. Nathan’s success rate over the past 8 years has resulted in multiple recommendations, many of which are endorsed on his LinkedIn profile. A standout statistic is that over 92% of lawyers placed by Nathan and his team have stayed with their respective employer for at least 2 years and on average between 4 and 6+ years. This report has been generated with direct market intelligence from over 1,500 In-House lawyers and 150+ Legal heads in Singapore and Hong Kong. The salary survey is a combination of this intelligence, as well as unrivalled industry knowledge on what firms are paying across the region. Whilst the information is accurate and correct at the time of print, exceptions will always occur. T: +852 3752 0529 | M: +852 6508 2202 E: nathan.smith@sdlegal-asia.com W: www.sdlegal-asia.com Nathan Smith | Managing Director
  • 3. 2019 – Volatility and The Great Exodus of CEO’s 2019 has widely been dominated by the UK and Europe’s battle over Brexit, as well as the on-going trade war between the US and China. Perhaps what many of us have missed is what lies between these countries. Iraq, Lebanon, Sudan, Egypt, Iran, Kashmir and India have held various demonstrations, witnessed corruption scandals and suffered assassinations to name just a few. Along with this, climate change tension has finally reached melting point and 2019 will join 2018, 2017, 2016, 2015, 2014, 2013, 2010 and 2009 in the top ten of the hottest years ever recorded. 2019 was also a record-breaking year for the exodus of Chief Executives, nicknamed the ‘Great CEO Exodus’. Over 1,500 CEO’s departed their posts in 2019, a 12% increase from 2018. The high-profile list includes leaders of: Alphabet, Best Buy, Ebay, Expedia, HBO, Altira, Kraft Heinz, McDonalds, Nike, Under Armour, United Airlines, Warner Brothers and WeWork. Hong Kong and The Impact of Instability Before 2019, the initial conversation with someone unfamiliar with Hong Kong – would be bookended with curiosity, occasionally envy, and even jealousy. This all changed from June 2019, with weeks and now months of demonstrations in the streets of Hong Kong. The stranger to Hong Kong is now asking questions on the truthfulness of the media as well as direct questions riddled with controversy: “How bad is it?” or “When do you think it will end?”, “Do think you will stick it out for much longer?”. The impact of month-long clashes and over-inflated media reports has of course affected the wider job market. GDP is forecasted to be -1.3% for the year 2019, the first annual contraction since 2009 (the global financial crisis). Unemployment is set to be at a 5 year high in the latter half of 2020 as it approaches 4% (currently sitting at a 2 year high of 3.2%). Retail and Hospitality have felt the full impact with sales volumes and foot traffic severely down in areas hit by the demonstrations. For example, retail sales volume declined by 22.9% year-on-year in August and September combined, the largest on record for a two-month period. Inbound tourists are down 10% since 2018. To put that in perspective, 80% of visitors to Hong Kong are from the mainland and before the protests started, the numbers in Q1 and Q2 of 2019 were up from 2018. However, in August we witnessed a 42% drop of mainland tourists to Hong Kong. This number has increased each month with golden week 82% down from 2018. It is no surprise hotels are operating at 30-50% capacity. We recently surveyed over 100 General Counsels and Heads of Legal in Hong Kong to find out hiring plans through 2020. 120 100 80 60 40 20 0 Hospitality Retail Fintech Real Estate Internet / Medical Funds / Family Software Devices Offices Yes No Headcount Growth in 2020 - Legal Teams across Hong Kong
  • 4. Two Sides to Every Story The chart demonstrates how firms are viewing 2020 as a year to regroup rather than expand following the clashes in Hong Kong. Contrastingly, China’s technology giants Alibaba, Huawei and Tencent, who have worldwide footprints, will continue to hire throughout the year. Hong Kong is also home to a number of Unicorns (privately held start-up company valued at over US$1 billion), and soon to be Unicorns. I expect to see continued growth from these firms which should result in an increased demand for lawyers to be based here at their respective headquarters. These include CompareAsiaGroup, Oriente, BitMEX, GoGoVan, Klook, Airwallex, TNG and WeLab. To plays devil’s advocate though, whilst the FinTech market appears to be wholly fruitful, it is important to recognise that joining a start-up presents several career risks. For example, Tink Labs was one of Hong Kong’s first Unicorns and recently shut down due to ‘operational issues’ or in simple terms, became insolvent. So, whilst the impact of the city’s unrest is still to be fully understood, the overall feeling is that the city will bounce back. Out of all the Hong Kong legal heads interviewed, at no point did we get the feeling that moving away (business and/or personal) from the city was a solution in the short term. People Moves In Hong Kong we saw similar numbers of senior lawyers moving jobs from 2019 when compared to 2018. In total we witnessed around 150 (General Counsel/Heads of Legal) split roughly 50/50 between FS (Investment Banking and Global Markets) and Non-FS (1%> change from 2018). Please see below a list of people moves across the city through 2018 and 2019. Please note, some moves cannot be added due to confidentiality. Steve Winegar (General Counsel) Paul Hastings k Ping An Cathy Wong (General Counsel) China Resources Capital Management kLan Kwai Fong Group Patricia Ho (Head of L&C) HSBC k WeLab Stephen Chiang (General Counsel) BrightOil k Pacific Andes Group Olivia Tong (General Counsel) McKinsey & Co k KPMG Maggie Guan (Head of Legal) 5miles k New World Development Delia Lang (General Counsel) BMO k Allianz GI Jeanette Chan (General Counsel) Paul Weiss Rifkind Wharton and Garrison k Airwallex Vincent Ng (General Counsel) Hyatt k Klook Paul Chow (Group General Counsel) Davis Polk k Cathay Pacific Piet Grillet (General Counsel) Mastercard k Prudential Rienk Brouwer (Head of Legal) Learning Technologies kVistra Judy Wong (General Counsel) EY k Tricor Jada Soyun (General Counsel) Lee Loeb & Loeb kPhoenix Property Investors Stelios Moussis (General Counsel) Alibaba Group k Diginex Amy Teh (Head of Legal & Compliance) Hillhouse Capital Management kSymmetry Investments Maaike van Meer (General Counsel) AXA k Aegon Laura Hannon (General Counsel) Maples k CompareAsiaGroup Su-Sin Chiam (General Counsel) Gategroup k L’Oréal Paul Fong (General Counsel) K Wah International k Link REIT Roy Neo (General Counsel) Kering k Puma Karen Law (Head of Legal) Lan Kwai Fong Group k TNG Fintech Group Rupert Hall (General Counsel) Goldman Sachs k Vena Energy Yvonne Tsai (General Counsel) Blackrock k Citadel People moves through 2018 (source, LinkedIn and correct as of January 2019) People moves through 2019 (source, LinkedIn and correct as of January 2020)
  • 5. Singapore – This is Your Moment (potentially)! The facts are simple, if Hong Kong tourism is down; then other countries in the region will benefit. In Q3 2019, Singapore had over 5,000,000 visitors to the city, a 3.4% increase from 2018 and in the month of November this increased further, up 8.2% from 2018. The obvious beneficiary is the hospitality sector, recording a 14 year high in occupancy rates at 93.8% for July. Singapore also boasts a number of regionally headquartered offices for global MNC’s, funds and family offices. The incentives include lower rental costs, easier access to a fast growing market (SEA), grants and various tax incentives. Perhaps more importantly, Singapore offers stability and security when compared to the other major hubs in the region. Two Sides to Every Story The chart above clearly shows Singapore’s In-house legal teams are optimistic about 2020. However, the country is not without its own challenges. Growth will be uneven across industries, partly down to volatility in the electronics industry. The major stumbling factors will be the US-China trade, technology and currency battles. The fact the country is operating at 0.1% growth for 2019 would suggest any escalation in this battle could result in at least a technical recession if not more. 120 100 80 60 40 20 0 Hospitality Retail Fintech Real Estate Internet / Medical Funds / Family Software Devices Offices Yes No Headcount Growth in 2020 - Legal Teams across Singapore
  • 6. Seeni Kabeer (Regional General Counsel) Toll Group k WeWork Vanessa Chew (General Counsel) Razer Inc k Top International Darrell Chan (Deputy General Counsel) Discovery kAirbnb Jeffrey Koch (Regional Head of Legal) Dell k Red Hat Michael Fleisher (General Counsel) IFlix k HOOQ Ben Lee (General Counsel) Mercedes-Benz k Daimler Louise Fitzpatrick (General Counsel) Goodman k Supernova Jasmine Karimi (Head of Legal) Illumina k Avanos Medical Linh Duong (General Counsel) Mead Johnson k Align Technologies Beng Kuan Toh (Head of Legal) Schneider Electric k Hilti Krystal Kim (General Counsel) Kering k Ferrero Shailyamanyu Singh Rathore (Regional Head of Legal) P&G k Dyson Bernard Liew (Associate General Counsel) DigitalGlobe k Aveva Sue-Ann Li (Head of Legal) Partner (Law Firm) k Gojek Peter Hopp (General Counsel) Bunge Asia k Rio Tinto Min Wei Chow (General Counsel) APL Logistics Ltd. k Interplex Jeffrey Ng (General Counsel) Asurion k Accuron Technologies Grace Guang (General Counsel) Bausch Health k RTI Cable Alan Pineda (General Counsel) Autodesk k Ingenico Ian Chye (General Counsel) Cargill k Clermont Group Buchan Love (Area Legal Director) Mead Johnson k Health at RB David Sullivan (General Counsel) BetEasy k Mediapro Asia People Moves In Singapore we witnessed an increase in the overall number of senior lawyers moving jobs (up 4% from 2018). In total around 220 (General Counsel/Heads of Legal), mainly spread across Fintech, TMT, Manufacturing, Hospitality and Medical Devices/Healthcare/Pharma. Interestingly, we found that the movement in 2019 was more focused at the middle to upper levels (10-20 PQE) with some senior changes. In 2018 the list of lawyers moving jobs with over 18 years of experience was triple that of 2019. Please see below a list of people moves across the city through 2018 and 2019. Please note, some moves cannot be added due to confidentiality. People moves through 2018 source, LinkedIn and correct as of January 2019 People moves through 2019 (source, LinkedIn and correct as of January 2020)
  • 7. The role, requirements, candidate profiles and remuneration details are typical for the corporate and commercial sectors in Hong Kong and Singapore. Our overall goal is to give you a benchmark, taking into account differences such as travel, work/ life balance, salary and availability of candidates. Hong Kong Singapore Associate Legal Counsel (Non-Transactional) Associate Legal Counsel (Non-Transactional) PQE: 1-4 years Languages: No requirement Background: Candidates are often trained at a local law firm. Candidates may also be from overseas and relocating to Hong Kong, often with a spouse. Due to budget constraints, hiring managers may need to look at candidate pools from other practice areas such as Disputes/ Litigation Main Job Function: Commercial contracts, review, drafting & negotiating Coverage: Hong Kong Hours of work: Standard (9 - 6) Salary: HK$ 55,000 – 70,000 per month Bonus: 13th month guaranteed + discretionary (1 month) Difference between HK and SG for base pay: 37% (lower end) – 27% (higher end) in favour of Hong Kong PQE: 1-4 years Languages: No requirement Background: Candidates likely trained and working in a law firm outside of the Big 4 (Rajah & Tann, Allen & Gledhill, WongPartnership and Drew & Napier). A requirement for Singapore / common law qualified lawyers with no visa restrictions often prioritised Main Job Function: Commercial contracts, review, drafting & negotiating Coverage: Singapore / SEA Hours of work: Standard (9 - 6) Salary: SG$ 6,000 – 10,000 per month Bonus: AWS (13th month guaranteed) + discretionary (1 month) Legal Counsel (Transactional) Legal Counsel (Transactional) PQE: 2-6 years Languages: English & Chinese (Mandarin spoken), read / write Chinese Background: Candidates have been trained at an international law firm, mainly from a corporate / M&A background Standout lawyers will have 1-2 years In-House experience, focused on transactions and commercial work Main job Function: Transactional (M&A / JV) accounts for 50%, Commercial & Compliance the rest Coverage: APAC role, possible focus on PRC related work, some travel to be expected Hours of work: Extended, late night projects and weekend work to be expected Salary: HK$ 80,000 – 100,000 per month Bonus: 2 – 3 months (discretionary) Difference between HK and SG for base pay: 35% – 20% in favour of Hong Kong PQE: 2-6 years Languages: Another Asian language preferred but not essential Background: Candidates are trained and working at one of the Big 4 and/or international law firms Standout lawyers will have 1-2 years In-House experience, focused on transactions and commercial work A requirement for Singapore / common law qualified lawyers with no visa restrictions can be priority Main job Function: Transactional (M&A / JV) accounts for 50%, Commercial & Compliance the rest Coverage: SEA focused role, some travel to be expected Hours of work: Extended, late night projects and weekend work to be expected Salary: SG$ 9,000 - 14,000 per month Bonus: 2 – 3 months (discretionary) Salary Review - 2020Salary Review - 2020
  • 8. Senior Legal Counsel (Non-Transactional) Senior Legal Counsel (Non-Transactional) PQE: 8-14 years Languages: English & Chinese (Cantonese / Mandarin spoken), read / write Chinese Background: Candidates have a mixture of law firm and (Hong Kong company) In-House experience Candidates are predominately from Hong Kong and educated / trained locally. They are comfortable when working for Hong Kong / Chinese owned enterprises Main Job Function: General Commercial, Project work, sole counsel and/or managing a small team Coverage: Hong Kong, Macau, Taiwan & PRC Hours of work: 9am-7pm, working hours still offer flexibility Salary: HK$ 90,000 – 120,000 per month Bonus: 13th month guaranteed + discretionary (1-2 months) Difference between HK and SG for base pay: 24% in favour of Hong Kong PQE: 8-14 years Languages: Another Asian language preferred, often dictated by the commercial teams focus Background: Candidates have a mixture of law firm and In-House experience Candidates have a solid under- standing of Singapore law and the SEA market, perhaps with direct experience of handling Indonesia, Vietnam, Thailand Higher paid lawyers often have MNC and international law firm training (inclusive of the Big 4) Main Job Function: General Commercial, Project work, sole counsel and/or managing a small team Coverage: SEA Hours of work: 9am-7pm, working hours still offer flexibility, although travel often expected Salary: SG$ 12,000 – 16,000 per month Bonus: AWS + discretionary (1-2 months) Senior Legal Counsel (Transactional) Senior Legal Counsel (Transactional) PQE: 8-14 years Languages: English & Chinese (Mandarin spoken), read / write Chinese Background: Candidates have tier 1 law firm training. Preferred is a lawyer with listco / MNC experience (directly or through secondments) Candidates will have stable cv’s and year on year can demonstrate excellent performances through recommendations and/or higher bonus payments Main job Function: Transactional (M&A / JV) accounts for 50%, Commercial & Compliance. Management of team members locally and regionally. Coverage: APAC / Global Hours of work: In this role increased hours, travel and workload will be expected by the employer. Salary: HK$ 120,000 – 150,000 per month Bonus: 20 - 50% discretionary bonus + LTI’s (Longer term incentives) Difference between HK and SG for base pay: 28% – 12% in favour of Hong Kong PQE: 8-14 years Languages: Another Asian language preferred, often dictated by commercial teams focus Background: Candidates are highly regarded when a solid law firm background exists, ideally at an international law firm. Preferred is a lawyer with listco / MNC experience (directly or through secondments) Candidates will have stable cv’s and year on year can demonstrate excellent performances through recommendations and/or higher bonus payments Main job Function: Transactional (M&A / JV) accounts for 50%, Commercial & Compliance. Management of team members locally and regionally Coverage: SEA / Global Hours of work: In this role increased hours, travel and workload will be expected by the employer. Salary: SG$ 15,000 –$23,000 per month Bonus: 20 - 50% discretionary bonus + LTI’s (Longer term incentives)
  • 9. Associate General Counsel (Non-Transactional) Associate General Counsel (Non-Transactional) PQE: 10-18 years Languages: Chinese (Mandarin spoken), read / write Chinese Background: Candidates have a mixture of law firm and (Hong Kong - HQ) In-House experience Candidates are predominately from Hong Kong and educated / trained locally. They are comfortable when working for Hong Kong / Chinese owned businesses Main Job Function: General Commercial, Compliance, Com Sec, Team Management. Candidates will be part of strategic committees and have direct influence over C-level members of staff Coverage: Hong Kong, PRC, North Asia Hours of work: 9am-7pm, some weekend work Salary: HK$ 110,000 – 140,000 per month Bonus: 20 - 30% (discretionary) Difference between HK and SG for base pay: 10-11% in favour of Hong Kong PQE: 10-18 years Languages: Another Asian language preferred, often dictated by commercial teams focus Background: Candidates have tier 1 law firm training and currently in a listco with regional / global presence, or an MNC Candidates will have stable cv’s and year on year can demonstrate excellent performances through recommendations and/or higher bonus payments Main Job Function: General Commercial, Compliance, Com Sec, Team Management. Candidates will be part of strategic committees and have direct influence over C-level members of staff Coverage: SEA Hours of work: 9am-7pm, some weekend work Salary: SG$ 17,000 – 24,000 per month Bonus: 20 - 30% (discretionary) Associate General Counsel (Transactional) Associate General Counsel (Transactional) PQE: 10-18 years Languages: Chinese (Mandarin spoken), read / write Chinese Background: Top tier law firm backgrounds and years of In-House experience at MNC’s Candidates will have a stable cv and year on year can demonstrate excellent performances Candidates will be part of strategic committees and have direct influence over C-level members of staff Candidates will demonstrate hands on experience of handling major transactions, large scale projects and high level cases Main job Function: Transactional (M&A), Commercial & Compliance. Management of teams globally Coverage: APAC / Global Hours of work: Increased hours and travel are expected Salary: HK$ 150,000 – 180,000 per month Bonus: 30 - 60% discretionary bonus + LTI’s (Longer term incentives) Difference between HK and SG for base pay: 25% – 4% in favour of Hong Kong PQE: 10-18 years Languages: Another Asian language preferred, often dictated by commercial teams focus Background: Top tier law firm backgrounds and years of In-House experience at MNC’s Candidates will have a stable cv and year on year can demonstrate excellent performances Candidates will be part of strategic committees and have direct influence over C-level members of staff Candidates will demonstrate hands on experience of handling major transactions, large scale projects and high level cases Main job Function: Transactional (M&A), Commercial & Compliance. Management of teams globally Coverage: SEA / APAC / Global Hours of work: Increased hours and travel are expected Salary: SG$ 20,000 – 30,000 per month Bonus: 30 - 60% discretionary bonus + LTI’s (Longer term incentives)
  • 10. General Counsel General Counsel PQE: 18 – 25 years Languages: Chinese(Mandarin spoken), read / write Chinese Background: Candidates are top tier in terms of experience, delivery and communication. They will demonstrate strong relationships with commercial teams and influence over C-level stakeholders. Strong people management skills Main job Function: General Commercial, some Transactional work & Compliance Coverage: Multiple jurisdictions across Asia Hours of work: Candidates have significant amounts of autonomy. In return extensive travel and weekend work to be expected. Salary: HK$ 160,000 – 200,000 per month Bonus: 30 - 100% (mixture of guaranteed and discretionary + LTI’s) PQE: 18 – 25 years Languages: Often no requirement Background: Candidates are top tier in terms of experience, delivery and communication. They will demonstrate strong relationships with commercial teams and influence over C-level stakeholders. Strong people management skills Main job Function: General Commercial, some Transactional work & Compliance Coverage: Multiple jurisdictions across Asia Hours of work: Candidates have significant amounts of autonomy. In return extensive travel and weekend work to be expected. Salary: SG$ 30,000 – 38,000 per month Bonus: 30 - 100% (mixture of guaranteed and discretionary + LTI’s) Difference between HK and SG for base pay: 7% – 9% in favour of Singapore General Counsel (Heavy Volumes of Transactions / Travel) General Counsel (Heavy Volumes of Transactions / Travel) PQE: 20 – 25+ years Languages: English, Cantonese and Mandarin (reading and writing). Background: Top tier law firm training and In-House experience at FTSE 100 / Forbes 50 firms Candidates will form part of the senior management team and have direct access to the board of directors. They will also have significant influence over the operational side of day to day business, effectively running a COO type team Main job Function: Transactional (M&A), Commercial & Compliance. Management of teams regionally and where needed globally Coverage: APAC, Europe, US Hours of work: Candidates have significant amounts of autonomy. In return extensive travel and weekend work to be expected. Salary: 200,000 – 400,000* per month * Exceptions occur, large scale MNC’s paying 20-40% more Bonus: 50-100% (mixture of guaranteed and discretionary + LTI’s PQE: 20 – 25+ years Languages: Often no requirement Background: Top tier law firm training and In-House experience at FTSE 100 / Forbes 50 firms Candidates will form part of the senior management team and have direct access to the board of directors. They will also have significant influence over the operational side of day to day business, effectively running a COO type team Main job Function: Transactional (M&A), Commercial & Compliance. Management of teams regionally and where needed globally Coverage: APAC, Europe, US Hours of work: At the higher end of the pay scale, 50% + travel Salary: SG$ 40,000 – 80,000* per month. * Exceptions occur, large scale MNC’s paying 20-40% more Bonus: 50-100% (mixture of guaranteed and discretionary + LTI’s Difference between HK and SG for base pay: 15% in favour of Singapore
  • 11. 2019- Reality! 2019 was undoubtedly a hindrance in what has been a strong decade for Hong Kong. However, the unrest and ongoing political situation has only highlighted the In-House job markets’ departure away from the city. The major change is that Hong Kong now forms part of the Greater China region and as such, legal teams often report to a senior lawyer based in Beijing (sometimes Shanghai). The need to pay candidates a large salary in Hong Kong has diminished, and these resources are now allocated to recruiting lawyers in Greater China who are native to the Mainland, with International law firm training and solid MNC experience. These lawyers are still at a premium and it makes no sense for firms to pay executive salaries in both Beijing and Hong Kong, especially when the former is clearly the bigger market. 2020 – What to expect… The result of the last decade is that Singapore is now where regional heads are based. They will have oversight for the entire APAC region which will include direct involvement in the South-East Asia emerging markets and Australasia, with indirect (managing through the senior lawyer(s) in Beijing) responsibility over the Greater China region. I now see a number of these roles also include India and the Middle East. This overall requirement now warrants strong people managers with 20-30 years’ experience, often working in Top Fortune 100 Firms. Hong Kong still has a competitive advantage when looking at the Financial Services sector, due to the fact 86 of the top 100 institutions are based in the city. Other areas such as Chinese technology firms, start-ups and unicorns who want to have the robust regulatory system and be close to a key growth market will continue to be headquartered in the city, and this is the area where I see big paying roles existing through the next 5 years. Final CommentsFinal Comments
  • 12. SD Legal Limited Suite 137, 13/F Somptueux Central 52 Wellington Street, Central Hong Kong