4 ASIAN LEGAL BUSINESS CHINA • 亚洲法律杂志-中国版 DECEMBER 2023 BIG STORY In 2023, life may haver returned to normal post pandemic, but factors such as macroeconomic pressures and geopolitical instability are still having a significant impact on the legal recruitment market. Four legal recruitment experts share the market trends over the past year with ALB. 2023年，社会秩序恢复正常，但发展承压的宏观经济、地缘政治的不稳定 性等因素，依旧对法律招聘市场产生了不可小觑的影响。四位法律招聘专 家与ALB分享了过去一年的市场动向。 BY CHARLIE WU 作者：吴卓言 Reflecting on 2023, despite overcoming the global epidemic, the legal recruitment market remains in recovery mode due to the influence of economic and political factors. This trend is evident in the lateral recruitment records of ALB. In the past year, ALB documented over 100 partner-level lateral recruitments in the Chinese market. Following a decline in Q1, the recruitment market experienced an upturn in Q2, but it struggled to sustain this momentum in Q3 and Q4, settling into stability or even sluggishness. In terms of practice areas, traditional sectors such as capital markets, banking and finance, investment, and M&A exhibited a significant decrease in activity. In contrast, cross-border business, litigation, compliance, and intellectual property demonstrated heightened activity. Among Chinese law firms, Merits & Tree, Chance Bridge, Shihui, Han Kun, Jingtian & Gongcheng, Haiwen, etc., stand out in attracting talent, while other leading law firms have adopted a more conservative approach. Concerning international law firms, ALB reported approximately 20 recruitments in the HIRING TRENDS IN 2024 2024年法律招聘趋势 past year, with new partners primarily concentrated in Hong Kong and only a small number in Shanghai. Geographically, Beijing, Shanghai, and Hong Kong continue to be as attractive to legal professionals as ever, maintaining the most active trends in talent mobility. Cherry Zhang, Manager, SSQ How active has the Chinese legal recruitment market been over the past year? What new phenomena and trends have you observed? Cherry Zhang, a manager at SSQ, specializes in the lateral recruitment market for lawyers. According to her observations,the overall recruitment activity of law firms in Mainland China exhibited a slowing trend in 2023. “In addition to opportunities arising from normal personnel turnover, most law firms aim to hire partners with specific business and client sources.” Another trend observed by Zhang is that, “Certain premium Chinese law firms have actively sought to recruit partners, focusing on main businesses in corporate law, investment and financing, foreignrelated business, and patent litigation.” Zhang outlines four main reasons for this phenomenon. “Firstly, the business types and team sizes of premium firms allow them to retain certain financial power for hiring new senior lawyers and partners. Secondly, premium firms aspire to enhance their professional capabilities and visibility in key practice areas by attracting top talent, demonstrating an unwavering commitment to proactive development.” “Thirdly, influenced by the overall economic environment, the performance requirements set by leading law firms pose challenges for some young consultants and partners. In contrast, the financial system and organizational structure of premium firms are relatively flexible. Fourthly, due to job saturation and upward path issues, certain senior lawyers in foreign-funded firms have also developed a strong interest in premium law firms that are on the rise,” Zhang concludes. Which practice areas are the most popular for lawyers in 2023? Influenced by external factors, the legal recruitment market in 2023 exhibited a “counter-cyclical” development trend. Regarding specific areas favored by the market, she observed cautious recruitment activities in cross-border M&A, PE/ VC, and capital markets during 1H23. In contrast, dispute resolution, compliance, bankruptcy, and reorganization were relatively active practice areas that proved resistant to cycles and even demonstrated a “counter-cyclical” nature. Following adjustments in the first half of the year, some law firms redirected their focus to recruitment in areas such as finance, banking, capital markets, and intellectual property in Q3 and Q4. Have you observed any changes in the attractiveness of different cities for legal professionals in China? Zhang asserts that Beijing and Shanghai continue to be their top choices. This preference is primarily driven by the concentration of most top law firms in these cities.
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