5 ASIAN LEGAL BUSINESS CHINA • 亚洲法律杂志-中国版 WWW.LEGALBUSINESSONLINE.COM/CHINA BIG STORY Zhang also notes that, in 2023, the establishment of offices by some international law firms in Shenzhen has introduced a new dynamic. As a result, lawyers seeking to specialize in TMT, intellectual property, and data compliance may find Shenzhen and the Greater Bay Area (GBA) more attractive. What kind of qualities do law firms look for in their lawyers? “Accurately understanding and applying laws to help clients solve problems is the core work content and basic professional quality of lawyers. In some emerging or rapidly changing business fields, such as AIGC and data compliance, law firms also place significant emphasis on lawyers’ ability to adapt quickly and learn.” She further highlights that the exceptionally challenging market environment has compelled law firms to intensify their focus on lawyers’ business acumen and awareness. How do you anticipate the legal recruitment market in 2024? “The activity of law firms’ recruitment may continue to be in recovery during 1H24. Following this adjustment period in 2H24, we anticipate law firms launching a larger-scale recruitment plan.” She further analyzes, “2024 is likely to be a year where demand persists for dispute resolution and compliance lawyers. The recruitment of lawyers in capital markets, intellectual property, finance, and banking may also experience a gradual recovery. Additionally, the evolving fields of AIGC and legal technology may introduce changes and challenges to the direction, trends, and processes of law firms’ recruitment.” Chancy Chen, Associate Director, SSQ How active has the Chinese legal recruitment market been over the past year? What new phenomena and trends have you observed? Chancy Chen, an expert at SSQ specializing in corporate legal recruitment, notes that the overall corporate legal recruitment market has been relatively inactive in the past year, undergoing a process of adjusting market expectations. She puts it bluntly: “One of the key imperatives for firms in 2023 is cost reduction and efficiency improvement. Many firms are streamlining teams and adjusting organizational structures.” Furthermore, despite a relatively robust demand for candidates with a legal background and post-investment/ overseas experience, Chen observes that the overall recruitment process has become lengthier, with more stringent requirements reflecting a cautious and conservative approach by firms. Which practice areas are the most popular for in-house counsels in 2023? Chen places a strong emphasis on compliance. This trend is attributed to the introduction of new policies and regulations, coupled with heightened supervision, prompting firms to focus more on the establishment of compliance departments. Chen highlights the growing demand in areas such as anti-corruption, anti-commercial bribery, export control, and data compliance. Have you observed any changes in the attractiveness of different cities for legal professionals in China? “Consequently, it’s preferable to maintain an open mind and explore opportunities with start-up firms or in other cities with distinct regional industry characteristics,” she explains. What kind of qualities do corporates look for in their in-house counsels? Chen emphasizes that “corporate legal personnel also need to possess business logic and strong communication skills.” How do you anticipate the legal recruitment market in 2024? Chen outlines her expectations, stating, “There will still be a conservative attitude towards both candidates and firms in 2024, and we remain cautiously optimistic and believe that the demand for talent mobility will grow steadily next year.” Regarding industries, Chen predicts, “In the next few years, an increasing number of legal candidates will opt for firms in the start-up stage or the B/C round of financing. Particularly, there is a substantial demand for talents in the medical health, high-tech, and new consumption fields.” Lena Zheng, Principal Consultant (Mainland), Kingfisher How active has the Chinese legal recruitment market been over the past year? What new phenomena and trends have you observed? According to the insights provided by Kingfisher’s two experts, the recruitment business of international law firms experienced a 20 percent decline compared to the previous year. In contrast, Chinese law firms and corporate legal recruitment demonstrated a relatively slow development, with an increase of about 10 percent. The experts attribute this slowdown in recruitment demand to various factors, including the division of international firms, the closure of overseas offices by certain top domestic law firms, the freezing of recruitment quotas or office closures by US-funded firms, and a decline in the number of crossborder projects. Despite this, Kingfisher notes that the renewed vigor in the overseas business of Chinese law firms has introduced a certain level of recruitment activity. They further highlight a significant development trend wherein the demand for reserve talents has dropped significantly. Additionally, Kingfisher has identified several notable changes in in-house recruitment. Firstly, when firms embark on opening up new markets, they tend to directly recruit legal personnel with relevant industry work experience. Secondly, in assisting private firms to expand overseas markets, the ability to navigate cross-border business becomes crucial, requiring adeptness in overcoming language, culture, and time differences. Lastly, when reporting directly to management without a legal background, corporate legal personnel are expected to possess superior management and communication skills, particularly crucial for private enterprises.
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