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With many law firms around Asia-Pacific competing to hire and retain local legal talent, the region's top lawyers are becoming shrewder in their choice of employers. Following an extensive market survey, Asialaw reveals the best law firms to work for in Asia-Pacific, as ranked by the lawyers who work for them.
The legal profession endures fierce competition from an abundance of law firms and lawyers crowding the marketplace in every jurisdiction in Asia, no less the world. This intense competition ensures that no firm or its employees can afford to relax at any moment and that profit margins are squeezed tight. Fiscal pressures make it necessary for law firms to place a heavy burden on its lawyers and staff to bring in new clients, complete deals and keep billable hours at a sustainable level. With these weighty demands, lawyers are generally expected to work long and, occasionally, unsociable hours in order to meet those targets and to perform better than their peers.
The rewards for all the hard work and long hours that lawyers put in are usually a sizeable salary and bonus package, at least in comparison to the national per capita income average. Many lawyers also receive generous benefits to accompany the financial rewards but, as consultant Karin Damen at recruitment company Hudson points out, good pay may not be sufficient anymore for a law firm to retain its human capital.
"Lawyers are demanding more in their workplace needs these days. Law firms should also now seriously consider a wider scope of incentives to retain their top talent, such as clear career prospects, flexible work hours and sabbatical leave, not just an attractive remuneration package," says Damen.
By taking a look at almost any'magic circle' or Wall Street law firm's website, it is easy to see that competition is rife between the firms, with many offering more to lawyers than just pay and benefits. Common workplace benefits on offer include continued professional development, flexible working arrangements, an open and friendly culture, firm-wide social and sporting events, opportunities to do pro bono work and an emphasis on providing a balance between work and personal life.
The lack of any real differentiation between some law firms in terms of working hours and employment conditions...