Legal. Discipline Insights. Financial Services & Insurance. Private Practice. In-house Corporate. Corporate Governance

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2 Discipline Insights Financial Services & Insurance 2015 has been an interesting year for the financial services market. While we see many bulge brackets/sell-side clients being more conservative in hiring when compared with previous years, there has been a dramatic increase in legal hires across the funds/asset management industry. Structured products and derivatives lawyers continue to be one of the most sought-after specialists in the financial services industry, and majority of the hires are usually for junior to mid-level roles. We have seen an overall slowdown in senior hires, which could be due to tight budgets or a lack of new positions. Apart from fund houses/asset management houses, insurance companies have also been active players, typically hiring mid-level lawyers with experience in regulatory matters. As most financial institutions are working with tight budgets, we do not expect to see generous internal increments in terms of base salaries or bonuses. Prospective employers may have to offer sizable increments in order to draw talent over, especially in the areas of funds and structured products, given the shortage of relevant talent. In-house Corporate The in-house market in Hong Kong has remained active in the property development and investments, technology, media and telecommunications (TMT), and financial regulatory spaces. In-house lawyers will likely continue to take on a broad role, supporting companies diversification into overseas markets, on top of mainland China. In 2015, there was a prominent trend among local companies across the retail, hospitality industries and entertainment sector in starting up and strengthening their e-commerce platforms. Candidates most in demand in 2015 include regulatory, compliance, mergers and acquisitions, investments, real estate, and intellectual property/tmt specialists across all levels. In-house corporate groups are also looking to strengthen internal legal teams and recruit lawyers in the junior to mid-levels. Private Practice In 2015, there was a stable flow of jobs at the associate level for the corporate, litigation, banking and funds practice areas, although there has been a notable decrease in the demand for corporate lawyers, in line with market conditions. Employers generally tend to offer an 8-15% increment based on candidates existing packages when recruiting lateral hires, while US firms typically pay US rates. Under these rates, a class year would be assigned to the hired candidate, who will then be paid according to that classification. Junior to mid-level lawyers across all practice areas continue to be attracted by firms which offer higher salaries and have stronger brand names, whereas an increasing number of senior lawyers tend to find opportunities within the in-house space more appealing unless they are able to secure partnership positions in private practice. Mid-level lawyers with extensive corporate, banking and regulatory experience are highly sought-after. Hong Kong s legal market has experienced significant changes, both structurally and culturally, over the past few years, due in part to the arrival of mainland Chinese law firms in Hong Kong as well as an increase in Chinese-centric headliner deals. More international law firms are increasing their efforts to retain talent. Paralegals who have overseas qualifications may be offered a career progression path within the firm. Corporate Governance In 2015, more fund houses and law firms increased their headcount for company secretaries, especially at the junior level. However some law firms are also trimming down or spinning off their corporate services teams and company secretarial departments. There is a constant demand for company secretaries who have strong experience in handling and analysing legal documentation for listed companies. It is also increasingly common for employers to expect employees to have Mandarin-speaking capabilities. There is significant demand for trust specialists in both law firms and professional services firms. The talent movement in listed companies is active, especially with property developers, technology companies, financial institutions and new set-ups in Hong Kong. More candidates made the move from law firms to in-house roles last year.

3 Tables Company Secretaries 1 Private Practice Experience Qualification () Clerk (Search and Filing) 0-2 years Company Secretarial Assistant 3-4 years Student Member Senior Company Secretarial Assistant 5-6 years Student/Associate Member Company Secretarial Supervisor I/II 7-9 years Associate Member Company Secretary 10+ years Associate Member 600+ In-House Financial Services Experience Qualification () Company Secretarial Assistant 0-2 years Student Member Company Secretarial Officer 3-4 years Student Member Senior Company Secretarial Officer 5-6 years Student/Associate Assistant Company Secretarial 7-9 years Associate Member Company Secretarial years Associate Member Company Secretary 14+ years Associate Member 900+ In-House Corporate Experience Qualification () Company Secretarial Assistant 0-2 years Student Member Company Secretarial Officer 3-4 years Student Member Senior Company Secretarial Officer 5-6 years Student/Associate Assistant Company Secretarial 7-9 years Associate Member Company Secretarial years Associate Member Senior Company Secretary 14+ years Associate Member Named Company Secretary 15+ years Associate Member The above tables include salary data collected from international law firms, HK private and listed companies, multinational corporation, international/investment banks, local banks, local and global insurance companies and fund/private, equity/security houses, individual companies. Please call us for additional information. relating to individual companies, please call us for additional information. 2. These figures are generally the total remuneration (i.e., cash), excluding bonus/incentives unless stated otherwise. 3. Variable and incentive schemes are becoming more common through the different levels of management and are not included in these figures.

4 Tables Paralegals and Other Legal Support Roles Private Practice 1 Experience () Paralegal 0-3 years Paralegal 4-7 years Senior Paralegal 5+ years Translator Entry Level Translator 2-6 years Translator 6+ years 408+ Librarian/Knowledge Management Officer 0-2 years Librarian/Knowledge 3-7 years Knowledge (Department Head) 8+ years The above table includes salary data collected from leading and international law firms. In-House Financial Services Experience Domestic Firms - () Paralegal/Legal Assistant 0-2 years Paralegal/Legal Executive or Officer/Contracts Specialist 3+ years International Firms - () Senior Paralegal/Senior Legal Executive or Officer/Senior Contracts Specialist Assistant or Legal /Contracts Senior Legal /Senior Contracts 5+ years years years In-House Corporate 2 Experience Legal Assistant/Contracts Administrator 0-2 years Paralegal/Legal Executive or Officer 3-5 years Senior Paralegal/Senior Legal Executive or Officer 6-8 years () Assistant or Legal /Contracts Senior Legal /Senior Contracts 9-12 years years Titles are less uniform and may vary for non qualified/paralegals within in-house corporates. The roles include those specialising in at least two of the following areas: Legal, compliance, corporate governance, FCPA/Anti bribery, company secretarial, intellectual property. relating to individual companies, please call us for additional information. 2. These figures are the total remuneration (i.e., cash) including bonuses. 3. Variable and incentive schemes are becoming more common through the different levels of management and are not included in these figures.

5 Tables Lawyer Private Practice Lawyers, Local Law Firms ,020 1,020-1,200 1,200+ 1,200+ Lawyer, City Firms , ,440 1,004-1,620 1,200-1,740 1,500+ 1,500+ Associate, US rates (New York rates + 25%) USD USD USD USD USD 375+ USD data collected from mid-to-large sized domestic firms, where salaries can range also depending on commission, where applicable. For more detailed information, please reach out to us directly. 2 data collected from leading and international law firms excluding lawyers paid on New York rates. In-House Corporate 3 Hong Kong Listed and Private Companies (HK Coverage) Head of Legal ,100 1,000-1,500 1,100-1,500 1,200-2,000+ Multinationals (APAC Coverage) , ,500 1,200-2,000 1,600-2, Rates are not inclusive of General Counsels. For more detailed information, please contact us directly. Bonus is often discretionary within though we have observed most candidates receiving around 1 to 3 months depending on the role/organisation. In-House Financial Services 4 Head of Legal Insurance Houses ,200 1,140-1,440 1,380-1,600 1,440+ Asset Management & Other Buy Side Houses , ,200 1,100-1,450 1,350-1,700 1,500-2,500 1,800+ Global Banks ,080 1,020-1,260 1,140-1,440 1,320-1,620 1,560-2,300 1,600+ Local Banks , ,440 1,320+ 1,560+ Chinese Investment Banks , ,440 1,200+ 1,800-2, The above table includes salary data collected from international/investment banks, local banks, local and global insurance companies and buy side houses (such as fund/private equity/ security houses). Bonus is often discretionary within financial services though we have observed most candidates receiving at least 2-3 months. There may be variance when a lawyer is working in a buy side house or sitting with the business as a desk lawyer within an investment bank where bonus range tends to be higher on a case by case basis. relating to individual companies, please call us for additional information. 2. These figures are generally the total remuneration (i.e., cash), excluding bonus/incentives unless stated otherwise. 3. Variable and incentive schemes are becoming more common through the different levels of management and are not included in these figures.

6 Tables Lawyer Regulatory Bodies 5 Financial Regulators , ,200 1,080-1,680 1,260-1, Rates are not inclusive of Directors/Vice-Presidents, for more detailed information, please contact us directly. Bonus is often discretionary/performance-based though we have observed most candidates receiving around 1 to 4 months depending on the role/organisation. relating to individual companies, please call us for additional information. 2. These figures are the total remuneration (i.e., cash) including bonuses. 3. Variable and incentive schemes are becoming more common through the different levels of management and are not included in these figures.