Legal Industry News & Trends: Jan Week 3

Legal Industry News & Trends: Jan Week 3

Legal Industry News & Trends: Jan Week 3

Hong Kong Market

MoFo: MoFo hired Xiaoxi Lin as a partner in its Hong Kong office.

  • Experience: MoFo, a private equity and US public M&A expert, joins from Linklaters. He has over 15 years of experience.
  • Specialisation: Lin specialises in private equity and M&A transactions across Asia and the US. His expertise includes advising on buyouts, investments, public takeovers, and SPAC transactions.
  • Takeaway: This follows the recent return of private equity specialist Scott Jalowayski to MoFo’s Singapore office. The firm is rebuilding its team after several partner departures in both Singapore and Hong Kong.

PC Woo: PC Woo & Co. appointed two new managing partners:

  • Litigator Calvin Chow, who returns after a year at offshore firm Harneys, has over 14 years of dispute resolution experience. He specialises in corporate disputes, insolvency, and regulatory matters.
  • Gary Wong, who has been a corporate partner at PC Woo since 2016, has over 15 years of experience in corporate transactions.
  • Takeaway: Chow’s return highlights the trend of local firms recruiting top talent from international firms in response to softer market conditions.

2. Business Moves

i. Singapore Law Firms Raise Trainee Allowances

Singapore law firms have increased allowances for legal trainees in response to a newly extended year-long practice training regime. Trainees now typically receive S$3,500 per month for the first six months and S$5,000 for the latter half, compared to the previous honorarium of S$2,000 to S$2,500 under a six-month regime. Boutique firms are also raising allowances to stay competitive, with some offering flat monthly rates of S$4,500. Newly qualified lawyers often earn around S$6,800 to S$7,000 a month after completing the practice period.

Takeaway: These adjustments aim to address concerns about fair compensation during the longer training period, which aims to provide better mentorship and skills development opportunities while enabling firms to attract and retain top talent. However, no minimum honorarium mandate has been implemented to preserve flexibility and avoid limiting training opportunities at smaller firms.

Discover More Industry Trends with JC

For the latest industry trends or to explore new career opportunities, connect with our legal recruitment consultants for a chat. With executive search firms in Singapore and China and operations in key business hubs like Hong Kong, you can count on our team for timely access to regional insights that can create synergy for your career and operations.

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