Simon Wiggs from Major, Lindsey & Africa, one of the better known legal recruitment firms in Hong Kong stated that when one is working until the small hours of the morning and when one understands that your peer who is also doing the same work some levels up in the same building is getting paid twofold than what one is getting, one is going to think about that.
While so far, Hong Kong had acted as an entryway to China with global lawsuit dominated by huge British law firms, the scene is shifting significantly. US law firms with minor presence are carrying a superior punch as they persist to draw in the top talent.
Recruiters are of the outlook that the talent drain in favor of US law firms is noticeable and strong, established British Law Firms who continue to be employer brands convey lack of concern.
Over the last two years, big American law firms have been entering Asia, and in converse to locally popular practice, they have not been paying biased rates to their Asian Associates, but maintaining the American brand of fair pay for all, across the same organization.
This gives new associates in Hong Kong, who have been privileged enough to bag positions with fine US law firms, an initial salary about 75% more than that of a lawyer in a British firm in Hong Kong.
That, certainly, signifies that the talented and hardworking are making a beeline for US Law Firms, and there is a one-sided talent drain in the local market.
