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Salary & Employment Forecast

Salary & Employment Forecast 2012

Legal
Employment conditions
The legal recruitment market in Mainland China strengthened over the course of 2011, as multinational companies continued to aggressively expand their presence across the region. This activity has been fuelled by strong jobs growth for legal professionals across all major sectors, in particular manufacturing, retail and technology. The strongest jobs growth is being seen in small to medium sized organisations and law firms. These employers are optimistic about the strength of domestic business conditions and are actively looking to secure the best talent in the market. Large international companies are taking a more conservative approach to hiring, with headcount growth expected to be slower as employers continue to monitor global market conditions.

Salary expectations
Most companies in China are expected to review the salaries of their legal professionals over the next 12 months. Salary increases are most likely to be in the range of 5% to 10%, with higher increases of around 15% to 20% anticipated for professionals in shortest supply, such as China and US lawyers with a focus on M&A and private equity transactions. To help keep top performers within their business, employers will also be offering discretionary bonuses, fringe benefits and career development opportunities. Team building activities like group retreats and training opportunities are also on the rise in an effort to enhance company culture.

Market outlook
Hiring activity is expected to remain strong in the legal sector over the next six to 12 months, particularly following the Chinese New Year period. Demand is expected to increase for junior to middle level professionals across all sectors, with senior level recruitment largley restricted to replacement hiring. Jobs growth is expected to be especially strong in the in-house market, as companies across China continue to expand their legal teams. The high requirement for FCPA Compliance Lawyers will continue, due to the growing number of multinational companies looking to raise their internal compliance standards in China. Within private practice, job opportunities are expected to rise for Corporate M&A and Private Equity Lawyers, as well as Employment Lawyers.

Skills in demand
In the private practice area, the demand is strong for corporate finance lawyers and general corporate lawyers, as well as China and US qualified lawyers with a solid background in private equity and capital markets. Professionals with Mandarin language skills and experience in local markets are particularly sought-after, as more multinational companies continue to shift their Asia Pacific headquarters to China. A growing number of private practice professionals are also looking to make the move in-house despite the traditionally lower salaries in this area. This is due in part to the strong jobs growth forecasted for the in-house sector, as well as a preference for a better work/life balance and higher job satisfaction. With regards to in-house legal teams, experienced Mergers and Acquisitions (M&A) Lawyers who are familiar with both in-bound and out-bound investments are in high demand. Those with a China qualification and Mandarin language skills are especially sought-after. The requirement also exists for general Commercial Lawyers from multinational corporations with solid experience in domestic law firms. Foreign Corrupt Practice Act Compliance Lawyers continue to be in high demand to undertake corporate governance duties, conduct due diligence and training and implement rules and regulations within corporations. Opportunities are also strong for Insurance Lawyers and Funds Lawyers who are familiar with compliance regulations in China.

Salary & Employment Forecast 2012

Legal
Experience US Firms RMB 000 per year PRIVATE PRACTICE
Newly Qualified 1 year PQE 2 years PQE 3 years PQE 4 years PQE 5 years PQE 6 years PQE 7 years PQE 8 years PQE Partner 144190 180264 240360 300420 420660 600720 660840 720900 9601,200 1,200+ 96180 180240 240300 300420 420600 540660 600780 660780 720960 960+ 7296 96144 144216 216264 264360 300420 360480 420600 780960 960+

Non-US International Firms RMB 000 per year

Big Local Firms RMB 000 per year

The above table includes salary data collected from leading domestic and international law firms excluding lawyers paid on New York rates.

Experience

US 000 plus bonus and may have allowance/ COLA entitlement

Experience

RMB 000

IN-HOUSE CORPORATE
Newly Qualified 2 years PQE 35 years PQE 68 years PQE 810 years PQE 1015 years PQE 15+ years PQE 120300 200350 350500 500800 8001,500 1,500+

PRIVATE PRACTICE NEW YORK RATES

1st Year Associate 3rd Year Associate 5th Year Associate 7th Year Associate 9th Year Associate US$160 US$210 US$245 US$300 US$375

The above table includes salary data collected from US law firms.

The above table includes salary data collected from multinational corporations.

Experience

RMB 000

IN-HOUSE FINANCIAL SERVICES

Newly Qualified 2 years PQE 35 years PQE 68 years PQE 810 years PQE 1015 years PQE 15+ years PQE 120300 300400 400650 650850 1,000+ 1,500+

The above table includes salary data collected from international/investment banks, local banks, local and global insurance companies and fund/private equity/security houses.

Please note: 1. Salaries indicated are based on basic salary, excluding bonus/incentive schemes. 2. Market rates are becoming much less uniform. While we have taken great care, these salary ranges can only be approximate guides as there are often specific circumstances relating to individual companies. Please call us for additional information. 3. These salary ranges have been determined using local salary structures.

Salary & Employment Forecast 2012

Legal
LEGAL SUPPORT ROLES
Role EXPERIENCE RMB 000 PARALEGALS & OTHER LEGAL SUPPORT ROLES PRIVATE PRACTICE
Law Clerk (eg litigation & conveyancing) Paralegal Senior Paralegal Translator Entrylevel 03 years 47 years 8+ years Entrylevel 15 years 510+ years Librarian Entry-level 15 years 510+ years
*Some US law firms may provide overtime pay for paralegals and translators.

84120 100150 150250 250+ 100180 150300 240500+ 84120 100150 150250

Role

EXPERIENCE

RMB 000

PARALEGALS IN HOUSE FINANCIAL SERVICES

Paralegal 05 years 610 years 1115 years 15+ 100250 250500 350600 600+

*Titles are less uniform and may vary for non-qualified/paralegals within financial institutions. The roles include those specialising in legal documentation, ISDA, transaction management, general legal & compliance.

Role

EXPERIENCE

RMB 000

PARALEGALS IN HOUSE CORPORATE

Legal Assistant/Executive/Officer Legal Assistant/Executive/Officer Legal Officer/Manager Legal Manager 05 years 610 years 1115 years 15+ years 84120 100150 150250 300+

Role

EXPERIENCE

RMB 000

LEGAL SECRETARIES PRIVATE PRACTICE (NON-INCLUSIVE OF US FIRMS) & IN-HOUSE

Junior Legal Secretary Legal Secretary Senior Legal Secretary Partner Secretary Legal Support Manager 13 years 48 years 914 years 12+ years 7+ years 84120 100150 150200 200+ 350+

*Titles are less uniform and may vary for non-qualified/paralegals within in house corporate. The roles include those specialising in at least two of the following areas legal, compliance, corporate governance, FCPA/Anti-bribery, company secretarial, intellectual property.

Please note: 1. Salaries indicated are based on basic salary, excluding bonus/incentive schemes. 2. Market rates are becoming much less uniform. While we have taken great care, these salary ranges can only be approximate guides as there are often specific circumstances relating to individual companies. Please call us for additional information. 3. These salary ranges have been determined using local salary structures.

Salary & Employment Forecast 2012

Legal
CORPORATE SECRETARIES
Role PRIVATE PRACTICE
Clerk (Search & Filing) Company Secretarial Assistant Senior Company Secretarial Assistant Company Secretarial Supervisor I / II Company Secretary Manager Entry-level 13 years 46 years 710 years 10+ years 13 years 36 years 68 years 810 years 1012+ years 12+ years 15+ Without With or Without With or Without With or Without With or Without Without With or Without With With With With With 120190 180260 220310 300420 400650+ 180260 220310 310420 380480 500900 6001,000 + (may have options entitlement) 1,0001,800 (may have options entitlement) 180280 280320 300420 400600 500800 8001,400+

EXPERIENCE

HKICS/ICSA QUALIFICATION

RMB 000

IN-HOUSE
Company Secretarial Assistant Company Secretarial Officer Senior Company Secretarial Officer Assistant Company Secretarial Manager Company Secretary Manager Company Secretary Named Company Secretary

FINANCIAL SERVICES
Company Secretarial Assistant Company Secretarial Officer Senior Company Secretarial Officer Assistant Company Secretarial Manager Company Secretarial Manager Company Secretary 13 years 47 years 710 years 1015 years 15+ years 20+ years Without With or Without With or Without With With With

The above table includes 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.

Please note: 1. Salaries indicated are based on basic salary, excluding bonus/incentive schemes. 2. Market rates are becoming much less uniform. While we have taken great care, these salary ranges can only be approximate guides as there are often specific circumstances relating to individual companies. Please call us for additional information. 3. These salary ranges have been determined using local salary structures.

Salary & Employment Forecast 2012

Contact us
Michael Page is the best positioned specialist recruitment firm to support your business growth across China. Contact us for a discussion about your requirements and the ways in which we can add value to your business.

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