Global Job Hotspots 2011: Singapore

Similar to Hong Kong, Singapore has rebounded strongly from the global financial crisis. In March, economists revised their forecast for GDP growth in Singapore for 2011 from 4.9 per cent in…

Promoted by Lawyers Weekly 16 March 2011 Big Law
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Similar to Hong Kong, Singapore has rebounded strongly from the global financial crisis. In March, economists revised their forecast for GDP growth in Singapore for 2011 from 4.9 per cent in December to 5.9 per cent.

With unemployment at less than 3 per cent and inflation at around 5.5 per cent, but tipped to drop below 3 per cent once again next year, it would seem the Singaporean economy and legal market is ripe for expansion.

"Singapore has been absolutely buzzing, with a booming energy and resources market generating a lot of work," says Karlie Connellan, an associate director - international with legal recruitment firm Taylor Root in Sydney. "We are seeing many, many in-house roles becoming available for energy and resources and banking and finance and TMT lawyers."

Similar to Connellan, Allens Arthur Robinson South-East Asia executive partner Robert Cornish also describes the corporate market in Singapore as booming. Allens has six partners and 12 lawyers in its Singapore office, and Cornish says it provides a great opportunity for lawyers to do meaningful work with a diverse client base.

"Our Singapore office only focuses on a small percentage of inbound Australian work," Cornish says. "It is truly regional work and much of it has no connection at all to our Australian client base."

Singapore's status as a leading global business and financial centre has only been enhanced by the proposed takeover of the Australian Securities Exchange and Singapore Exchange.

The good: "Singapore is a vibrant and exciting place that has opened up in many respects," Cornish says. "It has become a major financial centre in its own right, and has seen rapid growth in a number of key sectors that has seen an influx of expats from around the world."

Compared to other Asian destinations such as Tokyo, Hong Kong and China, local language skills in Singapore is not as important for expat lawyers, as English is the main language used for major business transactions. It also has a comparatively low rate of personal taxation, good schools and low levels of crime.

The bad: Singapore is a hot and humid country, and its government is seen as being a competent economic manager, but not tolerant of internal voices of dissent. Connellan says that while there is demand for in-house lawyers in Singapore, the salary for those roles is less than similar positions in Australia. "Lawyers tend to move to Singapore for reasons other than money."

Realistic option? Although Connellan says Australian lawyers are well regarded due to their experience working in the Asia-Pacific region, local firms are not wading into international recruitment waters.

"The demand for foreign lawyers has picked up throughout Asia, but interest in looking Asia to recruit from Australia is not quite back to the levels of 2006 and 2007," she says. "As a result of the credit crunch, firms are now more cautious when recruiting from abroad, but they can afford to cherry pick the cream of the crop from around the world."

Click on the images below to discover the 2011 legal job hotspots for Australian lawyers:

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