Hong Kong has always been the city of opportunity for foreign workers. Sure, it is expected you will work hard, but Hong Kong draws in as many people to partake in its off-field activities as it does for the meaningful transactions expat lawyers and bankers can expect to work on.

Hong Kong's economy now seems to be recovering, with the International Monetary Fund predicting that its economy will expand by around 5 to 5.5 per cent this year.

"The market in Hong Kong has really picked up in the last six months," says Jonathan Walmsley of legal recruitment firm Marsden International. However, before Australian lawyers seeking the expat party lifestyle pop open the champagne, Walmsley adds this caveat. "The greatest issue from a recruitment perspective is that most firms over there want Chinese speakers.

"If we could find Chinese speakers with equity capital markets experience, we could place them tomorrow."

With New York still pretty much a no-go zone, with most firms not hiring overseas staff, and London firms only just starting to cautiously dip a toe into international waters once more, Hong Kong is becoming an increasingly popular destination for lawyers seeking a stint offshore.

"Lawyers who want to go to Asia and have a different experience while making some money prefer Hong Kong," Walmsley says. "Expat living is easy."

The good: Nearly all the major international firms have an office in Hong Kong, including large Australian firms Mallesons Stephen Jaques, Allens Arthur Robinson and Minter Ellison. A lively social scene and large expat community also means there is plenty to do after work.

The bad: Even though the economy is recovering, the legal market is still fairly tight. Firms recruiting overseas lawyers at the moment are being picky, preferring lawyers with Chinese language skills (preferably Mandarin) and capital markets experience.

Realistic option? For corporate lawyers with M&A and capital markets experience, Hong Kong would offer the best chance of landing a position with a strong firm in Asia. However, while the economy is recovering, the legal market is still fairly tight, meaning firms are being choosy and preferring candidates with Chinese language skills.

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