Singapore legal job market to remain vibrant in 2011

Focus on Asia’s private wealth sector will translate to high demand for mid-level corporate and finance legal professionals next year, according to Robert Walters Singapore.

In a statement, the recruitment consultancy firm said that the concentration of international and local firms in building up their arbitration practice will contribute to more growth in 2011.

“The financial services industry will continue to fuel the most hiring activity as investment banks/financial institutions begin to review their budgets for the next financial year,” it said, adding, “with the Singapore government strongly encouraging the growth of industries such as IT, telecommunications, high tech manufacturing and biotechnology, the legal market will continue to see new positions open up with increased activities in this region fuelled by MNCs’ expansion.”

Robert Walters also noted that private practice law firms have in general been on the continual lookout for good quality lawyers in the areas of corporate finance/IPO, corporate M&A, TMT, employment, litigation, energy resources and more recently, capital markets/derivatives (due to an increased activity in the financial sector).

On the key attributes employers look for in professionals, Robert Walters said, “Relevant academics and local qualifications are key attributes that are essential for the Singapore market. Both regional and industry experience are highly valued in an in-house environment in addition to a strong demand for candidates with strong commercial acumen and adaptability in a changing and competitive business environment. In the area of private practice, strong technical skill sets and academics are also essential.”

The statement, which defined 2010 as a “cautiously optimistic job market with continued hiring and growth,” also said that salaries will continue to re-adjust towards the end of the year in order to attract the right profile of lawyers.

“Whilst the growth in Asia has sparked a healthy competition between law firms and corporate entities in a bid to retain talent, many institutions continue to remain conservative in terms of new headcount additions pending growth stabilisation in this region,” the firm said.