The last three years have seen a peak in the demand for Australian and New Zealand lawyers internationally.

With the transactional boom in Europe, the growth of the legal services market in the Middle East and Eastern Europe, the opening of the US legal market to Australian/New Zealand-qualified lawyers and the resurgence of Asia, both UK and US law firms have increasingly turned to the southern hemisphere to recruit talented lawyers, particularly in the corporate and finance areas.

Since the beginning of 2008, there has been a significant slowdown in demand in a number of markets, notably the UK and the US. However, other markets remain buoyant.

UK Market
Central and Eastern European Market
Middle East Market
Asia Market
US Market

UK

Due to the influence of the market internationally, the demand for lawyers in the UK has slowed down in this first half of 2008. However, the cyclical nature of recruitment and our experience with similar periods of economic turmoil in the past indicate that this is neither a permanent nor a necessarily unpromising time for Australian and New-Zealand lawyers.

Opportunities do still exist for ‘star’ lawyers with 1-7 years’ post-admission experience, strong academic backgrounds and, ideally, top tier or mid-tier law firm experience, across a variety of practice areas.

The major UK firms and many of the London offices of the major US firms are still interested in lawyers with first rate experience in:

• M&A / corporate, corporate finance and private equity
• Securitisation, debt and equity capital markets,  derivatives, acquisition finance, structured finance, asset finance and general banking
• Project finance, PFI and PPPs
• Construction, energy and projects
• Funds and asset management
• Commercial property
• IP and life sciences
• IT and outsourcing
• Corporate tax
• Insurance and re-insurance

During this slower period, the quality of academic qualifications and practical experience becomes ever more important.  Accordingly, lawyers seeking to move to London will need to meet the rigid requirements of the major firms: have an excellent academic background and, ideally, top tier firm experience. Of course, those lawyers from boutique practices with excellent transactional experience will also be considered.

For those lawyers not interested in working in one of the huge UK Magic Circle firms, a variety of smaller mid-tier law firms are interested in outstanding applicants from Australia and New Zealand.  Whilst these firms are not small by Australasian standards, they do provide an extremely viable alternative to the London offices of the international firms. 

The legal work that is available is world class and the learning and development programs on offer at major firms are exceptional. For those lawyers who manage to seize the opportunity and decide to stay in the UK long term, partnership is as available to Antipodean lawyers as it is for UK trained lawyers.  For those that decide to return to Australia or New Zealand after a few years, the expertise gained is easily transferable.

Top

Central and Eastern Europe

As the countries of the former Soviet Union develop and, in some cases, join the European Union, opportunities are arising rapidly for Australian and New Zealand lawyers to move to cities like Moscow, Warsaw, Budapest, Bucharest, Bratislava, Sofia and Prague.

The UK and US firms have opportunities for lawyers with 1-6 years’ post admission experience in:

• Corporate
• Projects & project finance
• Energy
• Banking
• Capital markets

Whilst language skills are useful, they are by no means necessary in these locations.  However, the requirements for strong experience and a good academic record are still necessary for those seeking to move to these burgeoning cities.

Top

Middle East

The demand for lawyers in the Middle East is extremely high. With cities like Dubai and Abu Dhabi playing increasingly prominent and interactive roles in the contemporary global market, this is perhaps the most rapidly increasing region in the world today. The  majority of positions available for Australians and New Zealanders are with the UK and US law firms who have one or more offices in the region.  There are, however, a small number of local firms willing to employ Australian and New Zealand lawyers.

The main locations for foreign lawyers in the Middle East are Dubai, Abu Dhabi, Bahrain and Oman. There is increasing demand in Yemen and Saudi Arabia. Dubai is the most western of the cities, but Bahrain is also a strong financial centre.

Demand is soaring for lawyers with strong experience in the following areas:

• Securitisation, debt and equity capital markets,  derivatives, acquisition finance, structured finance, asset finance and general banking
• M&A / corporate, corporate finance and private equity
• Islamic finance
• Project finance, PFI and PPPs
• Construction, energy and projects
• IT and outsourcing

The ability to speak Arabic is extremely advantageous but not necessary. The high standards held by the leading US and UK law firms remain paramount and lawyers seeking to move to the Middle East will need to have strong academic backgrounds and, ideally, top tier or mid-tier law firm experience.  International legal experience is also highly advantageous.

Top

Asia

The legal market in Asia remains strong with many of the UK and US law firms expanding their number of offices in the region. However, the range of roles on offer is not as varied as in the UK and demand centres around corporate and finance experience.

Candidates with strong experience in the following areas will have the greatest chance of moving to a major Asian city:

• M&A / corporate, corporate finance and private equity
• Securitisation, debt and equity capital markets, derivatives, acquisition finance, structured finance, asset finance and general banking  
• Project finance, PFI and PPPs

Occasionally litigation, insolvency and energy roles also arise in the region.

Language skills are highly valued in Asia.  For positions in Beijing and Shanghai, the ability to work in Mandarin is often necessary, although positions for lawyers with no additional language skills do arise regularly.  Mandarin skills are less essential for Hong Kong but are still highly sought after.

Language skills are not needed in Singapore, but Japanese is extremely useful (although not always required) for positions in Tokyo.

Again, the emphasis on the quality of academic qualifications and practical experience remains important for those seeking roles in Asia.  Therefore, candidates will need to have an excellent academic background and, ideally, mid-tier or large firm experience.

Asia has the advantage of being considerably closer to home for Australians and New Zealanders, making it an attractive option for those seeking international experience.

Top 

US

In the US (and particularly New York) , the emphasis on quality academics and experience is as high, if not higher, than anywhere else in the world.  Candidates looking to move must have at least the equivalent of an upper second class honours degree and, ideally, experience in a leading commercial firm.

With the advent of the E3 visa under the US/Australia Free Trade Agreement, opportunities for Australian lawyers in the US should be plentiful. However, given the current state of the US economy, it is not easy at this time for Australian and New Zealand lawyers to relocate to the US. Nevertheless, opportunities may still remain for superior candidates. 

Opportunities are most readily available to lawyers specialising in :

• M&A / corporate, corporate finance and private equity 
• Securitisation, debt and equity capital markets, derivatives, acquisition finance, structured finance, asset finance and general banking  

For successful candidates, US firms offer relocation packages and financial support to complete the relevant Bar exam.

For lawyers thinking of moving overseas, it is the ideal time to talk to SSQ.  For further information please contact Samantha Malin.

Top