-
Mark Barnfield
Private Practice team
Leeds office
Singapore
Singapore is a city, a country and one of the world’s most important financial centres. Founded by Sir Stamford Raffles, it still retains a colonial feel and is renowned for its world-class infrastructure, easy-going lifestyle and friendly environment. Whilst having a reputation for being ultra-modern, it retains a wide range of Chinese, Malay and Indian traditions and it offers a superb blend of Asia and Western influences.
Law Firms & In-House
Singapore has long been established as a premier financial centre and is the South East Asia base for a number of UK and US law firms. Whilst not as big a market as Hong Kong, it does not have the same demand for Asian language skills and firms usually look overseas for their lateral recruits. In-house roles in Singapore are fairly few and far between for lawyers based overseas, though some roles do exist in major multi-nationals and top investment banks.
Principal Areas of Demand
Private Practice
The market has recovered remarkably from the downturn in 2002 and 2003. Law firms have grown significantly in the last two years and the outlook remains positive. Areas in demand are principally:
- Corporate
- Banking & Finance
- Project Finance
- Capital Markets
- Energy
In-House
Whilst roles are relatively scarce, lawyers with skills in the following areas are of interest:
- Structured Finance & Securitisation
- Debt Capital Markets
- Derivatives & Structured Products
- Compliance - both investment banking and funds related
Remuneration & benefits
Salaries in Singapore have moved away from the traditional ‘ex-pat package’. Whilst the occasional role may offer housing and cost-of-living allowances, most law firms and banks now pay a local Singapore dollars salary. Salaries are still relatively high and tax is low at 20%. The cost of living in Singapore is low compared to London or Hong Kong and lawyers tend to live in houses or large apartments with gardens and swimming pools.
Outside the Office
Singapore offers something for everyone. There is a superb range of bars, clubs and restaurants, great shopping, fantastic parks and great beaches. It offers a wide range of sporting facilities, including a number of top golf courses. It is vibrant and social for younger lawyers, yet also provides a superb environment for families. The climate is excellent, the air is clean and there is far more space than in most Asian cities! Singapore is a fantastic base for travelling across the region. Indonesia is a stone’s throw away, as are some of the region’s most beautiful outlying islands. Australia is extremely easy to visit, with Perth a mere four-hour flight away.
For further information on the legal market and job opportunities in Singapore please contact your nearest Taylor Root office:
London:
Shobana Kanagasingham E: shobanakanagasingham@taylorroot.com T: +44 (0)20 7415 2828
Dubai:
Shane Morton E: shanemorton@taylorroot.com T: +971 4 319 7601
Hong Kong:
Michael Luckett E: michaelluckett@taylorroot.com.hk T: +852 2973 6333
Sydney:
Sandra D'Souza E: sandradsouza@taylorroot.com.au T: +61 (0)2 9236 9000
Melbourne:
Tim Fogarty E: timfogarty@taylorroot.com.au T: +61 (0)3 8610 8400