For example, in the image below, if you earned a salary of 100,000 HKD per month and everyone on the left earned less than you, and everyone on the right earned more from you. We might want to know what the percentile of your salary was. As the flow of transactions and the nature of transactions in 2021/22 are difficult to predict, the number of employees required and whether (and if so, which) staff should be reduced can be a difficult and relevant challenge in which we have assisted several law firms. On the one hand, the cuts can lead to increased concern about the longevity of the company and the continuity of jobs among the remaining employees, on the other hand, it is risky to employ employees who do not cover their costs during this period. The right way forward is unique to the unique position of each law firm There are more offshore law firms than ever to meet these growing needs in Hong Kong. At the same time, we are seeing a growing number of lawyers expressing interest in entering the offshore environment. Given the rapid growth of offshore firms` presence in the Hong Kong market, we are pleased to reflect on the flexibility and benefits of switching to offshore law firms. Many companies have restructured and will restructure the company and its activities to continue their activities and become more profitable. Larger or more capitalized/profitable companies may have delayed or withheld wage cuts. In some cases, some companies have delayed various promotions and salary increases. Percentile wages tell us how much a certain percentage of a total sample is in a particular geographic area or industry or field. In other words, percentiles indicate the percentage of wages that fall below a certain value. Percentiles are useful for understanding salary ranges because they tell you where a salary compares to other salaries.

First, lawyers who have a transferable clientele will still be employable and able to find opportunities when their current law firm is no longer the ideal employment opportunity. The percentiles used include: the 10th, 25th, 50th, 75th and 90th percentiles. Please note that in wage data, the median may be lower than the average, as there is no upper limit to the rates that can be paid for a job. However, the lower limit is zero. Therefore, the distribution of salaries has always been large differences in the salaries of partners in small businesses or shops and local businesses compared to partners in large companies or international companies, whether the focus is on equity, wages or different forms of compensation. There are many cases where some companies have been able to maintain their annual bonus (whether it is a reduced amount or based on performance), salary increases, as well as promotions (which we have already mentioned, such a promotion was not necessarily associated with a salary increase). We spoke to many partners who pointed out that payments have been reduced and, in some cases, even reduced to affiliates to protect cash flow during this time. Here`s the average salary in Hong Kong for legal and compliance jobs: In the face of a pandemic, social unrest, and political changes, Hong Kong has experienced both global and unique personal narrative shifts that have had many implications for the legal industry, from compensation decisions to recovering corporate revenue by generating a wider customer base and much more. Some companies have chosen to reduce wages at all levels and reduce or eliminate bonuses to maintain the company`s cash flow during this period. We found that, in some cases, companies have decided to reduce salaries for support staff and employees to protect partner compensation. However, there have been cases where partners have borne the financial burden of the company in order to reduce the impact on the rest of the employees.

We are currently engaged by several leading offshore companies looking to grow their corporate and financial teams in Bermuda. Our customers have. This is done through a state-owned legal technology fund to help small law firms update their computer systems and provide additional training. However, many more companies appear to have resorted to cost-cutting measures such as cuts, wage cuts (sometimes outright) and the elimination or reduction of bonuses, overtime, urgent matters and other financial and non-financial benefits and remittances. When GRM conducts salary surveys, we typically find that partners working in local and specialist firms feel that our reported figures are too high, while partners in your larger companies, as well as international law firms (usually US, UK and offshore), think these figures are too low. We suspect that alliances of lawyers, joint ventures and other strategic relationships with law firms will emerge in the coming year. We expect the policy to follow in the longer term, but of course the private sector will react much more quickly when it comes to establishing business relationships. It appears that lawyers in all three regions believe they could currently benefit from perceived legal certainty, but tensions remain high. This is a rare opportunity at board level with quick partnership prospects for the right candidate.

The company is looking for a talented and one. Law firms looking to attract new partners have faced and, in some cases, questions about the firm`s performance, future growth and development. Indeed, many partners in their current law firms have a clearer view of their current finances and plans, they may also have closely followed other practices and strategies, as well as how these firms have behaved during the difficulties and uncertainties of 2020 and 2021. The Covid-19 pandemic brought a multitude of challenges and uncertainties in the legal sector in 2020, which had a continuous impact until 2021 and all signs also point to 2022. While the landscape is constantly changing and changing, it is undeniably shaking up the status quo.