Legal recruitment in Singapore throughout the Southeast Asia region is flourishing. It’s all thanks to a rising number of lawyers moving from the West to find stability and growth in the economies of the East. Particularly in Singapore, its biggest law firms have capitalised on the financial services in the city-state and put up new offices at an astonishing pace. Financial experts predict this growth will continue in the coming years.
The mass arrival of lawyers
Singapore’s proximity to some of the largest markets in the world introduces huge advantage on its own. But its success over the last three decades is mostly attributed to the pull it has on the finance industry, especially the banks and insurance companies that have set up headquarters serving the Southeast Asia and beyond.
Naturally, this effect did not spare the legal services sector. The city-state has seen a massive change since the arrival of lawyers from the west. According to the Singapore Ministry of Law, the industry has risen from $1.5 billion in 2008 to nearly $2 billion in 2012.
More demand, more jobs, more demand
The influx of lawyers doesn’t appear to have dulled the opportunities for those looking for legal jobs in Singapore. In fact, legal sectors in the city-state and beyond have expanded their offices to meet the higher demand for legal services.
For example, Selvam and Partners, a Singapore-based legal group, expanded in Yangon, Myanmar’s fast-growing commercial centre. They say client interest was their primary motivation, which has grown significantly in recent years. They add that the expansion was also due to Myanmar’s projected long-term economic outlook.
Selvam and Partners is just one of the many legal offices affected by the industry growth, which has also affected regions throughout Asia. Experts also predict legal recruitment in Hong Kong to pick up as China’s economy continually grows, although not as quickly as it had before.
The message is clear to those looking for opportunities in the legal services sector: Singapore is the place to be.