2019 Hiring Trends │Legal, Compliance, and Risk

LEGAL, COMPLIANCE AND RISK

Hiring is increasing for compliance officers centred on the three areas of finance, healthcare and IT amidst the steady progression of stricter regulations, and this hiring trend is expected to continue growing in 2019.

Furthermore, we have observed increased hiring demand for our clients’ internal legal departments. In addition to companies strengthening their legal department staffing levels, we have seen some replacement level searches for head of department roles, including some CLO (Chief Legal Officer) positions. Amidst accelerating globalisation and technological innovation, we can see a trend in every industry for strengthening legal structures to accompany the increase in data utilisation and the surge in cross-border business. Active participation is needed for management from specialised points of view in all aspects of handling internal matters related to compliance with the European Union’s new General Data Protection Regulation (GDPR), M&A, intellectual property protection and amendments to dispatch worker laws and the Labour Contracts Act. As a result, demand is growing for professionals with advanced English proficiency and industry knowledge in addition to legal qualifications and experience in specialised areas.

Additionally, we have seen strong levels of hiring demand related to the expansion of client-oriented legal and regulatory compliance services at consulting firms. Such professionals are relatively rare, and appropriate junior and mid-level individuals are receiving job offers from several consulting companies at the same time.

For compliance specialists, as companies in the same industry share common regulators, There is a tendency to seek candidates with relevant industry experience. In the finance sector, an area which has particularly high hiring demand, structural strengthening stands out at not only large traditional financial institutions, but also at start-up cryptocurrency businesses. Therefore, companies that can shorten their hiring decision-making processes are emerging as victors in the competition for talent acquisition. The most successful organisations not only assess prospective employees during interviews but also actively promote their post-employment growth and promotion opportunities.

Most companies are offering candidates a 10- 15% higher salary compared to their current jobs when hiring. For those who change from a law office to a corporate legal department, while the annual income may decline, many candidates decide to prioritise the improved work-life balance that is a product of shorter working hours over annual income.