HK Biglaw Forum

[Anonymous User]

Genuinely curious about the state of the HK market. Is it still relatively healthy given the political uncertainties and China's animosity towards overseas IPOs? If cap markets is no longer the best practice for getting a job in HK, what practice should a young associate choose if the goal is moving to HK in a few years?

[Anonymous User]

Genuinely curious about the state of the HK market. Is it still relatively healthy given the political uncertainties and China's animosity towards overseas IPOs? If cap markets is no longer the best practice for getting a job in HK, what practice should a young associate choose if the goal is moving to HK in a few years?

My understanding is that HK capital markets deals are not impacted by the Chinese policy because they are considered domestic IPOs. And more U.S.-listed Chinese companies are trying to also list in HK because of U.S.'s animosity towards Chinese companies listed in the U.S./doing business in the U.S. So HK capital markets are booming based on my conversations with people there.

In addition to capital markets you can also do M&A and finance. I've seen limited litigation/investigation and tax work too.

[Anonymous User]

Genuinely curious about the state of the HK market. Is it still relatively healthy given the political uncertainties and China's animosity towards overseas IPOs? If cap markets is no longer the best practice for getting a job in HK, what practice should a young associate choose if the goal is moving to HK in a few years?

My understanding is that HK capital markets deals are not impacted by the Chinese policy because they are considered domestic IPOs. And more U.S.-listed Chinese companies are trying to also list in HK because of U.S.'s animosity towards Chinese companies listed in the U.S./doing business in the U.S. So HK capital markets are booming based on my conversations with people there.

In addition to capital markets you can also do M&A and finance. I've seen limited litigation/investigation and tax work too.

OP here. Thanks for your insight. I understand that HK IPO is booming but don't see what kind of advantage US JDs have in that line of work. In other words, will firms just gradually hire local graduates to do HK IPOs?

[Anonymous User]

Genuinely curious about the state of the HK market. Is it still relatively healthy given the political uncertainties and China's animosity towards overseas IPOs? If cap markets is no longer the best practice for getting a job in HK, what practice should a young associate choose if the goal is moving to HK in a few years?

My understanding is that HK capital markets deals are not impacted by the Chinese policy because they are considered domestic IPOs. And more U.S.-listed Chinese companies are trying to also list in HK because of U.S.'s animosity towards Chinese companies listed in the U.S./doing business in the U.S. So HK capital markets are booming based on my conversations with people there.

In addition to capital markets you can also do M&A and finance. I've seen limited litigation/investigation and tax work too.

OP here. Thanks for your insight. I understand that HK IPO is booming but don't see what kind of advantage US JDs have in that line of work. In other words, will firms just gradually hire local graduates to do HK IPOs?

There's usually a U.S. component (Reg S/144A) to HK IPOs, because many companies also want to be able to sell privately to U.S. entities/persons. There may also be private placement deals involving U.S. entities/persons.

By the way, I assume you're aware that Mandarin skills are required for most jobs in HK?

[Anonymous User]

Genuinely curious about the state of the HK market. Is it still relatively healthy given the political uncertainties and China's animosity towards overseas IPOs? If cap markets is no longer the best practice for getting a job in HK, what practice should a young associate choose if the goal is moving to HK in a few years?

My understanding is that HK capital markets deals are not impacted by the Chinese policy because they are considered domestic IPOs. And more U.S.-listed Chinese companies are trying to also list in HK because of U.S.'s animosity towards Chinese companies listed in the U.S./doing business in the U.S. So HK capital markets are booming based on my conversations with people there.

In addition to capital markets you can also do M&A and finance. I've seen limited litigation/investigation and tax work too.

OP here. Thanks for your insight. I understand that HK IPO is booming but don't see what kind of advantage US JDs have in that line of work. In other words, will firms just gradually hire local graduates to do HK IPOs?

There's usually a U.S. component (Reg S/144A) to HK IPOs, because many companies also want to be able to sell privately to U.S. entities/persons. There may also be private placement deals involving U.S. entities/persons.

By the way, I assume you're aware that Mandarin skills are required for most jobs in HK?

OP here. Thanks a lot! And yes, I'm a native speaker of Mandarin.

[Anonymous User]

Genuinely curious about the state of the HK market. Is it still relatively healthy given the political uncertainties and China's animosity towards overseas IPOs? If cap markets is no longer the best practice for getting a job in HK, what practice should a young associate choose if the goal is moving to HK in a few years?

My understanding is that HK capital markets deals are not impacted by the Chinese policy because they are considered domestic IPOs. And more U.S.-listed Chinese companies are trying to also list in HK because of U.S.'s animosity towards Chinese companies listed in the U.S./doing business in the U.S. So HK capital markets are booming based on my conversations with people there.

In addition to capital markets you can also do M&A and finance. I've seen limited litigation/investigation and tax work too.

OP here. Thanks for your insight. I understand that HK IPO is booming but don't see what kind of advantage US JDs have in that line of work. In other words, will firms just gradually hire local graduates to do HK IPOs?

There's usually a U.S. component (Reg S/144A) to HK IPOs, because many companies also want to be able to sell privately to U.S. entities/persons. There may also be private placement deals involving U.S. entities/persons.

By the way, I assume you're aware that Mandarin skills are required for most jobs in HK?

OP here. Thanks a lot! And yes, I'm a native speaker of Mandarin.

Thanks both for sharing. Not OP and not meaning to hijack the thread. In addition, I am genuinely wondering who the current market leader(s) is/are. It seems that Magic Circle firms consistently perform better than top US firms at least based on Chambers. Is it a valid image of the market? Many thanks.

[Anonymous User]

Genuinely curious about the state of the HK market. Is it still relatively healthy given the political uncertainties and China's animosity towards overseas IPOs? If cap markets is no longer the best practice for getting a job in HK, what practice should a young associate choose if the goal is moving to HK in a few years?

My understanding is that HK capital markets deals are not impacted by the Chinese policy because they are considered domestic IPOs. And more U.S.-listed Chinese companies are trying to also list in HK because of U.S.'s animosity towards Chinese companies listed in the U.S./doing business in the U.S. So HK capital markets are booming based on my conversations with people there.

In addition to capital markets you can also do M&A and finance. I've seen limited litigation/investigation and tax work too.

OP here. Thanks for your insight. I understand that HK IPO is booming but don't see what kind of advantage US JDs have in that line of work. In other words, will firms just gradually hire local graduates to do HK IPOs?

There's usually a U.S. component (Reg S/144A) to HK IPOs, because many companies also want to be able to sell privately to U.S. entities/persons. There may also be private placement deals involving U.S. entities/persons.

By the way, I assume you're aware that Mandarin skills are required for most jobs in HK?

OP here. Thanks a lot! And yes, I'm a native speaker of Mandarin.

Thanks both for sharing. Not OP and not meaning to hijack the thread. In addition, I am genuinely wondering who the current market leader(s) is/are. It seems that Magic Circle firms consistently perform better than top US firms at least based on Chambers. Is it a valid image of the market? Many thanks.

Yes, my understanding is that Magic Circle firms have been around for a longer period of time and have more name recognition. Some U.S. firms such as DPW, STB, Skadden are doing quite well too. Skadden in particular is known to be really strong in bring tech companies public in the U.S., but I'd have to think this pipeline will dry up quickly, if not already, given the U.S. animosity towards Chinese companies and the proposed review process of Chinese regulatory agencies for foreign IPOs.

[Anonymous User]

Genuinely curious about the state of the HK market. Is it still relatively healthy given the political uncertainties and China's animosity towards overseas IPOs? If cap markets is no longer the best practice for getting a job in HK, what practice should a young associate choose if the goal is moving to HK in a few years?

My understanding is that HK capital markets deals are not impacted by the Chinese policy because they are considered domestic IPOs. And more U.S.-listed Chinese companies are trying to also list in HK because of U.S.'s animosity towards Chinese companies listed in the U.S./doing business in the U.S. So HK capital markets are booming based on my conversations with people there.

In addition to capital markets you can also do M&A and finance. I've seen limited litigation/investigation and tax work too.

OP here. Thanks for your insight. I understand that HK IPO is booming but don't see what kind of advantage US JDs have in that line of work. In other words, will firms just gradually hire local graduates to do HK IPOs?

There's usually a U.S. component (Reg S/144A) to HK IPOs, because many companies also want to be able to sell privately to U.S. entities/persons. There may also be private placement deals involving U.S. entities/persons.

By the way, I assume you're aware that Mandarin skills are required for most jobs in HK?

OP here. Thanks a lot! And yes, I'm a native speaker of Mandarin.

Thanks both for sharing. Not OP and not meaning to hijack the thread. In addition, I am genuinely wondering who the current market leader(s) is/are. It seems that Magic Circle firms consistently perform better than top US firms at least based on Chambers. Is it a valid image of the market? Many thanks.

This is very likely because of the historical context that you have to take into consideration. HK used to be a British colony, and it's only natural that British law firms would have a stronger presence there. This is also the reason why China was so pissed about US's media coverage on HK, but I digress. But yes, US firms like Skadden also did extremely well in the past few years, working with a shit ton of Chinese tech giants on various M&A and IPO deals.

[Anonymous User]

bump

[Anonymous User]

Skadden and DPW are the market leaders in capital markets. STB, Ropes and Kirkland are stronger in PE/M&A. Cooley and MoFo are expanding in recent years. Magic circle firms are also good, but they pay less. But generally I wouldn't recommend going to HK because the hours are just brutal. If you don't have a compelling reason to go there, just don't go.

[Anonymous User]

Skadden and DPW are the market leaders in capital markets. STB, Ropes and Kirkland are stronger in PE/M&A. Cooley and MoFo are expanding in recent years. Magic circle firms are also good, but they pay less. But generally I wouldn't recommend going to HK because the hours are just brutal. If you don't have a compelling reason to go there, just don't go.

What are the hours like in mainland China? Are BJ and SH significantly better than HK hours wise?

[Anonymous User]

Skadden and DPW are the market leaders in capital markets. STB, Ropes and Kirkland are stronger in PE/M&A. Cooley and MoFo are expanding in recent years. Magic circle firms are also good, but they pay less. But generally I wouldn't recommend going to HK because the hours are just brutal. If you don't have a compelling reason to go there, just don't go.

Can confirm magic circle firms pay market, with higher COLA than many of the US counterparts.

[Anonymous User]

Skadden and DPW are the market leaders in capital markets. STB, Ropes and Kirkland are stronger in PE/M&A. Cooley and MoFo are expanding in recent years. Magic circle firms are also good, but they pay less. But generally I wouldn't recommend going to HK because the hours are just brutal. If you don't have a compelling reason to go there, just don't go.

Can confirm magic circle firms pay market, with higher COLA than many of the US counterparts.

I'm pretty sure Clifford Chance and A&O pay below DPW scale. I have a few friends there.

[Anonymous User]

Skadden and DPW are the market leaders in capital markets. STB, Ropes and Kirkland are stronger in PE/M&A. Cooley and MoFo are expanding in recent years. Magic circle firms are also good, but they pay less. But generally I wouldn't recommend going to HK because the hours are just brutal. If you don't have a compelling reason to go there, just don't go.

Can confirm magic circle firms pay market, with higher COLA than many of the US counterparts.

I'm pretty sure Clifford Chance and A&O pay below DPW scale. I have a few friends there.

Interesting, and your friends are US associates??

[Anonymous User]

Skadden and DPW are the market leaders in capital markets. STB, Ropes and Kirkland are stronger in PE/M&A. Cooley and MoFo are expanding in recent years. Magic circle firms are also good, but they pay less. But generally I wouldn't recommend going to HK because the hours are just brutal. If you don't have a compelling reason to go there, just don't go.

Can confirm magic circle firms pay market, with higher COLA than many of the US counterparts.

I'm pretty sure Clifford Chance and A&O pay below DPW scale. I have a few friends there.

Interesting, and your friends are US associates??

Yes. His starting salary was about 65% of market pay. And COLA was also below market.