Malaysia has just borne witness to something of a rebirth, and as the nation readies itself for great change, the country’s legal functions are more important than ever, according to Nawal Masri, Consultant at Hays Malaysia:
“What is most interesting for me right now is how widespread the effects of national change will be on the legal industry. For one thing the appointment of the new Attorney General and the Central Bank governor will transform how business will be done, with corporate governance on the way up, meaning that there will be a greater need for legal candidates in the sector.
“Elsewhere there is a stronger focus on anti-bribery within the compliance function following the adoption of the UK Bribery Act and the Foreign Corrupt Practices Act, forcing the Automotive, Pharmaceutical, and FMCG industries to review their processes and procedures, and recruiting accordingly”, adds Emre Senyuva, Consultant at Hays Malaysia.
These changes come at a time when Malaysia’s legal industry was already seeing a great deal of recruitment activity, with the preceding 12 months showing high requirements for individuals across a number of sectors.
“In Malaysia the aspect of experience required most is corporate M&A, as it is believed that these professionals have the right personality fit throughout all areas of the legal framework. This has been growing over the last year, and primarily we are seeing this requirement coming from in-house departments looking to attract candidates from private practices who are looking to move into a more commercial or corporate environment.
“Furthermore, the escalation of the trade war between the U.S. and China is leading investors to apply caution with regards to emerging markets and as a result, many MNCs are further developing risk assessment and risk management sectors creating a greater demand for candidates with experience in the area,” says Emre.
With there being so much activity in the recruitment market, companies are implementing various tactics in enticing the better qualified candidates, such as improving HR practices and implementing greater employment engagement strategies. Key to this is offering improved work/life balance, however sceptical candidates know that all is not necessarily what meets the eye.
“Private practice is well known for being quite archaic in the way they operate, but over the last two years many legal firms are implementing flexi-hours and mobility policies, using this practice as a positive aspect with which to sell the company,” says Nawal.
“However, legal candidates are cautious on this front, knowing that in this industry there is a strong likelihood that they will still need to put in long hours, and as they may not have all of the required resources at hand trips to the office are inevitable.”
With the huge amount of activity in the sector, there is a change coming in the legal landscape and there are plenty of candidates ready to take advantage of this. But perhaps the greatest challenge is the uncertainty; making predictions is nigh on impossible.
“As things stand, it feels like we are all holding our breath a little bit. But I am certain that more legal hiring will need to be done and the sector will be extremely healthy. These are exciting times to be in the legal industry, and in Malaysia.”
An overview of what other trends have been observed in Malaysia’s legal sector can be viewed below.
- The last 12 months has seen legal teams in Malaysian banks and Telcos mirroring western trends of flatter organisational structures, aiming for more harmony, minimising attrition and increasing loyalty.
- The trend towards employee fluidity has become more pronounced, with the intention of staff spending approximately two years in each of compliance, litigation and compliance departments, resulting in candidates with a rounded experience before being promoted up or moved out regionally.
- While there is little call for expats throughout most industries, media legal departments are open to overseas candidates with broadcasting and media experience.
- Salary raises for candidates looking for new positions are typically in the region of 10 to 16 per cent, however exemplary candidates may find that they can receive increases in the region of 35 per cent.
- Following a governmental implementation of a ‘Look East’ policy, more deals will be made with Japan meaning that there will be more Japanese companies coming to Malaysia in the construction industry, driving further requirement for legal teams.