A Lawyer'S Guide To Working Overseas

A LAWYERS GUIDE TO WORKING OVERSEAS
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We value personal recommendations very highly. If you refer an individual to us, who we successfully find a new international position for, we will send you vouchers to the value of $1,000 to use at one of the above companies as a token of our appreciation. This offer does not apply to the referral of any candidate already actively registered with The SR Group. To find out more, please contact us on 02 9236 9000 (Sydney) or 03 8610 8400 (Melbourne).
02 9236 9000
03 8610 8400
ABOUT US
Taylor Root is one of the worlds leading specialist legal recruitment consultancies with more than 75 fee earners globally. Through our offices in Sydney, Melbourne, Hong Kong, Dubai, London, Birmingham, Manchester, Leeds and Edinburgh, we recruit for law firms, multinational corporations and international banking groups throughout the world. For over 18 years, we have been recruiting lawyers across the globe and have acquired significant knowledge of different jurisdictions. Most of our consultants are qualified lawyers and all our offices keep in regular daily contact in order to undertake global recruitment campaigns as well as provide advice on the latest opportunities. This guide provides an overview of the jurisdictions in which we recruit. In these areas, remuneration packages and standards of living are often compared to London rates as these provide a general benchmark in international recruitment.
We recruit lawyers into:
BERMUDA BRITISH VIRGIN ISLANDS BRUSSELS CAYMAN ISLANDS CHANNEL ISLANDS DUBAI DUBLIN
EASTERN EUROPE EDINBURGH GERMANY GREECE HONG KONG ITALY LONDON
MOSCOW NEW YORK PARIS SINGAPORE SPAIN TOKYO
In Australia we have specialist consultants who concentrate exclusively on overseas markets.They regularly visit clients around the world and will be able to help you make an overseas move as straight forward as possible. Contacts are listed on the back page.
BERMUDA
BACKGROUND INFORMATION You die and go to heaven, Ill stay here in Bermuda, Mark Twain. Bermuda is a group of some 130 islands situated about 650 miles off the coast of North Carolina. Contrary to perception, it is not part of the Caribbean. The main island is about 22 square miles and is blessed with a semi-tropical climate. Bermuda enjoys one of the highest standards of living in the world and is a very attractive tourist destination. LAW FIRMS Bermuda enjoys a reputation as a high quality jurisdiction for international business and is the worlds third largest reinsurance centre. There are three commercial law firms with the largest having overseas offices in London, Asia, the Caribbean and the Middle East. PRINCIPAL AREAS OF DEMAND Corporate Banking & Finance Trusts Funds Commercial Litigation Insurance Litigation REMUNERATION AND BENEFITS Salaries in Bermuda are generally high. At the top firms associates will earn between US$140,000-$250,000 in their first year. Tax is minimal at 4.75%. Additionally you receive relocation, a pension and medical insurance. OUTSIDE THE OFFICE The firms recruit principally from London but also from other Commonwealth jurisdictions. You need at least four years post-qualification experience to obtain a work permit. All non-Bermudians must obtain a work permit. Marriage to a work permit holder entitles that person to reside on the island, but not work. Bermuda is one of the worlds leading holiday resorts and is fantastic for sports enthusiasts. There are 8 golf courses, numerous tennis facilities and excellent cricket, football and rugby facilities. Hockey and squash are also very popular with a number of different leagues. There are also excellent watersports. The majority of properties are rented. Accommodation can be expensive and moving into a shared house is the popular choice for singles. A shared house with four bedrooms, a pool and garden will cost approximately US$1,200 per person per month. A furnished 2 bedroom flat may cost anything between US$2,000-$5,000 per month depending on location. A 3 bedroom house will cost around US$6,000-$8,000. Scooters and mopeds are the popular mode of transport. Bermudas schooling is very good and is based on the British system. Most schools are government maintained with a few private schools.
BRITISH VIRGIN ISLANDS

BACKGROUND INFORMATION The British Virgin Islands are a collection of 40 islands with beautiful beaches and an efficient infrastructure.They are approximately 60 miles east of Puerto Rico in the Caribbean and a 2 hour flight to Miami. Only a small number of islands are inhabited. The centre of business activity is Tortola, the largest of the islands.The success of the financial sector of the BVI is due almost exclusively to it being the worlds leading jurisdiction for international business companies (IBCs), which are exempt from BVI taxes.The BVI is now one of the top offshore jurisdictions. LAW FIRMS The BVI has a small number of law firms and again the legal system is based on English common law. The BVIs status as a business centre has significantly increased over the last few years and has become increasingly popular as a domicile for the incorporation of funds. As a result, between 2001 and 2004 most of the major international offshore firms opened up offices there. PRINCIPAL AREAS OF DEMAND Corporate Funds Banking & Finance Trusts Commercial Litigation REMUNERATION AND BENEFITS Although generous, salaries in the BVI are lower than the Cayman Islands. This is due to the fact that charge out rates and the cost of living are also lower. At one of the top firms a finance lawyer with 4 years PQE might expect to earn approximately US$130,000-$140,000. A senior associate can now earn in excess of US$250,000. On December 31st 2004, income tax was abolished and now employees pay a payroll tax of 8%. OUTSIDE THE OFFICE Perfect beaches, clear blue waters and the gentle trade winds make the BVI one of the finest watersports locations in the world. Of all the offshore locations, the BVI are one of the most unspoilt destinations with friendly people, the best sailing waters in the Caribbean, horseback riding, mountain trails, outstanding diving on pristine coral reefs and a number of golf courses. There are also a variety of pubs and restaurants. The local schools are good for younger children. Accommodation is of good quality and is generally cheaper than the Cayman Islands and Bermuda. A two-bedroomed apartment costs from US$1,500 per month. A threebedroomed place with a pool will cost about US$2,400 per month.
In order to obtain a work permit you must be qualified in England and Wales so Australian lawyers will need to sit the QLTT. Generally the firms wont take lawyers below 2 years post admission.
BRUSSELS
BACKGROUND INFORMATION Brussels is a vibrant city in the heart of Europe. English is widely spoken, but the citys mother-tongues are really Flemish and French. Around a quarter of its inhabitants are ex-pats from across the globe.The quality of legal practice in Brussels is secondto-none, being at the cutting-edge of antitrust and competition law. LAW FIRMS The dominant firms are the UK and US international firms.There are some local law firms and other European outfits present; however, it is the UK Magic Circle and New York white shoe firms which lead the way. As an evolving and dynamic jurisdiction, the landscape relating to whos who regularly changes with US firms opening up new offices from time-to-time. IN-HOUSE Occasionally, in-house opportunities arise for lawyers from newly qualified to partner level in the Brussels offices of financial institutions and companies. PRINCIPAL AREAS OF DEMAND Principal demand is for EU/competition law. The work on offer tends to include a mix of general competition, anti-trust, cartel, state aid, 'whistleblower' cases and merger matters. There is some lesser demand for international trade law and IP/IT. Various European languages are desirable; however, for most positions, perfect written and spoken English skills are essential. There are almost always opportunities for high calibre candidates. These can vary from newly qualified to partner level. To put you in a strong position, at least a seat in your training contract (in London or Brussels) and/or good training postqualification is essential. Some experience with the Commission ('stage') may be helpful, as is post-graduate study (LL.M) in the field. REMUNERATION AND BENEFITS For a common law lawyer, salaries in Brussels are often equal to those in London, although this is increasingly less so due to the recent dramatic salary increases in London. However, the top UK and international firms in Brussels do try to remain on a par with their London counterparts. A c. 2 year lawyer at a strong Australian firm, for example, could expect to be paid the same as their London peers, depending on the strength of the Euro. As in the rest of Europe, generally lawyers can expect to be paid on a self-employed basis whereby they submit monthly invoices for the agreed rate. The cost of living is considerably lower in Brussels than London and this should mean that a common law lawyer should not be unduly worried by the comparison in salaries in any event. In particular, accommodation is particularly cheap compared to London and the overall cost of living is typically around 30% below that in London and this is signigicantly lower than in Australia. OUTSIDE THE OFFICE As a major European capital, you are right to expect a variety of after-hours pursuits on your door-step. On the basis of significantly shorter commute times alone, you will definitely have more time on your hands to enjoy them. There are excellent restaurants and bars and an entertaining nightlife. Shopping and travel are also well catered for.
CAYMAN ISLANDS
BACKGROUND INFORMATION The Cayman Islands are a small chain of islands lying 500 miles south of Miami. Grand Cayman is the largest and most significantly populated of the three islands. It is also the centre of business activity and home to all the major law firms and banks. The island itself is 22 miles long and is probably most famous for its seven mile beach which is bordered by palm trees and a crystal clear blue sea. LAW FIRMS The Cayman Islands are the most sophisticated and successful offshore financial and business centre.The law firms are staffed principally by English-qualified lawyers but also by lawyers qualified in Australia, New Zealand, South Africa and Canada. The island has a dozen commercial law firms ranging from about 90 lawyers in the largest to a handful in the smallest. Corporate lawyers usually handle a large number of transactions at any one time, rather than being immersed in a major deal for weeks on end.This is because they are instructed in relation to a specific part of the transaction i.e. the Cayman Islands end. PRINCIPAL AREAS OF DEMAND Corporate Finance Funds Banking & Finance Commercial Litigation Trusts REMUNERATION AND BENEFITS Remuneration in the Cayman Islands tends to be the highest of all the offshore centres but does vary from firm to firm. Some firms pay a straight salary, some a salary plus commission arrangement and others straight commission. Salaries are tax free and senior finance associates can earn between US$200,000-$450,000 per annum tax free in the largest firms. It is also common to receive a pension and health insurance. OUTSIDE THE OFFICE The lifestyle enjoyed in the Cayman Islands is unrivalled, combining quality of work with a fantastic way of life. Accommodation is very good and attorneys tend to live in condominium complexes with shared pools, tennis courts, gardens etc. Rents vary according to size and location. A twobedroom apartment in such a complex can range between US$2,300 to US$4,000 per month. Most lawyers live within a 15-minute drive to work. The cost of living is high with the average shopping basket costing about 40% more than Australia generally. For those with children, the schools up until the age of 14 are excellent. Older children usually attend boarding school in Canada or England. For those who are single, there is a very active social life with a number of fantastic bars, restaurants and a small collection of nightclubs.
To obtain a work permit, lawyers must be admitted for at least three years in a Commonwealth jurisdiction.
CHANNEL ISLANDS
BACKGROUND INFORMATION The legal markets in Jersey and Guernsey are dominated by a select number of firms. They tend to focus on the financial services industry insofar as international common law lawyers are concerned.They do of course provide legal services for the local market, but for lawyers looking to relocate for the mid to long-term, see below for the types of specialisations in demand.The firms will generally hire good quality lawyers at all levels, although certain issues in relation to re-qualification must be taken into consideration for more senior lawyers. The quality of work on offer and calibre of your potential peers is excellent. Most of the lawyers practising there have spent significant time abroad with leading City or international firms.The work will be of an international nature and will stem from a worldwide client base. Channel Islands firms tend to be involved in first rate financial and corporate matters, equivalent to the type of work available in London-based firms. Work permits for employment in the Channel Islands are generally not required for UK, EEA or Commonwealth citizens (if the Commonwealth citizen is subject to the UK ancestry exemption). Otherwise, lawyers will need a Skilled Worker permit (firms will normally arrange for any necessary work permits to be put in place). LAW FIRMS There are around 10 major offshore law firms based in the Channel Islands, with the larger offices for most tending to be in Jersey. The vast majority of the firms in the Channel Islands have impressive offshore networks and more recently a good number of the firms have opened up offices in London (through which they will be doing mainly offshore work but for a London client base). PRINCIPAL AREAS OF DEMAND Most firms in the Channel Islands are always on the look out for top quality candidates from UK or international firms. Of particular importance to the firms is good academics, experience from an international or toprated firm and a real interest on behalf of the candidate in living in the Channel Islands. Specific areas where the firms are always looking are: Banking (including Structured Finance, Capital Markets and Securitisation) Funds Corporate/Trusts Commercial Litigation (particularly Trusts Litigators) Pensions/Employment REMUNERATION AND BENEFITS Salaries in the Channel Islands at the junior level tend to be slightly lower that in London in comparison to, say, the Magic Circle rates although the salaries are regularly commensurate with top City rates and sometimes higher for good lawyers. However, at the more senior end (i.e. from about 5 years PAE), you can expect to have a very competitive level of remuneration - in some cases, firms will match Magic Circle rates or even exceed them. Tax is significantly lower and is capped at 20%, with National Insurance contributions, which are similar to medicare contributions, capped at well below the 10% in the UK. This low tax means that a position in the Channel Islands will be at least as financially favourable as a London-based role and will involve a significantly better work/life balance. OUTSIDE THE OFFICE One of the main selling points for working in the Channel Islands is the excellent work/life balance on offer.The working day is generally between 9am to 6pm and most commutes to work will involve a simple beach-front stroll or bike ride. Billable targets also tend to be a lot less than in the City and the firms try to generate a real sense of family in the working environment. Both islands offer a wealth of outdoor activity, with particular emphasis on water sports and other past times that make use of the fantastic landscape in the Channel Islands. Jersey has a larger town centre than Guernsey and is accordingly slightly more up-beat in terms of nightlife, with several bars and restaurants. Nightlife in Guernsey tends to focus on the idyllic St. Peter port, with a number of fabulous seafront restaurants from which to choose. Both islands offer a very relaxed way of life that is particularly welcoming for families and young couples.
DUBAI
to consider an in-house move in the region, while the economy is booming. REMUNERATION AND BENEFITS The major international law firms provide a salary which is set just under the London gross salary. Firms no longer tend to provide accommodation or car allowances but will just offer the lump sum. As the region is tax free and the standard of living in Dubai is about 40% lower than Australia, this can be an attractive proposition. OUTSIDE THE OFFICE Living and working in Dubai offers all the benefits of the Middle East, with none of the potential drawbacks.The city is very modern and high-tech and its beaches, water parks, climate, relaxed lifestyle and superb sporting facilities are all big attractions. For the more adventurous, you can try off-roading or dune bashing, camel riding and sand boarding or perhaps part with your money shopping at the world famous souks. Dubai also has become a mega city of entertainment, filled with lavish clubs, bars, luxurious hotels, gourmet restaurants, entertainment complexes, even an indoor ski arena filled with artificial snow for those that miss skiing. A two-bedroom apartment will cost approximately US $18,000-$20,000 per annum.The cost of living is generally 40% lower than major Australian cities. As with any move abroad, the majority of opportunities exist in private practice, but increasingly opportunities do exist in-house with international corporations seeking to take advantage of the free trade zones.
BACKGROUND INFORMATION In the space of thirty years, Dubai has transformed itself from a small fishing village into a billion dollar economy, having cultivated a very international and enterprising environment. Dubai is now the focus for global financing activity and is now an extremely popular tourist destination. LAW FIRMS A number of UK and US law firms have opened offices in Dubai on the back of the enormous amount of business in the region. With the number always increasing, there are currently 26 major international firms in the region concentrating principally on corporate and commercial work as well as the regions finance deals. Work is generally very interesting and as offices are small by London standards, the firms want lawyers who are client-facing, commercially aware and are prepared to take on responsibility.
PRINCIPAL AREAS OF DEMAND Corporate/Commercial Banking & Finance particularly Projects Dispute Resolution Commercial Property TMT Construction Funds Energy
IN-HOUSE In addition to international law firms opening in Dubai, a number of multi-national corporations and global businesses have opened branches in Dubai and some have made it their global headquarters. Companies are taking advantage of Dubais corporate friendly tax structures and laws. Furthermore, Dubai has proven to be a leading centre of commerce full of high-tech facilities and technology to accommodate a global business.This has resulted in the formation of many in-house legal opportunities.This is a great time for commercially minded lawyers
DUBLIN
BACKGROUND INFORMATION Dublins landscape has undergone a remarkable transformation following a huge economic boom over the course of the past decade. These days, it remains steeped in history, but is also a thriving capital city and amongst the top tourist destinations in Europe. The burst of prosperity it has experienced has given it a newly cosmopolitan feel with a plethora of attractive cafes, bars and restaurants to choose between. However, with its down-toearth and fun-loving population, it remains one of the friendliest and unpretentious European cities on the map. LAW FIRMS The legal market is dominated by the Big Five law firms in Ireland. All are full-service commercial law firms based in Dublin, most with overseas offices in Europe and the US, and with the critical mass of fee-earners to act both on large-scale international transactions and on smaller domestic deals. Each has a distinct culture and reputation, but all have blue-chip clients, a comprehensive range of legal specialities and act on key instructions in the Republic. Although the Big Five lead the field in terms of fee-earners, the mid-size firms offer considerable expertise as well. PRINCIPAL AREAS OF DEMAND Corporate Finance Investment Funds Commercial Property Projects/PFI Litigation OUTSIDE THE OFFICE Dublin is one of Europes most attractive cities.The river neatly divides the city in half. Its reputation as Europes party central though, is largely overblown. It has fabulous bars, but they are much more sophisticated than you may have been led to expect. It also has some world-class restaurants. Accommodation in Dublin is, however, expensive with the cost of a 1-2 bedroom flat in the very centre of town on a par with London prices.
REMUNERATION AND BENEFITS Salaries for lawyers in Dublin are lower than they are in London, with most of the leading firms paying lawyers approximately one third less than they would earn in the City. Tax is paid at the standard rate (20%) up to the cut-off point. In most cases this will be up to 32,000. Any income over the cut-off point is taxed at the higher rate of tax (42%).The cut-off point can be adjusted for any non-PAYE income and increased for any tax relief available at the higher rate of tax.
EASTERN EUROPE
BACKGROUND INFORMATION Eastern Europe is regularly defined in a variety of ways, but is generally agreed to include: Belarus, Bulgaria, Czech Republic, Hungary, Moldova, Poland, Romania, Russia, Slovakia and Ukraine. In recent years, with the spreading of the European Union, many countries in Eastern Europe have sharply increased their economies, quality of life and cities.This has also boosted tourism, the film industry, and even, to a lesser extent, immigration. Culturally, the area is extremely diverse and the various business markets tend to reflect this (although skills are generally transferable between the different regions). LAW FIRMS Many of the top US and UK international firms have offices in most, if not all, of the above jurisdictions. As you would expect, these firms tend to dominate the local legal markets
in most of the countries, with only a very few local firms able to compete effectively. PRINCIPLE AREAS OF DEMAND Banking & Finance Corporate Oil & Gas Projects Real Estate
OUTSIDE THE OFFICE Life outside of the office in the various Eastern European jurisdictions is extremely diverse and varies substantially from area to area. Cities such as Prague and Warsaw have recently become social hotspots, whilst retaining their historical charm and accordingly, many nightclubs, bars and restaurants catering for the Western tourist market have now been established. Whilst any local language skills are helpful, you will be able to get by in English in most destinations.
It is not always essential to have local language skills, although any relevant language skills or prior experience of working in the area are looked upon very favourably. REMUNERATION AND BENEFITS Salary packages do vary enormously, but you should expect around London rates, or perhaps slightly lower. Many firms pay a 'net' salary, plus cost of living allowance and with some firms you will get a healthy accommodation allowance.
EDINBURGH
BACKGROUND INFORMATION 'Edinburgh, is what Paris ought to be', Robert Louis Stevenson. Scotland's cosmopolitan capital city enjoys a particularly scenic location, surrounded by volcanic hills and overlooked by its most famous tourist attraction, Edinburgh Castle. Stunning, historic architecture and natural geology combine to create the now famous Scottish character that Edinburgh upholds. For a city that's often described as "The Athens of the North", Edinburgh has a surprisingly modern feel. LAW FIRMS The legal market in Scotland has traditionally been dominated by the Big Four of Dundas & Wilson, McGrigors, Maclay, Murray & Spens and Shepherd & Wedderburn. However, in recent years, market share has become more diluted, with a marked rise in the stature of the second-tier firms, some of which have particularly strong practices in sectoral specialisms and regularly punch above their weight. In addition, with an increase in the level of cross-border work being handled from Scotland and the introduction of several national firms, Scottish firms are able to offer a quality and level of work to rival that of their London counterparts.
PRINCIPAL AREAS OF DEMAND Corporate Banking Construction Projects/PFI Energy/Oil & Gas Commercial Property
OUTSIDE THE OFFICE The city's year-round roster of international festivals and events make Edinburgh a magnet for world-class culture. With modern art, new plays and live music, there is something for everyone. But for the real heart of Edinburgh, you have to discover the bars, clubs, restaurants and cafs. With an excellent infrastructure in place, Edinburgh also makes an excellent base to explore the rest of Scotland, with the likes of Glasgow and St Andrews a short commute away.
REMUNERATION AND BENEFITS Salaries in Scotland are lower than London and more on a par with regional UK law firms, working out at approximately 1/3 less than London. However, with transport, housing and schooling costs all considerably lower, the cost of living and quality of life more than compensate for any shortfall.
GERMANY
BACKGROUND INFORMATION As the largest financial centre of Germany and a leading financial centre of Europe, Frankfurt is among the top cities of the world financially and economically.The headquarters of the European Central Bank is located here, as are over 325 banks, making Frankfurt an impressive and imposing city of skyscrapers as well as a pivotal and exciting city for lawyers to work in. Situated on the River Main, Frankfurt has a lot more to offer in terms of numerous yearly festivals, museums, cathedrals, world class designer shops and close proximity to the delightful Rheingau wine region, boasting some of the best Rieslings in the world. Berlin is the capital city and one of the sixteen states of the Federal Republic of Germany. It is the heart of the BerlinBrandenburg metropolitan region, located in north-eastern Germany. With a population of 3.4 million, Berlin is the country's largest city and the second most populous city in the European Union. International law firms have started to move back to Berlin, after several years of absence, particularly in the Real Estate and Media markets. LAW FIRMS Unsurprisingly, it is the leading UK-based international and Magic Circle firms who are firmly established in Frankfurt (the biggest of these being merged German firms), together with a number of leading US firms and a fair proportion of lesser known German firms. Some of the leading firms are also based in Berlin and niche international firms are starting to open Media-related practices there.The work and culture differs considerably between these firms, with the German firms' focus being predominantly on German law led deals rather than a mix of German and UK/US law. PRINCIPAL AREAS OF DEMAND Whilst there is obviously most demand for German-qualified lawyers, a handful of the leading UK-based Magic Circle firms and US firms have a definite and growing need for common-law-qualified lawyers in the following areas (although it is usually a prerequisite that you have fluent, or at least very advanced, German language skills): Banking & Finance (Capital Markets) Real Estate Corporate Media to any you would find in a major international city, from informal bars and cafes through to Michelin starred restaurants. Nightlife is also well catered for without the hassle of mile-long queues and pricey entrance fees. If you want to escape from city life, Frankfurt is extremely well situated for day and week trips. Besides visiting the famous Rheingau wine region and surrounding beautiful, quaint towns and villages you can also venture farther afield to Amsterdam, Bruges, Zurich and Northern Italy, to name but a few. Berlin has one of the most diverse and vibrant nightlife scenes in Europe, being home to many nightclubs, bars and restaurants. Berlin has several annual carnivals & parades and is also well known for its jazz festivals. Culturally, Berlin has theatres, museums and galleries to rival anywhere in the world. Sports fans will be spoilt with options ranging from football through to ice hockey and basketball.
REMUNERATION AND BENEFITS With such a strong and booming economy, the salaries in Frankfurt and Berlin are accordingly very good and very similar to what you would get in London at the respective US or UK-based firm. German firms also pay well, but on average less than their foreign counterparts. Bonuses are widespread according to firm and personal performance, but are considerably more at the US firms. As the cost of living is similar to Australia (although it differs from city to city), you should find that your hard-earned money will go a lot further and keep you well entertained outside the office. OUTSIDE THE OFFICE Although Frankfurt is not renowned for its beauty or sightseeing attractions, there is a lot more to offer than meets the eye, not least in terms of a very comfortable lifestyle. The general atmosphere is far more relaxed and way less hectic than anything you would experience in London and the gastronomical delights are easily comparable
GREECE
BACKGROUND INFORMATION Greece is home to one of the oldest western civilisations and is widely held to be the birthplace of such cornerstones of modern life as democracy, science and western literature. A member of the European Union since 1981, and a member of the Economic and Monetary Union of the European Union since 2001, Greece represents an interesting business market that is set to continue to expand ahead of many other European markets. Although it has a long and extremely eventful history, Greece is today quickly catching up with the other developed countries in continental Europe. Fuelled by the recent investment for the Olympic Games, both Athens and Piraeus (two of the major cities for lawyers) have been rejuvenated whilst retaining all of their historic charm. LAW FIRMS Both Athens and Piraeus are dominated by local Greek law practices that will usually only hire Greek-qualified lawyers. However, several international firms have placed offices in Piraeus to take advantage of the
extremely lucrative shipping industry that operates there. Firms are now also locating in Athens as the corporate market continues to expand. PRINCIPAL AREAS OF DEMAND To work for a UK firm in Greece, lawyers need to practice in either banking or finance, corporate or shipping law.There is particular demand for dry-shipping litigators to work on charterparty disputes, collision cases and hull/cargo claims in the Greek shipping market, based in Piraeus. Athens tends to be the centre for the expanding corporate and PFI/Projects market in Greece. Demand is typically for lawyers who are dual-qualified in the UK & Greece and who have previous experience working in the Greek market. It follows that fluency in Greek is also often a prerequisite. REMUNERATION AND BENEFITS Salaries and cost of living are generally considerably lower than London for ex-pats, although some of the international firms will
match London City rates to attract top quality candidates. Greek local salaries are much lower than London rates and ex-pat lawyers are generally put on to these lower local packages once they have been out in Greece for a while. OUTSIDE THE OFFICE Greece is a fantastic place to live for people who have any enjoyment of history or travelling. With a network of over 400 islands, most of which are a short boat trip away, there is always a new sunny destination to explore. Nightlife tends to start late in the evening, with a plethora of fantastic seafront restaurants from which to choose before moving on to a wide selection of nightclubs and bars. Athens holds all sorts of gems for the historically-minded and outdoor activities in Greece range from watersports to snow skiing in one of the two well-known resorts in Greece.The climate is perhaps the countrys biggest selling point, with one of the lowest annual rainfalls and highest hours of sunlight on average per day in Europe.
HONG KONG
BACKGROUND INFORMATION Hong Kong is a modern Chinese city with multi-Asian and Western elements. It is the biggest and most important financial centre in the region and is still the city of choice for most international businesses. It offers everything from the bustle and crowds of Central and Causeway Bay, to the mountains of Lantau and the beautiful bays of Sai Kung. Culturally and historically, it has a unique place in Asia. It is efficient and well run with a first class transport system. Everything is within an easy distance and a commute to work is typically a 5 minute taxi ride. Diverse in many ways, it provides professional and personal opportunities that few places in the world can match. LAW FIRMS & IN-HOUSE Hong Kong is long established as the hub of Asian trade, finance and commerce. Its highly developed financial infrastructure and established common law legal system is a powerful magnet for regional and international corporations. As a result, a large number of major international law firms from the UK, US and Australia have a presence in the city. It is also the Asia Pacific headquarters for a large number of major investment banks and international corporations. Hong Kong is headquarters for a large number of major investment banks and international corporations. Lawyers within these organisations tend to have regionally focused responsibility resulting in a diverse and interesting workload. Increasingly, the PRC is becoming a focus for companies and Mandarin language skills are in demand. Interest is high for lawyers with the following experience: Structured Finance & Securitisation Debt Capital Markets Derivatives & Structured Products Compliance - both Investment Banking and Funds related PRINCIPAL AREAS OF DEMAND Private Practice Despite the increase in the requirement for Chinese language skills, there is still demand for high quality lawyers in the following areas: Corporate Banking & Finance Project Finance Securitisation Capital Markets Construction Energy Dispute Resolution Funds While previous Asian transactional experience is always helpful, the above areas are busy enough to see lawyers with strong experience being relocated into this region. REMUNERATION AND BENEFITS Salaries tend to be generous in Hong Kong, affording lawyers a good level of income and a comfortable lifestyle. However, the huge ex-pat packages once offered to lawyers relocating to Hong Kong are rare in todays market. Generally, overseas lawyers are offered an all-inclusive salary package which wont allow for a separate housing allowance, but is likely to include an economy class flight home each year, a discretionary bonus, full life assurance and private health cover.Tax levels are very low and are capped at 16%. OUTSIDE THE OFFICE With its renowned work-hard, play-hard spirit, the city is one of phenomenal energy. You may be required to work late, but there will always be plenty to do once you leave the office.The bars are generally full 7 days a week and stay open very late.The choice and quality of restaurants, cafes, shops and clubs which are open all hours is equally impressive.The image of the city as a pulsing urban jungle seems only too real, but there is more to Hong Kong than this.There are beautiful beaches at Sai Kung and fantastic walking in the new territories. Stanley and Repulse Bay provide a haven from the bustle of Central and there are clubs and leisure facilities that provide opportunities for participation in a wide range of sports and activities.You are also well placed to travel throughout Asia and to explore the different cultures on your doorstep.
In-House
ITALY
BACKGROUND INFORMATION Milan is a thriving, modern city with plenty going on. It has long since been the financial and industrial heart of Italy, not to mention a global fashion capital. Its seasonal designer shows and legendary shopping arcades draw people from all over the world. It can also boast having the largest church in Christendom and a series of canals partly designed by Leonardo da Vinci. Rome is the capital city of Italy and of the Lazio region, as well as the country's largest and most populous commune, with about 2.8 million residents (3.8 million considering the whole urbanised area, as represented by the Province of Rome). Rome is thoroughly modern and cosmopolitan. As one of the few major European cities that escaped World War II relatively unscathed, central Rome remains essentially Renaissance and Baroque in character. LAW FIRMS As Milan remains Italy's premier centre for commercial activity, most national commercial law firms have a presence in the city.The top-tier UK-based international firms have been established in Milan for decades, but now many of the US firms and the smaller international UK firms are joining them.These newcomers on the Milan legal scene are either setting up independently or merging with local commercial firms in the region. Several of the major Italian and international law firms also have well-established offices in Rome, which is particularly strong for corporate work. Many firms will provide for associates to work in both of their offices, either on a secondment or rotational basis. PRINCIPAL AREAS OF DEMAND The Italian market is dominated by domestic lawyers, with most firms requiring admittance to the Italian Bar before hiring a lawyer. However, international lawyers will be considered in the following areas (although it is fair to say that candidates should be from a top international firm and Italian language skills are normally required unless otherwise specified): Banking Capital Markets/Securitisation Corporate/M&A Projects/Project Finance US Securities REMUNERATION & BENEFITS In general, most international law firms will still pay non-local lateral hires an equivalent to a London City salary rate (or perhaps slightly lower), although this does not come with additional perks such as a living allowance or flights home.This is because the cost of living in both Milan and Rome is seen to be lower than in it is in London, although it is still more expensive than major Australian cities. Some firms are becoming less inclined to offer a UK-based package though and are tending towards a local salary package for all lateral recruits, which would typically be at least one third lower than a London-based lawyer could earn. OUTSIDE THE OFFICE Apart from a few gems, Milan is not renowned for its looks; but it can offer great lifestyle benefits. Milan is a busy metropolis but it is run with efficiency and aplomb. Most people live near to the office, with the countryside only a short car ride away. If you chose not to head home after work, there are plenty of choices at your fingertips. Shopping in the fantastic boutiques can be a major distraction and local theatres and cinemas are flourishing. There is also a thriving club scene and a slew of tempting restaurants, not to mention designer bars owned by the likes of Gucci, D&G and Armani. Rome needs little introduction and is one of the most picturesque and lively cities in the world. Definitely multi-cultural, the alleyways in Rome hold delights for everyone. The list of things to do and see is endless and with a Mediterranean climate Rome is an attractive option the whole year round.
LONDON
BACKGROUND INFORMATION London is one of the worlds great cities offering both a modern lifestyle and history dating back to Roman times.The city is recognised as one of the leading global financial centres and is often the European base for multi-national corporations. Accordingly, opportunities for lawyers to be involved in cutting-edge/international matters are exceptional. LAW FIRMS Londons status in the global financial markets and its historical background as the centre for common law have made it arguably the worlds leading legal city.The major international law firms are all represented in London including the Magic Circle firms (Allen & Overy, Clifford Chance, Freshfields, Linklaters and Slaughter & May) and the leading US firms. PRINCIPAL AREAS OF DEMAND The London market is dominated by the finance and corporate areas, however, there are other areas of demand as set out below. Asset Finance Leveraged Finance Project Finance Structured Finance Banking Capital Markets Derivatives Corporate/M&A Construction IT/Outsourcing Banking/Commercial Litigation REMUNERATION AND BENEFITS Lawyers are remunerated well in London. The highest salaries are paid by the US firms paying New York rates (c.80,000+ at 1-2 year Australian level), followed by those paying mid-Atlantic rates (c.60,000+ at 12 year Australian level).The leading UK firms salaries typically start at c.50,000 for the 1-2 year lawyers level.The top rate of tax in the UK is currently 40%. The standard annual leave allowance in the UK is 25 days and this can increase with service. New York firms do tend to offer less holiday at c.15 to 20 days. The leading firms generally offer such benefits as health insurance, pension and subsidised gym membership. OUTSIDE THE OFFICE London can cater to all tastes and interests. The city is a leading centre of the arts including the West Ends world famous theatrical productions, Covent Gardens opera and ballet and the various internationally renowned art galleries. London also offers an array of bars, restaurants and clubs. London is also a major transport hub, providing access to Europe and the rest of the world.The no frills airlines offer cheap flights to many European destinations making it cheap and easy to take short breaks on the Continent. Road and rail links to Europe are also good with both the Channel Tunnel and ferry services being available.
MOSCOW
BACKGROUND INFORMATION From the domes of St. Basils Cathedral to the art exhibitions, diverse nightlife and international restaurant scene, Moscow has a unique feel and an exciting edge to it. Plentiful oil resources have meant that the economy is booming as a result of the ever rising oil prices. Inward investment continues to flood into the country, creating prosperity, economic development and an ever increasing need for good legal advisers. LAW FIRMS Moscow is a key international business centre and most of the global law firms have invested heavily in their Russian practices. There are approximately 20 UK/US law firms with long established Moscow offices and which easily compete with national firms for local market dominance.The majority are staffed with high profile partners and a combination of local and UK/overseas-qualified lawyers. PRINCIPAL AREAS OF DEMAND Capital Markets Corporate Finance Energy and Resources OUTSIDE THE OFFICE Moscow is a dynamically growing business and cultural centre for the whole of Eastern Europe and the CIS, which is a region full of new opportunities. Living and working there is an exciting adventure and a new learning experience, which will expand your horizons.The culture is rich and diverse and the nightlife is anything but dull! The food is hugely varied, often excellent and generally inexpensive.The supermarkets in Moscow are generally cheaper than in London and offer a good range of food and products. It is possible to buy fresh foods even cheaper in local outdoor markets.There is a good variety of travelling options outside Moscow available to make your weekends more interesting. Western-style accommodation in Moscow is on the expensive side though. For example, a one-bedroom apartment in the city centre will cost approximately US $1,500-$2,000 per month.
Russian language skills are generally advantagous but not a prerequisite for common law lawyers. REMUNERATION AND BENEFITS Salaries for ex-pat lawyers in Moscow are generous, with most firms paying the equivalent of a UK salary plus a significant uplift, a housing allowance and a return flight home per year.Tax is minimal, capped at 13%.
NEW YORK
BACKGROUND INFORMATION New York is a densely packed mass of humanity - 7.5 million people in 309 sq miles. It is a city that is so much part of the global subconscious that most of its highlights are instantly recognisable; from the Empire State Building, to the tranquillity of Central Park and the hub of Times Square. LAW FIRMS All of the major regional US firms have some size of office here in addition to the well known white shoeWall Street firms which are at the forefront of cutting-edge deals. Indeed many major UK international firms are also based in NY, although this is seen globally as one of the hardest markets to break. ACADEMIC & PROFESSIONAL INFORMATION As a result of the 2005 Australian-US Fair Trade Agreement, Australian lawyers with at least a Batchelors degree in law are now eligable for an E-3 visa, which allows them to work for 2 years (which can be reveiwed for an indefinate period) So, while non-law graduates can now make the move to New York, the reality is that, given the relative impracticality involved, it remains those with a law degree who have the best opportunity of making a successful transition. Firms will arrange visas for UK and Australian lawyers looking to join them however with a trade agreement in place between Australia and the US, and the current shortage of H1B Visas for UK citizens, it is infinitely easier for firms to sponsor Australian lawyers (though there remains huge interest in good UK lawyers). Firms will pay for foreign lawyers to sit the Bar exam and often a period of study leave will be incorporated into any contract of employment. It is fundamental to note however that the costs involved in arranging a visa, bringing a lawyer over and paying for their Bar exam, combined with both the calibre of lawyers sought and the particular practice areas for which they are required (see below), result in it being hugely difficult to place anyone lacking either an exceptional academic record or post qualification experience at a leading firm in their particular jurisdiction and practice area. PRINCIPAL AREAS OF DEMAND The demand for non-US-qualified lawyers, in particular UK and Australian-qualified, in New York is essentially market driven and caused by a lack of supply of home grown lawyers with relevant experience in what are seen as the more international areas of law. In particular: Banking & Finance Capital Markets Derivatives Securitisation M&A Private Equity IT/Outsourcing And more rarely Litigation REMUNERATION AND BENEFITS Salaries tend to be the highest in the world as a general rule, with the Wall Street law firms leading the marketplace. Newly qualified lawyers now earn around $160,000 plus bonus. Ex-pat packages in New York are rare but firms do pay relocation, NY Bar exam costs, sometimes a months accommodation on arrival and they will arrange a visa for you. Accomodation is expensive but easily affordable on a lawyers salary: rent for a 1 bedroom apartment in Manhattan is currently between US $1,500 and US $2,500 per month.
OUTSIDE THE OFFICE Lawyers in New York are known to have a strong work ethic, but with most living a stones throw from their office there still appears to be plenty of time to have fun. There is so much to do and see in New York: leaving aside the major sites and the huge number of fantastic bars and restaurants it is host to a leading ballet, opera and Broadway. New York is also ideally placed for a weekend, depending on the season, at either the beach (The Hamptons) or skiing (UpState New York).
PARIS
BACKGROUND INFORMATION Paris is an exciting and vibrant city recognised the world over as offering an unrivalled lifestyle and culture. It is one of the largest, if not the largest, European legal centre and is regarded as a major hub for pan-European business. Much European cross-border trade and finance will involve a French aspect making it an essential business jurisdiction. The quality of commercial legal work on offer is therefore excellent. Most of this work is in English. While French language skills will ease an ex-pat recruit into the language of the corridor and the multitude of cafes and bars, it is not essential to the practice of law. That said, many firms require some level of knowledge of the local language. LAW FIRMS The international firms, principally the UK and American firms, lead the way and have been in the French market for decades. However, there are a number of very good French firms who have offices abroad as well. Although there are some resident expat partners in the Paris offices, the majority of partners and fee-earners will be French avocats. IN-HOUSE Legal roles within Paris-based financial institutions and companies arise from time to time for lawyers from the 1-2 year level up to partner level. PRINCIPAL AREAS OF DEMAND The most significant areas of demand are in finance, corporate and international arbitration.The other practice groups tend to be dominated by the local lawyers.
The key finance groups are: Banking Capital Markets Structured Finance Project Finance Asset Finance Securitisation.
UK firms are increasingly getting round this distinction between employees and independent contractors by hiring people through their London office and seconding them to Paris. Income in Paris for ex-pat lawyers tends to follow closely London rates although this is increasingly less so due to the recent dramatic increase in London salaries.There is a general tendency perhaps for rates to be slightly lower, but after taking into account the cost of living (which is similar to that of Australia), the financial package is very attractive. OUTSIDE THE OFFICE The list of things to do in Paris is a long one and this guide could not possibly hope to do it justice. While you should expect to work hard, the enjoyment associated with living and working in this beautiful city is difficult to overstate. Professionals tend to live in the heart of Paris, so after hours they take advantage of the restaurants, nightlife, shopping and culture.
REMUNERATION AND BENEFITS Law firms will take on lateral lawyers either as employees or as independent contractors (with profession liberale status). Employees are a more expensive hire for the firms because there is an ensuing liability on the part of the firm to pay additional taxes and social security contributions. On an independent contractor basis, the lawyer picks up the tab on these expenses and is usually paid a higher rate as a result. Once lawyers have taken the Paris Bar and become locally qualified, there would be an expectation of moving to this status of independent contractor, which is really the norm across continental Europe. Independent contractors are able to claim many expenses against their taxable income, thereby reducing their tax bill.
SINGAPORE
REMUNERATION AND BENEFITS Salaries in Singapore have moved away from the traditional ex-pat package. Whilst the occasional role may offer housing and cost of living allowances, most law firms and banks now pay a local Singapore dollars salary. Salaries are still relatively high and tax is low at 20%. The cost of living in Singapore is low compared to London or Hong Kong and lawyers tend to live in houses or large apartments where gardens and swimming pools are not uncommon. OUTSIDE THE OFFICE Singapore has something to offer for everyone. There is a superb range of bars, clubs and restaurants, great shopping, fantastic parks and great beaches. It offers a wide range of sporting facilities, including a number of top golf courses. It is vibrant and social for younger lawyers, but provides a superb environment for families at the same time.The climate is excellent, the air is clean and there is far more space than in most Asian cities! Based in Singapore, you will have some fantastic travel opportunities across the region. Indonesia is a stones throw away, as are some of the regions most beautiful outlaying islands.
BACKGROUND INFORMATION Singapore is a city, a country and one of the worlds most important financial centres. Founded by Sir Stamford Raffles, it still retains a colonial feel and is renowned for its world-class infrastructure, easy going lifestyle and friendly environment. Whilst having a reputation for being ultra modern, it retains a wide range of Chinese, Malay and Indian traditions and offers a superb blend of Asia and the West. LAW FIRMS & IN-HOUSE Singapore has long been established as a premier financial centre and is the South East Asia base for a number of UK and US law firms. Whilst not as big a market as Hong Kong, it does not have the same demand for Asian language skills and firms usually look overseas for their lateral recruits. In-house roles in Singapore are fairly few and far between for lawyers based overseas, though some roles exist in major multinationals and top investment banks.
PRINCIPAL AREAS OF DEMAND Private Practice The market has recovered remarkably from the downturn in 2002 and 2003. Law firms have grown significantly in the last 2 years and the outlook remains positive. Areas in demand are principally: Corporate Banking & Finance Project Finance Capital Markets Energy
In-House Whilst roles are relatively scarce, lawyers with skills in the following areas are of interest: Structured Finance & Securitisation Debt Capital Markets Derivatives & Structured Products Compliance - both Investment Banking and Funds Related
SPAIN
REMUNERATION & BENEFITS In general, most international law firms will pay non-local lateral hires a salary that is a bit below London City rates but considerably higher than the local market rate. Coupled with the lower costs of living, this can leave you financially better off working in Spain. However, some firms are becoming less inclined to offer a UKbased package and are tending towards a local salary package for all lateral recruits. Housing allowances are not usually paid, although a decent relocation package is usually offered. OUTSIDE THE OFFICE Madrid and Barcelona are two of the world's liveliest cities and are both regularly described as cities that never sleep (the Spanish would say they have "mucha marcha"). Both cities host art collections, galleries and museums which rank among the finest in the world and the sporting options in each are limitless (particularly if you are partial to watching world class football!). The way of life in each of the cities can best be described as a happy meeting of the general relaxed Spanish approach to life and the bustling sensations that go hand-in-hand with major social cities.
BACKGROUND INFORMATION Mainland Spain occupies most of the Iberian Peninsula (shared with Portugal and Gibraltar) and the country also includes the Balearic Islands and the Canary Islands, as well as Ceuta and Melilla on the coast of North Africa. Spain's economy - driven by Madrid and Barcelona - is the thirteenth largest in the world and the fifth largest in the EU, behind Germany, the UK, France and Italy. LAW FIRMS Whilst several local firms have achieved excellent market positions in Spain, the top-tier is once again dominated by the large international UK and US firms that are prevalent across Europe. Most international firms have offices in both Madrid and Barcelona.
PRINCIPAL AREAS OF DEMAND The Spanish market is largely populated with domestic lawyers, with most firms requiring admittance to the Spanish Bar before hiring a lawyer. However, international lawyers will be considered in the following areas (although it is fair to say that candidates should be from a top international firm and Spanish language skills are normally required unless otherwise specified): Banking Capital Markets/Securitisation Corporate/M&A Projects/Project Finance EU/Competition IP/IT
TOKYO
BACKGROUND INFORMATION Come with an open mind and be prepared to be surprised! Tokyo is a remarkable city full of contrasts. It is a bustling city with plenty of attractions and a vibrant culture. It boasts an extraordinary variety of museums, galleries, shrines and temples. It has great parks and an astonishing array of bars and restaurants. There is a large and flourishing ex-pat community and as you travel through Japan, you will discover an even wider range of cultural, natural and historical wonders. LAW FIRMS & IN-HOUSE The second biggest economy in the world and a massive financial market, Tokyo can offer a lawyer some of the highest quality and most challenging work in the world. The premier UK and US firms all have thriving offices here and there are also selective opportunities for lawyers in toptier investment banks.
PRINCIPAL AREAS OF DEMAND Private Practice International law firms in Japan have grown steadily over the last 10 years and now have well established practices in a number of areas. Japanese language skills are much sought after, but not essential in most instances. It is in the following areas where lawyers are predominantly in demand: Banking & Finance Capital Markets Corporate Project Finance Energy Dispute Resolution
REMUNERATION AND BENEFITS Although the cost of living in Tokyo is high, this is reflected in the salary packages on offer. Although most organisations have moved away from traditional ex-pat deals, they still offer a local cash package that is extremely attractive. Lawyers in Tokyo are as well off as lawyers anywhere in the world. OUTSIDE THE OFFICE Tokyo and Japan as a whole offer a phenomenal range of activities and events. Whether your interests be historical or cultural, in sport, in eating and drinking, in shopping or whether you prefer to spend your weekends relaxing there are an enormous number of options on offer. Life is equally fulfilling for the single lawyer or a family. A superb transport system allows you to get around Japan and take in magnificent national parks and fantastic cities like Kyoto. Australia is a short flight away and the rest of Asia is on your doorstep.
In-House There are opportunities for outstanding lawyers, particularly with Japanese language skills in the following areas: Capital Markets Derivatives & Structured Products
CONTACTS If you are interested in a career move to any overseas destination, please contact one of our international consultants.
MELBOURNE Please contact Tim Fogarty.
SYDNEY AND ALL OTHER AREAS Please contact Kiran Sangha or Sandra DSouza.
Tim Fogarty
T: 03 8610 8400 E: timfogarty@taylorroot.com.au
Kiran Sangha
T: 02 9236 9000 E: kiransangha@taylorroot.com.au
Sandra D'Souza
T: 02 9236 9000 E: sandradsouza@taylorroot.com.au
LONDON BIRMINGHAM MANCHESTER LEEDS EDINBURGH DUBAI HONG KONG SYDNEY MELBOURNE

A Lawyer'S Guide To Working Overseas

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A LAWYERS GUIDE TO WORKING OVERSEAS