In a deadlock for a promotion at a major law firm. Rising demand in new fields such as Fintech.
Legal : Following the relative inability of law firms to promote senior associates, due to top heavy situation with an already substantial number of partners at most of the BIG 4 Japanese law firms disallowing internal promotion, we have noticed the establishment of several small/mid-size local law firms resulting into numbers of "Bengoshi" (for the most part) leaving their initial employers. This trend was backed-up by a good economy. The market has also noticed an increased appetite for in-house counsels recruiting activities at mid/large size companies, as a result of local and global cost reduction strategies, hiring internally being more cost-effective in terms of legal fees than requesting the services of a law firm.
Compliance : While traditional financial services companies have slowed-down their recruiting activities (e.g. European investment banks) due to poor global financial results as well as the emergence of the fintech sector, other industries such as manufacturing and IT are steadily becoming more regulated, hence the need for hiring sophisticated compliance professionals, coming from traditional financial services companies.
Increase in investigative and information processing abilities with the advancement of AI. Concerns regarding a decrease in employment opportunities for people without qualifications.
Legal : Similar trends as 2019 will be observed in 2020. A possible reduction of non-qualified lawyers (i.e. legal specialists and paralegals) may occur too due to the emergence of smart contracts while AI is researching and processing legal information faster than any paralegal could.
Compliance : Following 2019 and because financial services are employing the most experienced and seasoned compliance professionals, a compliance population shift will naturally occur to the already regulatory heavy life sciences' sector as well as Fintech, IT and manufacturing.
Reflections on recruiting global talent for 2019 and prospects for 2020_en world Japan_20191205
en world Japan K.K.
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