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Buzz
French-headquartered Gide Loyrette Nouel has appointed Beijing-based Warren Hua to the firm's global partnership. Hua is the third Chinese-born lawyer to be elected to partnership with Gide, joining 10-year Beijing veteran Lan Yan (co-manager of the Beijing office) and Shanghai-based Qimeng Han (elected in 2006).
Peter Neumann, Executive Partner of Faegre & Benson Shanghai Office, left the firm. Neumann joined a Miami-based US firm preparing to open its first office in China. Neumann was previously managing partner of the Deacons Shanghai office and also practiced in Los Angeles, Beijing, Chengdu, and Hong Kong. He has been resident in Shanghai since 1997 and Greater China since 1993.
Allen & Overy advised Sinofert Holdings Limited (previously Sinochem Hong Kong Holdings Limited) on three major acquisitions worth approximately HK$7.37 billion and an issuance of HK$5.0 billion new shares. The biggest acquisition involved the purchase of about 18% of shares worth HK$7.09 billion in PRC listed Qinghai Salt Lake Potash Co. Ltd, one of the largest producers of potassium fertilizers in the PRC.
Dorsey & Whitney advised Sino Gold Mining Limited in its acquisition of Golden China Resources Corporation a gold exploration and production company whose principal asset is an exploration project in Inner Mongolia. The offer valued Golden China at about CA$100 million. Sino Gold is the only company to be dual listed on the ASX and on the Hong Kong Stock Exchange.
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Voice 
Want to be a lawyer?
— go to New York
China is known for the “ China price” – the lowest world price for manufactured goods. What about New York City ? It's the “Big Apple,” of course. But to lawyers it's known for the “ New York rate” – the highest world compensation for first year associates. The New York rate is set by a group of large New York-based law firms that, generally, copy one another in compensation and bonus structures. The exception is Wachtell, Lipton, Rosen & Katz, which usually provides bonuses far above the others.
For 2007, beginning associates earned US$ 160,000 in base pay in addition to $ 45,000 in bonuses at top firms in New York including Sullivan & Cromwell, Cravath, Swaine & Moore, Shearman & Sterling, Fried, Frank, Harris, and others. The bonus was 22% of total compensation, which equaled $205,000.
In the recent two years the NY rate increased rapidly. During 2000 to 2005, salaries for beginning lawyers remained at $125,000. In 2006, starting salary went up to $145,000 at many big firms. Se vera l of those same firms raised first-year pay again later, to $160,000.
How does NY big-firm compensation compare with compensation for entry level lawyers in Beijing and Shanghai ? For starters, there is not a benchmark rate comparable to the NY rate. The highest compensation for entry level Chinese lawyers is paid by big international firms operating in Beijing and Shanghai .
In 2006 these global firms paid junior foreign qualified lawyers (<3 PQE; UK/LLB or US/JD) an a vera ge of about US$132,000 (RMB 1,030k). This figure was up 12.8% above 2005 when this group was paid an a vera ge of about $117,000 (RMB 913k). Data is reported from the 2006 and 2005 LawInn Legal Salary Survey & Reports.
For comparison, consider compensation paid by large/boutique PRC law firms—in Shanghai and Beijing —to their entry level lawyers. In 2006 these firms paid junior lawyers (<3 PQE) an a vera ge of about $15,000 (RMB 119k). Lawyers with a foreign LLM gained a 37% premium—receiving an a vera ge of about $21,000 (RMB 163k). These figures were up about 15% above the 2005 a vera ges.
 |
2007 |
2006 |
2005 |
| NY Rate - Starting salary |
$160,000 |
$145,000 |
$125,000 |
| Big international firms in SH & BJ - junior lawyers (<3 PQE) |
? |
$132,000 |
$117,000 |
| Large/boutique PRC firms - junior lawyers (<3 PQE) |
? |
$15,000 |
$13,000 |
>>> What will the 2007 data show for compensation increases at top firms?
>>> How will the rapid appreciation of the RMB affect Chinese lawyer compensation?
>>> The year-on-year increase in 2006 a vera ged 17.3% — Will 2007 match it?
To receive your free analysis of the 2007 data for your experience/employer group, LawInnSight invites you to participate in the 2007 survey. Please click on HERE to participate.TOP |
Vacancies 
LawInn team is constantly working to bring you the best choice of legal opportunities in China. Here’s just a small selection of the positions we are currently handling:
Associate (Finance) – Beijing –Ref: LPF04214
This is a “Magic Circle” firm with more than 25 offices worldwide. This firm is known for its expertise in banking and finance. The firm operates as one team for China projects, engaging lawyer in its Beijing, Shanghai and Hong Kong offices in projects. The firm is currently seeking Associate – Finance (5 – 6 PQE) to join its Beijing office.
Senior Associate (VC/PE) – Shanghai – Ref: LPF02816
This is a reputable international law firm. The firm operates more than sixty offices across Asia, Europe and the US in 25 countries. The firm is currently looking for Senior Associate – VC/PE (4 – 6 PQE) to join its Shanghai office.
China Legal Counsel – Shanghai/Shenzhen – Ref: LPC07001
Headquartered in USA, this company has become a world leader in providing global network infrastructure products and services that enable delivery of high-speed Internet, video, data, and voice services to residential, business and mobile subscribers. Its legal department is seeking China Legal Counsel, based in Shanghai or possibly in Shenzhen.
In-house Counsel – Shanghai – Ref: LPC07101
It is a boutique investment banking firm focused on China related mergers & acquisitions, private placement, and private equity investments. Via its own offices and strategic partnerships globally, it is active in transactions linking China with Europe, US, UK, and Southeast Asian countries. The firm is seeking In-house Counsel, based in Shanghai.
法務 – Shanghai – Ref: LPC06601
当社のお客さんは日本の一流商社であり、世界500強企業です。 同社は世界中に71の国及び地区で支店を保有、中国には香港等の都市で15の支店及び事務所を保有しています。
For more positions, please click http://www.lawinn.net/service2.asp
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