Hong Kong: A select group of banking General Counsel joined Leathwaite for a roundtable lunch to discuss a range of topics including the implication of regulatory change and internal cost rationalisation initiatives on the talent agenda. The complexity of multiple regulators and differing levels of regulatory maturity in region was considered the primary challenge for General Counsel. “The requirement to balance headcount and cost while ensuring appropriate in-country legal resources is often challenging,” remarked one guest.

It was broadly acknowledged that hiring budgets have favoured compliance groups over the course of the last eighteen months and this trend is likely to continue in coming quarters. “Compliance is increasingly becoming a ‘competitor’ for legal talent,” one General Counsel commented. Other participants highlighted a more recent trend for in-house legal executives electing to return to private practice or pursuing opportunities outside of financial services. The lunch concluded with a discussion on some of the innovative measures that organisations are implementing to ensure employee engagement levels within the legal function including encouraging pro bono work.

Leathwaite’s Huw Jones concluded, “the increasing impact of global regulatory regimes, particularly on global financial institutions operating in the Asia region, and the expected adoption of elements of regulatory change from outside the region in local markets, represents an on-going level of challenge for control functions in the near term. Given Leathwaite’s partnership with a number of leading global banks in support of addressing similar challenges in other global centres, our legal, regulatory & compliance team looks forward to the opportunity to continue to support our clients in the Asia Pacific region.”

More information:
If you would like to register your interest to attend Leathwaite’s forthcoming Asia Pacific roundtable events, please contact James Lawrence-Brown directly on +852 3152 2463 or email james.lawrence-brown@www.leathwaite.com.