Life and Law in Hong Kong
As a 'Gateway to Asia' Hong Kong has certainly never lacked in style and substance. The City is a kaleidoscopic metropolis fusing West with East. Warm climate, high salaries, aesthetic splendour and expat nirvana- Hong Kong offers something for everyone. Matt Fairclough, Capital Markets Associate at Clifford Chance, has been on various secondments around Asia- he tells Law and More what its been like living and working in HK.
Could to tell us a bit about your background and training in the UK?
I studied law at Oxford and moved on to The College of Law in London for my LPC. I started with Clifford Chance in 2001 in London, where I spent a year and a half of my training contract, along with my first six-month stint in Asia, in our Singapore office.
How are you finding life and work there?
Initially, having come from an office as large as Clifford Chance's in London, working in a significantly smaller team is the most striking change. With a smaller team comes increased responsibility and autonomy, which has obvious advantages and disadvantages. You quickly become very accustomed to this and realise the significant benefits of a smaller office. The work itself in Hong Kong is in many ways similar to London. We have a number of the same clients, and the transactions are managed in the same way. I've broadened my range from working primarily on pure debt capital markets products in London to working on equity-linked products such as convertible and exchangeable bonds out here.
How has your work/life balance changed since moving?
A significant improvement! In Hong Kong I have much more control over my hours than in London. Giving up a 45-minute commute in London for a 15-minute walk to the office in Hong Kong is a definite advantage. If you have to come back into the office in the evening or at a weekend, it's much less time taken out of your day. The drawback is that clients are much more demanding of your free time, particularly on weekends!
You’ve travelled across Asia having done secondments in Tokyo, Shanghai and Singapore. Where have you enjoyed working most and why?
All four of the cities I've worked in during my secondment have been interesting places to experience. If I was to pick one though, Shanghai comes out on top. The quality of life there is great, and the city has a real buzz to it.
What does your typical day look like and what was it like before your move?
I've traded in the 45-minute train journey or cycle into the Canary Wharf office for a 15-minute walk down the outdoor escalator into the office. There's usually time to pop to the gym either before work or at lunchtime, when most people head out for a good hour's break as opposed to London where most people eat at their desks or in the office. Generally the working day in the office is more hectic than in London, but I feel more able to leave at a reasonable hour and keep an eye on emails from blackberry or at home. And without the tyranny of the daily commute, it is far easier to meet friends for relaxed meals or a drink, even after a relatively long working day.
What do you think are the main benefits of moving to Hong Kong?
Financially it makes sense, the tax is low and salaries are pretty high. The work-life balance is also significantly better, and the travel opportunities within Asia and beyond are excellent. You'll also find yourself in a community of people who are all in the same boat - everyone makes an effort to support newcomers, and make the most of their time here.
Any cons?
I spend a lot of time on planes back to the UK for weddings and the like, so a hefty chunk of my salary goes straight on airfares!
There are, obviously, a large number of law firms operating in Hong Kong. What skills or areas of expertise should a lawyer, ideally, be proficient in should they be considering leaving the grey skies behind?
You need to have a very good grounding in your practice area before you move out, and as such I don't think it's a move to consider before being around two to three years qualified. Although the support is good in the offices that I've worked in, due to the size of the teams and the travel and meeting commitments of a significant number of lawyers and partners, there are fewer people to ask questions of when issues arise, which means you really need to know what you're doing.
Is there a good support system set up for those wishing to make the move? Are there any specific packages or incentives designed for potential candidates?
Moving countries with Clifford Chance has been extremely easy, with each office I've been to arranging for the next move. While the host offices are old hands at receiving and integrating newcomers from overseas, you also have the comfort that your home team in the UK stays in touch on a regular basis too.
What advice would you give anyone planning to live and work in Hong Kong or China?
Make sure you do your research and work out what your cost of living is going to be. Accommodation can be very expensive so you need to factor that in, plus how much trips home are going to cost, and how your salary will keep up with those back home.
How often do you get to visit friends and family back at home?
I make it back about five or six times each year, but have been pretty swamped with visitors ever since I moved out to Asia. It often feels like I have a second job running a hotel out of my apartment! You find yourself particularly popular around the time of the Hong Kong Sevens, strangely…
How often do you get to travel with your job and do you feel you have had any extra opportunities or privileges awarded to you which wouldn’t necessarily have been readily or quickly available if you were still in the UK?
The travel opportunities have been great out in Asia, although I was also lucky enough to do a significant amount of travel from the London office, primarily in Eastern Europe. Work trips since moving to Asia have taken me to Vietnam, China, Thailand, India, Malaysia and Singapore. Annual practice-area retreats tend to take place in interesting locations such as Kuala Lumpur, Hanoi, Seoul and Beijing.
What is your ‘more’ to law (hobbies, interests etc)
I try to get out a couple of nights each week for a run, which is great in the winter but pretty sweaty in the Hong Kong summers. I'm also studying part-time for a second degree at the moment too, which takes up a fair amount of time. And then there's the hectic social life that most people have here!
Finally, do you think you’ll ever transfer back to the UK or are your sights set internationally?
When I left London for Asia, I fully expected to head back at the end of two years. However I've extended my contract a couple of times now and wouldn't rule out doing so again.
