[Ed. note: This post is authored by Evan Jowers and Robert Kinney of Kinney Recruiting--sponsor of the Asia Chronicles. Kinney has made more placements of U.S. associates and partners in Asia than any other firm in the past two years. You can reach them by email: asia at kinneyrecruiting dot com.]
Evan here. Today’s post covers (in a very basic way) a) the current poor state of the short-term lateral hiring market in Asia and the Middle East; and b) the strong possibility remains that qualified US associate candidates, who are focused on settling down in Asia, can still land there at top firms in the next 3 to 18 months (it is more unpredictable in Middle East, but also possible). As always, please feel free to comment and I will reply to all (please note, however, that these posts are not memos and I am simply too busy to spend more than thirty minutes or so writing them, so no need to point out spelling and grammar errors).
Before we get started, here are two unique and interesting urgent needs we have:
PE / M&A senior associate in Dubai at major US firm – UK qualified is strongly preferred
Mid-level to senior corporate associate in Eastern Europe at major US firm – specific type of corporate experience not required, Russian language fluency preferred, willingness to work and live in less than fully modernized city required (ok, it is not Asia, but we work Eastern Europe and Russia markets too, thanks to efforts of my colleague, Yuliya Vinokurova.
As mentioned in prior posts and / or comments, the global downturn, while affecting US market lateral hiring since late ’07, started to affect lateral hiring in Asia significantly in late ’08. In the first three quarters of ’08, lateral hiring in Asia was down from the record breaking ’07, but not nearly as significantly so as in the US markets. However, starting in October ’08, we started to notice a more severe drop off in lateral hiring in Asia. In the Middle East, we have noticed a drop off in lateral hiring since late summer of ’08 and, unlike in HK / China (but similar to Japan), there has been only a very small amount of US associate hiring since then (HK / China lateral hiring is substantially down, but not as much as Dubai, for example).
More after the jump…