[Ed. note: This post is authored by Evan Jowers and Robert Kinney of Kinney Recruiting -- sponsor of the Asia Chronicles, and an ATL advertiser. 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.]

Here we sit in Hong Kong, midway through our semiannual review and survey of the major law firm market here. While we normally have someone on the ground here in Hong Kong, only twice a year are both authors of this column in town gathering and compiling the latest and greatest information about who is hiring, who is firing, and what people expect for the future. Given the state of the current global economy and most U.S. legal hiring markets, we were somewhat anxious about what we might find as a result of this survey. We know that our business has seen positive trends this year in Asia, but a valid survey needs to include data not only on our business, but the overall hiring picture for our clients. We are pleased to be able to report, preliminarily, that things look good. While we have detected a note of caution among some of our clients, the outlook on the whole is positive. Most firms remain busy, even if not at as frenetic a pace as in 2007.

With regard to why and how we conduct this survey, we need to provide a few prefatory notes. First, we do not conduct this survey solely to determine firm needs. We are constantly learning about firms' prospective needs throughout the year. This survey has a selfish reason for being: we want to determine, first of all, whether our market share is increasing or decreasing. It is impossible to determine market share without knowing the overall level of hiring in a market and in the individual firms. By way of example, the importance of having placed five attorneys in a given office of a single firm is impossible to know without also knowing that the firm has hired ten lateral associates in total over the same period. We also want to know whether, using the same example, the other five associates hired were placed by our competitors and, if so, which ones. Taken over a period of years, this data gives us insight into whether what we are doing is working.

Read more, after the jump.

[Disclosure: This post is authored by Evan Jowers and Robert Kinney of Kinney Recruiting -- sponsor of the Asia Chronicles, and an ATL advertiser. 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 at asia at kinneyrecruiting dot com.]

In an earlier article the Asia Corporate Lawyers (the prior authors of this column) discussed what life is like when you are an associate in Asia from their own perspectives. This week we are going to discuss what partners at U.S. or U.K. firms' Asia offices seek when they are considering U.S. associate candidates. These topics are related in that the partners who interview candidates typically are looking to identify the people who will be most happy not only with the work that is presented by the Asia practice, but also with the style of practice and with their lives outside the office.

Interviewing for an overseas position at any busy U.S. law firm or with the U.S. practice group of a UK firm is a bit different from interviewing for a spot in a domestic market for the same firm. As with any interview process, the gating factors at top U.S. practices in Asia are academics and law firm experience. Without impressive grades and top firm experience, you generally won't be considered. But overseas partners are also looking for the right personality fit much more so than in a large domestic office. A major reason for this is because the offices are much smaller overseas, making it harder to hide a misfit (even a junior associate can be the face of the firm), but there are other reasons as well.

At a basic level, the factors that are especially important to demonstrate in an interview overseas are these:

• you have an entrepreneurial nature;
• you have a high level of maturity for your experience level;
• you have an outgoing personality (not overly "academic" in nature);
• you are able to fit in with different cultures;
• your personal presentation is generally positive; and
• you are a team player (no prima donnas need apply)

These are obviously all factors that are relevant in any interview at least as "plus factors", but what follows is a discussion of why these particular factors are especially important in this environment. In our next article, we will discuss ways in which you can demonstrate (or fail to demonstrate) that you qualify based on your resume and interview performance. Some of our experience in this regard has been amusing as well as frustrating.

Read more, after the jump.

[Disclosure: This post is authored not by the Asia Corporate Lawyers, but by Evan Jowers and Robert Kinney of Kinney Recruiting -- sponsor of the Asia Chronicles, and an ATL advertiser. 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 at asia at kinneyrecruiting dot com.]

On Monday we discussed some positive trends in M&A in Asia, notwithstanding the turmoil in credit markets and overall economic downturn globally. Today, we discuss very briefly some of the lateral hiring trends we have been seeing in Asia recently and in '08 in general.

We have not seen an overall reduction in hiring of U.S. associates in Asia, but firms have been much more selective than in '07. This is for a variety of reasons. Some notable U.S. and British firms in Asia are hiring at a significantly slower clip than in '07, but this unfortunate trend is being balanced out by other peer firms hiring significantly more than in '07. There are a number of firms in heavy expansion mode, with several top U.S. firms in Hong Kong / China, for example, that will easily double the size of their offices in '08. Some U.S. firms in Asia have very aggressive medium-term (5-6 year) expansion plans to have 100+ attorney offices. Interestingly, and perhaps surprisingly to readers, some of the most urgent needs still happen to be for mid-level to senior U.S. securities associates, despite the slower pace of capital-markets deal flow coming in.

It is important to note that in '08, there are as much as three to four times as many U.S. associate candidates on the market for Asia positions, compared to '07. Firms can afford to be a lot more selective and also can take their time with hiring decisions, much more than was the case in the frenzied hiring environment in Asia in '07. While we are seeing the same pace of hiring in the Asia markets in '08 that we saw in '07, it has become a more difficult market to break into for some U.S. associates than was the case in '07.

Read more, after the jump.

[Ed. note / Disclosure: Please note that this post is authored not by the Asia Corporate Lawyers but by Evan Jowers and Robert Kinney of Kinney Recruiting, sponsor of the Asia Chronicles and an ATL advertiser. Kinney has made more placements of U.S. associates and partners in Asia than any other firm in the past two years.]

This week, we are going to very briefly discuss the state of the market for major law firms in Asia, with a focus on M&A, and with our usual slant towards Hong Kong / China (as that is where the majority of the hiring is taking place these days). In future editions of the Asia Chronicles, we plan to eventually devote an article to all the major practice areas in Asia, as well as each major Asia market generally (e.g., Tokyo, Shanghai, Beijing, Singapore and Hong Kong).

Notwithstanding the global economic slowdown, most of our U.S. associate friends in Asia remain busy. Some, including the authors of prior installments of the Asia Chronicles, are as busy as ever. They are so slammed, in fact, that these poor writers don't have time to pen the Asia Chronicles this week (as well as some of the past several weeks -- or do their laundry, for that matter). But that is another story for another day, when we focus more on quality of life for U.S. associates in Asia.

So while we are authoring this week's edition of the Chronicles, as an emergency fill-in, we thought it best to provide our readers with some very basic information and facts about the topic at hand.

A number of U.S. and British firms in Asia, especially in Hong Kong / China, are actively building up their M&A practices. This is no surprise when considering current and projected market conditions. In fact, a survey just completed this month by Simmons & Simmons of 200 CEOs and CFOs of leading companies in the Asia Pacific region shows that 91% of the respondents believe that the level of M&A activity will increase or remain the same over the next twelve months, with over two-thirds of respondents believing M&A activity across the Asia-Pacific region will increase over that time frame, and with 87% of respondents believing that there will be increased M&A activity in China in the next twelve months.

Read more, after the jump.

We and our sponsors on this series of articles, Kinney Recruiting, Inc., have taken some heat in the comments and our inboxes over the last two months. Now that we have slowed up a bit at work, after being slammed for several weeks, next week we'll move forward with more substance about what it's actually like to work here in Asia.

Perhaps what follows will assist some of you in understanding why Kinney's involved. We thought it might be cathartic (for us) and informative (for you) for us to lay out why we turn to Kinney Recruiting as a source of information for these posts.

This article discusses what we think you should look for in a U.S. associate recruiter for the Asia market. We'll use Kinney as an example, because we think they make the grade, but we aren't saying that only Kinney can do a good job representing a U.S. associate in the Asia markets.

If you are considering a job search in Asia, you should put a lot of thought into the recruiter selection process. Don't just go with the next recruiter that cold calls you. The process is much more complicated than simply making a move down the street or to another domestic market. It's a higher-risk process for both the candidate and the target firms.

We suggest that you ask any recruiter who wishes to represent you in Asia the following questions before sending in your resume:

1) How many U.S. associate placements has the recruiter made in the particular Asia market you are targeting? Some U.S.-based recruiters that claim expertise in Asia have actually made few if any placements there, and many Asia-based recruiters have placed exclusively locally-qualified attorneys.

2) Can the recruiter provide five or more references of past U.S. associate placements in Asia?

3) Can the recruiter provide detailed information about the interview / hiring process? The process can take months and include numerous phone calls, video conferences, and Asia travel.

4) Who are the specific partner contacts the recruiter has at each target firm and in your practice area?

5) How much time does the recruiter spend in Asia each year? Ask for details regarding particular cities and firm office visits.

6) Can the recruiter provide details regarding expat / cola / housing packages at each firm you are targeting?

7) Can the recruiter provide you with details regarding the practice focuses at each of your target firms, including sample deal sheets?

There are many more questions to ask at early stages of the process, but these should help you determine whether the recruiter you're dealing with can truly add value to your job search.

If the recruiter can't answer these questions in a way that demonstrates familiarity with the Asia markets, could he/she still place you? Sure he could. A doctor who has never taken out an appendix could probably get yours out safely, too. But do you want your doctor experimenting on your appendix, or someone else's? Be realistic -- you want the best services if you are going to be trying your luck in Asia these days. A recruiter who has won the trust of hiring partners through repeated experiences with them will not only have more information to add to the mix for you, but will also be more likely to get the ear of the people who will make decisions about whether your future will be with a good firm out here.

Next week we'll look at the actual state of the market out here in Asia, market by market. While the five of us have Singapore, Hong Kong and Tokyo covered, we'll also be gathering data from our colleagues at firms in mainland China and other parts of Asia. If you know of specific openings or needs in these markets, please contact us.

Earlier: Prior installments of the Asia Chronicles (scroll down)

[Disclosure: Kinney Recruiting, which has made more placements of U.S. associates and partners in Asia than any other firm in the past two years, is the sponsor of this post.]

You may have noticed that we've missed a few editions of the Asia Chronicles. Let's just say that we've been unusually busy (which we will explain in a later edition in more detail).

The concept for this week is to answer a question we often receive: "What are my options after working at a law firm in Asia?" Of course, we didn't come to Asia blind to the options that might lie ahead for us after working for several years here. Neither should you.

Before we get to options beyond our current employers, let's address partnership for a minute. It's not impossible. In the time we've been in Asia, we have seen our firms and others make a number of partners. As best we can tell, there are several ways to make partner, all of which involve at least some element of luck.

First, you can be related to a senior official in the Chinese government responsible for privatizations. This is a good way to amass a fortune in business and become indispensable. Second, you can just be an exceptional lawyer, capable of successfully navigating firm politics while billing 2,500 hours per year. Third, you can come up for partner at an A-list firm and then move to a B-list firm (still excellent) as a partner when you don't make it. We could give some specific examples of each of these sorts of partners, but we might insult someone if we discussed what firms are A-list and which are B-list, so don't ask us. This is similar to all the major legal markets -- there is always a pecking order.

If you don't manage to make partner out here, there are two other options as we see things. Find out what they are, after the jump.

In prior installments of the Asia Chronicles, we've discussed the pros and cons of working as an American attorney in Asia, how to choose a law firm to work for, and the importance of language skills. Thus far we have been focusing on how to get over to Asia, but many of you have also been asking: "What happens if I want to come back?"

While most of the Asia Corporate Lawyers have sworn that we're never going to work anywhere else (as Biglaw attorneys at least), we didn't always know that we were going to want to stay here in Asia indefinitely. As brand-new associates, we worried that if we came out too early in our careers or spent too much time here, we might somehow fall behind our U.S. peers, be permanently labeled the "Asia" guys, or even be left with no career options beyond delivering pizzas upon returning to America. But it turns out there was no need to worry; in fact, we think that in some ways we are getting better training and experience than we would have in New York.

Let's get one thing straight from the beginning: American attorneys in Asia only practice U.S. law, not local law (unless they also happen to be admitted to the local bar), so fundamentally they work with the same laws and regulations as they would in the U.S. If local law enters into a deal, then local counsel will be hired to advise on it. So while U.S. attorneys in Asia may pick up some knowledge about local laws in passing, and even informally advise on it, their main task is to advise on U.S. law, just as their counterparts in the U.S. do. Most commonly, they will advise on U.S. federal securities laws and New York contract law and, to a lesser extent, U.S. tax law and state corporate laws. Of course, much of an attorney's work has nothing to do with the law, and U.S. lawyers in Asia also spend much of their time drafting and reviewing documents, conducting due diligence, and generally protecting their clients' interests.

So if the work and the laws are basically the same, what is different about working in Asia?

Read more, below the fold.

In this fifth installment of the Asia Chronicles, we continue with our theme from last week. You've decided that you want to practice law in Asia... So now what?

Many people, including the Asia Corporate Lawyers, started law school thinking that they might someday like to work in Asia, but didn't understand how to achieve that goal or what kind of work such a career would really involve. As 1Ls, convinced that law practice was all about not confusing impleader and interpleader, we had vague ideas of becoming jet-setting international arbitrators or prosecutors for INTERPOL. As 2Ls, our job search was conducted in the same spirit of blissful ignorance, as we simply printed out the Vault prestige rankings and eliminated any firm that did not have an Asian office (allowing us the pleasure of summarily rejecting Wachtell), giving extra points to lower-ranked firms with strong international presence. We still shudder to think that one of our most coveted offers at the time was Coudert Brothers, as it had 28 offices worldwide (Hanoi, Jakarta and Almaty, oh my!).

Now, as sadder but wiser mid-level corporate associates, we hope to enlighten job-seeking law students or lateral attorneys with some hard-won advice when it comes to choosing a law firm with the goal of someday making it to Asia:

1. Number of international offices does not equal stronger international practice or more opportunities for American lawyers to work abroad. When selecting law firms that you want to interview with, don't just look at where they have offices; also look at who is working at those offices. Check the attorney roster on the website. Are the only U.S.-qualified lawyers in the firm partners, with most or all of the associates being foreign-qualified attorneys? Does it seem that most or all of the associates are native speakers of the local language? If you don't see many attorneys with backgrounds similar to yours, there's a good chance that the firm won't be able to use you in that office.

2. Is the firm a "franchise" firm, or one with a uniform and centralized structure? Firms vary in the way in which they manage their international offices. Certain firms, like the top New York firms, are fairly involved in the management of their overseas operations. Payroll and hiring in Asia at these firms all run through New York at some point. For other firms, the international offices act more like self-contained units.

Why does this matter? Little things like technology upgrades/solutions and expense reimbursements may take longer or be more frustrating to deal with at New York-centric firms. On the other hand, a less integrated firm may not offer its lawyers the opportunity to easily access the resources of the entire firm.

3. Should you work for a British firm? Many British law firms have historically been involved in the Asia market longer than their U.S. counterparts. This may mean that some British firms have a broader or more established practice in your area of interest. You should be aware, though, that there are distinct cultural differences between British and U.S. firms. For starters, U.S. lawyers working at British firms in Asia are usually compensated on a different (higher) payscale than their colleagues at the same firm, which can lead to some friction between the U.S. and non-U.S. lawyers. As a U.S. lawyer at a British firm, you may also be completely shut out from certain types of deals. For example, in the capital markets realm, U.S. lawyers for British firms work mostly on the limited Rule 144A/Regulation S aspects of securities offerings. British firms would almost never be hired to work on U.S. IPO mandates.

For some perspective on these points, as usual, we turned to Evan Jowers and Robert Kinney of Kinney Recruiting. According to Evan, "The U.S. prestige rankings of firms, although important for any lateral candidate to consider, do not necessarily carry over to Asia, as many variables are involved in whether a firm is well-positioned in a particular Asia region. Also, the length of time an office has been in place and the number of attorneys in an office can be misleading with regard to how established a U.S. firm is in an Asia market and its future potential there. Some other important factors to consider are a firm's expansion plans in the region, whether there is a senior partner in place who is well-connected in the country at issue, and the quality of support in the U.S. for primary practice areas."

Robert adds, "Keep in mind that most firms are structured such that if an associate is well-regarded and his or her practice group in the U.S. is busy, an internal move out to Asia is not likely to be supported by the partners immediately responsible for that associate, so a lateral move may be necessary anyway." Thus, according to Evan, "it may not be prudent for a law student to try to choose a U.S. office based in large part on a potential down-the-road internal move to Asia. Relevant training is more important."

Regarding the "British vs. American" debate, Evan points out that he knows U.S. groups within the British firms that are thriving, making their own hiring and partnership decisions, and a great choice for the right candidate. At the same time, he says, "there are a couple of the top U.K. firms whose first question to us is sometimes whether a candidate is expecting to get a U.S. salary and housing allowance. It's those firms where I think the cultural gulf is wider."

So how can you tell where you will find a fit? According to Robert, "It is often the case that looking at the website bios of attorneys at a firm can give you some notion of who might be willing to consider you. But we also have clients who are looking to add a different sort of lawyer to the mix of attorneys within their firm. These days we are seeing clients transfer attorneys from their U.S. offices because they are underutilized there. The attorneys that they transfer sometimes have completely different backgrounds from what might be considered ideal by the partners in the office they transfer to."

Next week we will discuss a question that confronts many law students and junior associates thinking of working in Asia. Is it better to go straight out of law school, or to get a few years of experience practicing in the U.S.?

You know where to find us: asiacorporatelawyers at gmail dot com.

*****************
Kinney Recruiting has made more placements of U.S. associates and partners in Asia than any other firm in the past two years.

[Disclosure: Kinney is the sponsor of this post.]

In the last three installments of the Asia Chronicles, we've written about the perks and the (possible) disadvantages of working as a lawyer in Asia. We have been trying to give you a better idea of what it's like to work over here and to help you decide if moving to Asia might be an option that you would like to explore.

But many of you have contacted us saying that you need to hear no more, you're already convinced. You want to know what kind of skills American firms in Asia are looking for, and how to go about finding a job in this part of the world.

The most common question we get on this topic is about language ability: "How much of a difference will language skills, or lack thereof, make in the marketability of a job candidate?" As lawyers, none of you should be surprised that we can only answer this question with more questions:

1. How high is your language level, really?

We've seen a lot of job seekers come into our offices with resumes that describe their language skills as "proficient" or even "fluent," but when we ask them even a basic question in that language, they often struggle to answer. In general, a few years of college language classes does not a fluent speaker make, and even people who have spent significant time immersed in a language environment rarely have learned the legal and business terminology that would be needed for common tasks such as reading due diligence documents, participating in a drafting session, or negotiating a comfort letter. Unless you are a native or legitimately fluent speaker, your language skills will honestly not be of much use to a law firm, and therefore will not balance out deficiencies in the core strengths of a candidate, such as graduating from a top-ranked law school with high grades or having valuable work experience.

That said, a glance at the attorney roster of many selective law firms in Asia reveals some lawyers with lower than average credentials but strong language and culture experience (time spent in the U.S. State Department is a common theme) that seems to have gotten them hired. However, having some lesser level of language ability could make a marginal difference with an otherwise qualified candidate because it may help convince a law firm that you are interested in and capable of living in a certain country and interacting well with people from that culture.

2. Do you really want to be hired based on your language ability?

One of the first hard truths that we learned after spending some time working in Asia is that having language skills might not always be something you want to advertise. We've seen many native and fluent speakers relegated to countless hours of foreign language documentary due diligence or translation because no one else in the office was capable of doing it. One of our colleagues has even been keeping her language ability a secret so that she can avoid being staffed on such mind-numbing projects. Lawyers who can speak and understand but cannot read or write (or at least pretend they can't) have the advantage of being able to participate in the comparatively more interesting client meetings and negotiation while avoiding less enjoyable tasks.

Read more, after the jump.

Our last installment of the Asia Chronicles introduced our readers to the financial advantages of working as a Biglaw associate in Asia. We told you of lower taxes, additional payments in the form of (sweet sweet) COLAs, housing allowances, and other assorted goodies.

Unlike Willy Wonka's Chocolate Factory, all of this is real, but some of our readers commented that it all sounded like some kind of marketing ploy, "B-grade Asian job porn," and otherwise too good to be true. Perhaps we came across as too enthusiastic, or maybe we sound like one big recruiting column. Whatever the case, we really do think Asia is the most exciting place in the world to be right now, and not just because the money's better (additional advantages to be discussed in the weeks to come).

Still, it's not for everyone. For any of you considering a move to Asia, here are some questions to consider:

1. Are you willing to spend time away from your family, friends, and familiar places? Flight time from most places in Asia back to North America is at least twelve hours each way (and could be double that if you have to make connections). Add in getting to and from the airport, layovers, and getting over jet lag, and you may be spending four days on each trip just traveling or recovering from it. Not to mention that even economy airfares are well over a thousand bucks and rising, and business class is usually four times that (although arguably worth it for the fifteen-hour flight from Asia to New York). As a busy corporate associate, you will likely only visit home once a year (but at least it'll be a free trip home). Obviously if you are married and/or have children, the question gets even more complicated.

2. Can you handle frequent travel? Nervous fliers should steer clear of Asia (with the possible exception of Tokyo, where the majority of work is domestic). Lawyers out here commonly travel several times per month to wherever the deals are, from India to the South Pacific. We have seen longtime Asia lawyers with passports as thick as the stack of 1000s in our pockets when we come back from Macau. Though the clients always pay for business class, and Asian airlines, airports and hotels are generally rated the best in the world for service and comfort, some people find travel and time away from home too stressful.

3. Do you have a flexible sleep schedule? American lawyers in Asia are often working with U.S. and European offices of the banks and law / accounting firms on their deals. New York is about twelve hours behind China / Japan, and 10 p.m. Friday conference calls or 4 a.m. closings are not uncommon. Or, given the workload of many Asian offices, you might just be up that late working. Very hot market + small office = lots of billable hours.

Read more, below the fold.

For the second installment of the Asia Chronicles, we're going interactive. Please click on this Youtube link, minimize, and read on.

Come with us, won't you, to a world of your imagination. Imagine that you're an associate at a major U.S. law firm in Asia, paid the same salary and bonus as your colleagues back home. Imagine further that $87,500 of your salary is excluded from federal income tax. Imagine that your firm pays your rent, and, even though this would normally be considered taxable income, it is excluded from taxation as well.

One of the ACLs who lived in this "world that defies explanation" paid off his entire $120K+ law school debt in one year and is on track to put away over a quarter million during the next two years. How? With extra salary and a much lower tax burden, he takes home approximately 15% more cash than he would in the U.S. He has no car or other transportation expenses (walks 10 minutes from home to office), usually works late enough to expense his dinners, and pays no rent. He takes so many business trips that frequent flier miles and hotel points take care of most of his vacation expenses. At least 80% of his paycheck goes straight into his 401K and other investments. The rest goes to magnums of Cristal (he admits he could do better).

Before we jump into the details, let's set out some assumptions:

Assumption #1: There are tons of U.S. firms in Asia; some pay less, some pay more. A sizable group of firms pays competitive packages (yes, we said "packages") at or near the top of the market. This entire discussion focuses on that group because, let's be honest, for most of us "the law" isn't our calling. We don't sit up at night thinking about Section 4(2) of the U.S. Securities Act or wonder about the components of a conversion formula in a share purchase agreement (wait, maybe someti... ok, no ... never). So, for the purposes of this discussion, let's just assume that it's mostly (almost entirely) about the Benjamins. (Or Maos? Lees?)

Assumption #2: There are U.S. lawyers in Vietnam, Indonesia, Thailand, etc. But, to borrow from XOXO/Greedy Associates lingo, this discussion focuses on "BIGLAW" in the major Asian markets (i.e., Tokyo, Singapore and the greater China region) at "Vault"-listed firms. HTH.

On to the main event. Salaries. Three words: New York levels. Bonuses. Three words: New York levels. That's right. When you guys over in New York rejoice over the raises, so do we. But, there's more. A few years ago, there was this evil little SOB of a concept called "tax equalization" whereby firms, for whatever reason (well, we know the reason; you do the math), decided to pay their overseas U.S. associates an amount in salary that was equal, after tax, to what an associate in New York would be paid. Yes, that means poor little Billy in Asia was "theoretically" paying New York city and state tax. Firms have since moved away from this model. In a low-tax region like Singapore or Hong Kong, this means associates can take advantage of the low tax rates. What's that, you say? The U.S. taxes on worldwide income? Fear not. Certain provisions in the tax code are geared towards providing tax breaks for U.S. citizens working worldwide. Bottom line, associates in Asia at U.S. law firms also pay less in taxes each year.

Ohhh, and it doesn't stop there. Remember the reference we made to "packages" above? Firms in Asia (except in, only God knows why, Singapore ) foot the bill for their associates' housing expenses. Many firms pay this housing allowance in cash each month, some pay the rent directly to the landlord. Many firms then let associates keep the difference between the rent and the allowance. The word on the street is that a certain Wall Street law firm whose name begins with an S and ends with a T pays top of the market at about $80,000 a year. So, if you're an associate at this unnamed Wall Street firm that rhymes with Pimpson Cratcher and your rent is $40,000 each year, you're pocketing an extra $40,000. It's the "special bonus" that never stops giving.

According to Evan Jowers of Kinney Recruiting (who has eyeballed perhaps more offer letters from the major US and British firms in Hong Kong / China than any other person in the industry), "The housing / expat packages at the top U.S. and British firms in Asia are likely to go higher in the next year or two. Many of these firms have substantially raised their packages in only the past 6 months, with there now being many more firms in the what I consider to be competitive housing allowance range in Hong Kong, $65,000 to $80,000, than a year ago. In fact, the number of firms with housing packages over $70,000 in Hong Kong has more than doubled in the past six months."

More delicious details, after the jump.

[Ed. note: Our search for Asia columnists is complete. We are pleased to present their inaugural post.]

Welcome to the first edition of The Asia Chronicles, a weekly column about the careers and lifestyles of American corporate lawyers in Asia. The column is collectively written by an intimate cabal of high-flying, hard-charging corporate associates working throughout Asia, each sworn to secrecy and known to each other only by smell. As long-time readers of ATL, we are honored to join the ranks of its writers. Over the next few months, we will do our best to give you a full download of our experiences working and living in this part of the world.

Let's start our column with a basic question: What brings U.S.-qualified lawyers to Asia? Some might say it's the opportunity. As businesses across Asia continue to grow in size and sophistication, U.S. lawyers are often presented with novel and challenging legal issues.

For others, the money is the draw. In most of the major cities in Asia where U.S.-qualified lawyers are in demand, firms often pay at New York levels, and also throw in sizable housing packages. It's not uncommon for associates in Hong Kong, for example, to receive monthly rent allowances in excess of $5,000.

For still others, Asia is home. The ranks of American law school graduates hailing from Asia continues to swell, and many jump at the opportunity to practice U.S. law in their home countries, close to family. These lawyers are also typically fluent in two languages, allowing some to enjoy better long-term career prospects than they otherwise would in the U.S.

According to Evan Jowers, managing director of the Hong Kong office of Kinney Recruiting (and, in full disclosure, sponsor of this post), there are many reasons for U.S. associates to seek Asia positions, going even well beyond the obvious financial benefits and geographical considerations. Evan has placed over 40 U.S. associates in Asia in the past 15 months (and Robert Kinney and the rest of Kinney Recruiting's Asia team, including Steven Holzman and Joanne Kim, have also made numerous Asia placements of U.S. associates, partners and in-house counsel).

There are a number of benefits to moving from a U.S. law firm to a smaller Asia overseas office, according to Evan. These include "the opportunity to work in a small group, much more responsibility than in a large U.S. or London office, and, in many cases, one-on-one mentoring by a senior partner. Such an experience is not for everyone, but for the U.S. associate with strong entrepreneurial drive, then an Asia move -- even if just for a few years -- can greatly advance one's career prospects, in both major law firms and in-house opportunities down the road, in both the U.S. and Asia."

Over the next few months, we'll write in more detail about these and other topics related to practicing law in Asia. We hope to both inform and entertain, and we welcome your feedback. Please leave a comment or email us at asiacorporatelawyers at gmail dot com. Thanks!