Clifford Chance lawyer loving life in Hong Kong

Having worked for Slaughter and May and Clifford Chance in London, Paul Landless currently works for CC in Hong Kong - and he loves Hong Kong.  We asked him about the differences in the working environments and lifestyles between the two cities and why he thinks being there on secondment is such a good option…

mtl:  Hi Paul, tell us about law in London first. 

Paul: I trained at Slaughter and May, which was a pretty traditional place to work and I left because I wanted to do structured finance work.  I also wanted to work for a more globally-minded organisation with a very commercial outlook and a US presence - and somewhere which was not too hierarchical and where associates had some freedom and voice to get involved in the business. 

I chose CC for these reasons and because I wanted to be taught well and do interesting and international work. I joined the securitisation department because of the broad finance experience that I would get and the wacky structures that I would come across.  Securitisation transactions give you a taste of banking, real estate finance, projects, derivatives and capital markets all at the same time and you also have to get to grips with infinite regulatory and tax issues. Of course the hours and work-life balance can get horrendous, so to counteract this you need to organise yourself, escape when you can and enjoy your free time when things are quiet. 

Above all, the key thing is that I never got bored during my two years of securitisation at CC in London.  The work was difficult, I was always learning and the job never got fundamentally dull or repetitive.  There was always a lot of good banter and fun between the associates and partners and I was always amazed by how much the firm and all the partners kept everyone informed about the business plan, the firm's financial numbers and what was going on generally.

mtl:  It sounds like you were perfectly happy.  Why move?   

Paul:  Like a lot of people, when I reached 2 yrs PQE, I thought about my career.  Some of the options at that stage as a finance lawyer are to go in-house to a bank, hedge fund or a corporate, move to a US firm, go overseas on secondment or stay put and aim for partnership in another six or so years.  I thought that eight years plus in the same office would be a long time though and that I ought to at least work in another of the 27 offices listed on the firm’s stationery. 

I hadn't lived abroad before and didn't do an overseas seat during my training contract.  Given CC's range of offices worldwide and all the talk about mobility of personnel, I thought I'd test it out and ask the partners if I could be temporarily seconded to Hong Kong.  Even though there is no full-blown securitisation team in Hong Kong, I was actually able to move to Hong Kong after a very simple process. 

I chose Hong Kong because it was important to me to stay in one of the world’s financial centres where I could do structured finance work.  I wanted to try somewhere completely different from Europe or even the West and I also wanted to visit places around Asia from there. I’d studied some Chinese history as part of my history degree at university and was generally fascinated by the recent growth of China and what it means for the world.  CC was rapidly expanding its businesses in Asia and it was striking how global English law firms were becoming less London-centric with the growth in Asia as well as the Middle East, Russia and Eastern Europe. 

Transferring to Hong Kong gives you a great lifestyle with amazing designer bars and hotels, gastronomic food and lots of travel opportunities, while still giving you exposure to sophisticated work and the chance to learn a lot.  I think it's an easier place to live than Tokyo as English is widely spoken here, while it’s more active and exciting than Singapore.  I’m also half-Asian, I am a big foodie and I liked the nightlife and beaches when I had visited previously - so it was a no-brainer!  I moved within six months of first approaching the partners in my department in London.  Fortunately my fiancé was able to move jobs too… 

mtl:  Tell us about your job in Hong Kong…   

Paul:  I moved out here to do derivatives and although there is an overlap with securitisation, I basically had a huge change to get my head around.  As well as moving country and starting work in a new office for unknown partners and senior associates, I also had to switch my specialty at 2.5 yrs PQE.   

CC's Hong Kong office is obviously much smaller than its London counterpart, so you have the benefits of working in a small firm (i.e. more responsibility and a more “cosy” environment where you get to know people in other departments), yet with all the experts, templates and knowhow of a magic circle firm at your fingertips.  You also have the chance to come across other departments and completely different types of law, which is less likely in London. 

I have been exposed to the realities of running a legal business, which you don't truly appreciate as a junior/mid associate in London, i.e. being careful about managing clients, making fee estimates, agreeing invoices while agreeing other costs with other law firms or CC offices.  It’s pretty illuminating to see how a satellite office is run and how it interacts with other offices and you get a truer picture of the firm and how the partnership works as a whole. 

I think the work is sometimes more dramatic and complicated here than in London.  There are so many jurisdictions with strict foreign investment or foreign exchange rules to take account of and as a result you see many clever investments and financings being structured.  Meanwhile, you really do have to think on your feet.  In Asia, people literally do run off to Rio with the money, there can be a lot of political issues in certain countries, and bonds and loans do get enforced, even weeks after closing.  The result is that you need to worry about things that are normally a given in London.  My view is that you think differently and more practically as a lawyer here. 

My hours are typically 9am-8pm on a good day and worse on a bad day, depending on what is happening.  There'll be a couple of very late nights every fortnight (due to time differences with Europe and the US) but I work far fewer weekends than I did in London.  But the best difference is that when you leave work, it only takes minutes to get home compared to a possibly long commute across London.  That means you can pack in so much in the evenings - going out for dinner, watching the horse-racing, attending team training sessions for sports you're involved in or going for a run or a hike in the mountains towards the south of the island. 

My biggest complaint about working here would be that the clients are more demanding, less willing to pay and want things done more quickly than in London.  Obviously working on a transaction that involves New York or even Chicago is also more challenging given the time difference…   

mtl:  And what’s it like living there?     

Paul:  There are lots of meals and nights out, lots of sports clubs and, to my surprise, everyone goes hiking armed with all the kit (you can get into the hills in about 15 minutes where the views are stunning) and you can get to the beach in about 10 minutes. You don't really realise it before you come, but Hong Kong is 85% rural with an amazing coastline and mountainous scenery.  A real perk is going on a weekend "junk trip" where you can head off to another island, have a seafood lunch for £5.00, go wake-boarding and then bask in the sun with a cold San Miguel can of beer.  Most companies, law firms and banks have their own boat that you end up joining people on.  

For me, one of the main benefits of being here is the travel.  Last weekend I was in Bangkok, I'm off to Angkor Wat in Cambodia in a few weeks as well as Tokyo after that.  You can fly off for city breaks or long weekends to, for example, the Philippines, Cambodia, Thailand, Vietnam, Shanghai (2 hours) or Japan, Bali, Malaysia, Singapore (4 hours), experience some of the most amazing beaches you have ever seen, go diving or check-out the spas and infinity pools.  The skiing at Niseko in Japan is also fantastic.  Flights can be cheap – some are the equivalent of Easyjet or a BA European flight but they can be expensive if you don't book early.   

I think that the work-life balance and quality of life here are out of this world.  There is a service culture that is way ahead of Europe and very little crime, so it is a safe place to live. Everything seems very efficient and practical.  Taxis are £2 to go anywhere, the underground is air-conditioned, everyone has a cleaner for about £4/hour and you can get virtually designer supermarkets with the best food from the UK (even Waitrose products) and all around the world, especially France, Italy, Germany, US, Australia and Japan.  All supermarkets will deliver your shopping straight to your front door after you've paid at the check-out.  

There is a massive ex-pat community and it almost feels like freshers’ week at university - everyone is outgoing and has arrived here with a certain outlook on life and you constantly meet people in pubs or at parties (which are almost always fancy dress).  A lot of people come in their late 20’s and early 30’s from London and it is fun whether you are on your own or in a couple.  A running joke is that Happy Valley, the area around the racecourse, should be called "Clapham East."  I've also made new friends with people from Australia, the US and Mexico.  People are generally very lively, energetic and friendly because they’ve made the decision to move here and they want to get the most out of the experience. 

mtl:  What’s the job market in HK like at the moment?     

Paul:  It seems to be very strong.  The law firms are all expanding aggressively as HK is such a growth area and because lots of banks are moving so many people here.  There seems to be an increasing amount of work.  CC has done very well this year in HK and the legal recruitment agencies are trying to recruit people from all over the world. 

mtl:  Do you have any comments about the practicalities of the move?     

Paul:  You would generally get a serviced apartment for a while when you arrive so that you can find your feet.  People recommend places to live to each other and as there are so many ex-pats, you would probably already know someone out here who could give you advice. 

Rent is very, very expensive – I would say two or three times the price of rent in London. That was a bit of a shock, especially as employers no longer subsidise it so much due to the low tax rate of 15%.  Salaries are slightly lower but when you factor in lower tax and a lower cost of living, even with the increased rent you should still be marginally better off than in London.  However the real selling point for me is the massive improvement in quality of life.  It is generally sunny, other than when the typhoons hit (when you get a day off), and temperatures rarely fall below about 15 degrees. The humidity can be difficult though.

mtl:  Finally, can you think of any reasons not to move to HK?!     

Paul:  As I’ve said, the rent is high and clients are demanding and want things turned around quickly.  However the work is dramatic and the law is exciting.  There is a more pioneering and entrepreneurial atmosphere here than in the UK, so I think you have to be more alert as a lawyer and use more common sense.  The work is extremely varied and very international as you deal with so many jurisdictions throughout Asia with different legal systems, so every week you find yourself regularly working with colleagues all over the world.  There is a lot of good work but in a small office environment and on top of that living here is really fun – I have absolutely no complaints!

mtl:  Thanks Paul.  We know you will be coming back to CC London at some point, so we wish you well in re-acclimatising! 

If you know any other lawyers who have gone and done something interesting or unusual with their lives or who have a great work/life balance then please get in touch.

WITHIN LAW

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