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Global Job Hotspots 2011: Russia
Compared to the rest of Europe, the Russian economy is doing okay. While Russia fell into a deep recessi
Compared to the rest of Europe, the Russian economy is doing okay.
While Russia fell into a deep recession during the global financial crisis, the signs of recovery are there. Unemployment fell from 8.4 per cent at the end of 2009 to 7.5 per cent 12 months later, and other economic indicators, such as its economic growth rate which is just below 4 per cent, are steady rather than spectacular.
However, due to its size, and status as one of the world's leading exporters of natural gas, oil and steel, it will always be on the radar of large corporations and global law firms.
"Moscow attracts lawyers who understand the opportunities on offer and don't mind getting their hands dirty," says Michael Bromley, the managing director of EA International. "It is a very mature legal market, with opportunities to act on high-end deals in banking and finance, energy and resources and corporate work."
As opposed to other European jurisdictions, local language skills is not as important in Russia as elsewhere.
"Moscow is a marker that is really picking up again, and we have a number of roles with US and UK firms," says Jonathan Walmsley, principal, Marsden Group. "It is across a range of practice groups, and while knowing Russian would be an extra draw card, it is not essential."
The good: Moscow is one of Europe's most unique cities, and living and working there provides a very unique experience. "I placed a lawyer a few years ago who went from Clayton Utz to Cameron McKenna's Moscow office," Walmsley says. "He is now a partner at Clifford Chance in Moscow and is a real success story.
"He said he wanted to go to Moscow because it presented the challenge of working in a different jurisdiction and culture, and would force him to go out of his comfort zone. He said that the work was great and that Moscow's night life is amazing."
The bad: Accommodation is expensive, but some firms will pay a housing allowance on top of your salary. The traffic is notoriously bad, and Moscow does have issues with organised crime. Human rights groups also have question marks about the freedom of the press and the ability of citizens to air dissenting political opinions. Nearby countries and regions such as Georgia, Kazakhstan, Chechnya and the Ukraine also have a high degree of political instability
A realistic option? For those wanting to go to Europe - but steer clear of the well-trodden path to London - yes. Energy and resources lawyers and project finance specialists would be able to work with leading global firms on major transactions.
Click on the images below to discover the 2011 legal job hotspots for Australian lawyers:
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