There has been no shortage of headlines declaring that Hong Kong is making a “comeback.”
It is easy to understand why; Hong Kong's capital markets have entered 2026 with renewed momentum. In the first half of the year, 87 new listings raised HK$210.2 billion, up 92.1% year-on-year and representing the second-highest first half for IPO fundraising on record. Trading activity has also strengthened considerably.
At the same time, Hong Kong continues to strengthen its position as an international financial centre, with further reforms aimed at attracting investment firms, fund managers and financial talent to the city.
For the legal market, these are encouraging developments. Although, does this mean that Hong Kong is suddenly “back”?
Speak to the people who actually live and work there, and the story becomes considerably more nuanced.
Hong Kong Never Really Went Away
For Sonia Taylor, Director of Asia at Sonder Consultants, one of the problems with the “comeback” narrative is the suggestion that Hong Kong suddenly needs to lure international professionals back, when in reality, many never left. While professionals are certainly moving to Hong Kong, reducing those decisions to low taxes and improving capital markets misses much of what has always made the city attractive.
There is also another shift happening beneath the headlines.
Much of the conversation around Hong Kong's talent market focuses on the return of Western expatriates. In reality, talent from Mainland China represents an increasingly important part of the picture.
Official immigration figures show 6,503 approvals under the Admission Scheme for Mainland Talents and Professionals in the first three months of 2026. Under the Immigration Arrangements for Non-local Graduates, 3,849 of the 4,018 approvals over the same period were for applicants from Mainland China.
Therefore, rather than simply recreating the Hong Kong of five or ten years ago, the city's talent market is evolving, and the legal sector is evolving with it.
The Legal Market Is Showing Signs of Confidence
There are genuine reasons for optimism within Hong Kong's legal market.
The rebound in IPO and cross-border activity is supporting hiring confidence, with recruitment remaining active across areas including Funds, Corporate and Disputes. Firms remain disciplined around costs and selective about hiring, but deal flow continues to create demand.
There has also been investment at senior levels. Recent months have seen international firms making strategic lateral hires in Hong Kong across areas including Capital Markets and Disputes, while PRC firms have continued to establish and expand their presence in the city. This distinction is important.
Hong Kong is not experiencing indiscriminate hiring across every practice area and level. Firms remain specific about the lawyers they want, and technical expertise, language capabilities and relevant regional experience can significantly influence a candidate's options.
But greater transaction activity and improving confidence are creating reasons for firms to invest. For lawyers, that means there are opportunities, but understanding where that demand actually sits matters more than simply following positive headlines.
More Than IPOs and Tax
There is another part of Hong Kong's story that recruitment statistics cannot capture: people do not choose where to build their careers based solely on IPO volumes or tax rates.
For Sonia, who lives and works in Hong Kong, the appeal of the city has always extended much further.
“Hong Kong's appeal has never been just about money. For many of us who live here, it's about quality of life, opportunity, convenience and the unique energy of the city itself. The beaches, hiking, food, culture and access to the rest of Asia are all part of what makes people choose to build a life and career here.”
— Sonia Taylor, Director of Asia, Sonder Consultants
That combination is difficult to replicate elsewhere. Lawyers can build careers at the heart of one of Asia's most important financial centres, with extraordinary connectivity to Mainland China and the wider region, while enjoying a lifestyle that extends far beyond the office.
These things might sound secondary in an article about the legal market. For someone considering an international career move, they aren't.
Relocation decisions are rarely purely financial. Compensation, quality of work and career progression matter, but so do lifestyle, family considerations and whether someone can genuinely imagine building a life in a city.
That is why reducing Hong Kong's renewed appeal to “low taxes and an IPO boom” misses a significant part of the picture.
What Does This Mean for Lawyers?
For lawyers considering Hong Kong, the improving market creates opportunity, but positive headlines shouldn't be mistaken for universal demand.
The more useful questions are more specific. Wich firms are investing? Which practice areas are genuinely growing? What levels are being targeted? How important are Mandarin or Cantonese capabilities for a particular role? And how transferable is your existing experience?
For lawyers already based in Hong Kong, renewed confidence can create new options as firms selectively compete for talent. For international lawyers considering the city, the decision requires a broader assessment: not simply whether Hong Kong is performing well today, but whether the work, platform, career trajectory and lifestyle make sense for the longer term.
This is where having an accurate view of the market becomes particularly important.
A More Nuanced Story
There is clearly momentum in Hong Kong. Capital markets activity has strengthened considerably. Firms are making strategic investments. Talent continues to enter the city, and the composition of that talent is changing.
Describing all of this as a “comeback”, however, risks oversimplifying what is actually happening. Hong Kong did not disappear. Nor can its appeal be explained solely by IPO volumes, tax incentives or the return of expatriates.
The more interesting story is how the city is evolving.
Its financial markets are strengthening. Its talent pool is changing. Its legal sector remains highly selective but is showing signs of renewed confidence. And the combination of career opportunity, connectivity and quality of life continues to give Hong Kong an appeal that goes well beyond the numbers.
For lawyers considering Hong Kong, understanding that more nuanced picture is far more useful than simply asking whether the city is “back.”
At Sonder, our team on the ground in Hong Kong works closely with lawyers and law firms across Asia to understand where demand is developing and how the market is changing.
Whether you're actively considering a move or simply want to understand how your experience compares to the current market, our Asia team is always happy to have a confidential conversation.
