HSBC is boosting its UAE legal team – and it’s not the only one.

“Competition is tough in the UAE and we’re all competing for good lawyers. We need to respond to the growth and the level of activity,” Melika Betley, Head of HSBC’s UAE legal department told website Thelawyer.com.

Betley said the bank is particularly keen on unearthing derivatives and fund lawyers for its UAE operations, “because these are the areas that have developed very quickly.”

But with legal talent tight, the bank is considering alternative ways to build its team, including secondments and lateral hires from rival banks. Secondments would be likely to come from the bank’s international panel firms, which include Allen & Overy, Clifford Chance, Linklaters and Norton Rose.

“The number of financial services providers have increased in Dubai, which in turn has led to an increase in demand for specialised lawyers in the financial sector,” a senior recruitment agent said.

A funds lawyer with three to six years’ experience can command a tax free salary of 80k to 120k per year, plus accommodation allowance and performance bonus.

Lawyers in the telecommunications, media and technology sector can get anywhere between 90k and 140k per year.