I have been offered a job that is online based, working entirely from home. I reside in Hong Kong, the company is formed under HK law but the contract states that it will be governed by New York law. When I queried why, I was told because previous employees were US based so they wanted to keep contracts consistent. Does having a NY bound contract, put me at any obvious disadvantage?
It's not uncommon that an employer would choose the system of law with which they are familiar with. So, your employer might not have any "tricks" in mind to protect themselves while putting you at an disadvantage by doing this.
Read this article that shows all the points associated with contracts in foreign jurisdictions: Governing Law and Jurisdiction in International Contracts