Philip Jennings of JLegal discusses these key jurisdictions and the opportunities (and challenges) of moving offshore.
The first thing to state is that the sub-heading above defines the importance of Cayman, Bermuda, BVI, Jersey and Guernsey. These are key jurisdictions in the global legal market and the original locations for the major offshore law firms which now have offices in myriad other locations, including in Asia and the Middle East. They are still where those firms have most of their lawyers and where most of their work originates from. The transactional and contentious work carried out under, and sometimes because of, the laws and regulations of these countries is always high value and cross-border, involving the Magic and Silver Circle firms on a regular basis. Sometimes the premier City or US firms will instruct the offshore firms on part of a deal or case but also some of the most prestigious clients directly instruct the offshore firms, including global banks and financial institutions, ultra high-net worth individuals, trust companies and funds.