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.
The offshore firms with the largest headcounts and widest international networks comprise Appleby, Bedell Cristin, Carey Olsen, Conyers Dill & Pearman, Harneys, Maples and Calder, Mourant Ozannes, Ogier, and Walkers. Informally known, by some, as the ‘magic circle’ offshore firms, these firms generally act for the largest clients and work most closely with the big City law firms. Other highly rated and ambitious firms also have excellent clients in the offshore area, to name a few, Collas Crill, Travers Thorp Alberga, Campbells, Hatstone, and Babbé. The principal areas the offshore firms focus on have remained corporate, finance, funds, litigation, and trusts. There has been movement in all of these areas over the past year and this is set to continue. Indeed, JLegal works with all of the largest firms together with many of the small/mid-sized practices and almost universally amongst our clients there is optimism in the market, making this a great time to consider the possibilities of moving offshore.
The size and value of deals or cases attracts some of the very best lawyers in the Commonwealth. The breadth of the work can be a huge draw too and something that cannot be easily found at top teams in the City; whilst some teams will be highly specialised, in general the smaller size of departments as compared to the City means there is a good variety of interesting work which comes through to each individual lawyer. For example, a transactional lawyer may find themselves dealing with corporate, finance and funds work at any one time.
There are, of course, other factors apart from the work! These include the climate, high standard of living, low tax regime (or no tax in some locations) and City or US level salaries. These factors put together make a move offshore hugely attractive to many lawyers. For some, personal circumstances mean they cannot move away from London, never mind out of the country. For others, the requisite skill set or career background is lacking. But if there is an ability to move, plus City-level experience in one of the key practice areas, then such a person is someone JLegal would always wish to hear from. We have many years of experience in enabling lawyers with US/City/top regional firm experience to relocate for roles offering all the benefits above.
We would always stress that the move must be about both the ability and desire to do so. We have moved people at all stages of their lives. There is a thriving ex-pat scene in all of the jurisdictions so those travelling on their own should feel able to consider the move as a great personal opportunity. Likewise couples and families can view the lifestyle as an attractive alternative to the City. For anyone, the short commutes and more predictable hours mean life outside of work can be very fulfilling.
There are some cautions; continued speculation about increasing financial regulation due to concerns about the islands as ‘tax havens’ being one. However the firms (and governments) have been open with the relevant authorities and have done what is required of them. In addition, there is likely to be at some point a tightening up of immigration rules particularly in Cayman which may restrict the ability of some lawyers to work there. Again, this is not an issue to the best lawyers – the quality of work and the revenues these generate for the islands means City lawyers will probably always be considered for roles. Also, if moving with someone else, the partner not seeking a legal job needs to be onboard with the proposed move. Do they need a job too? Are they going to be happy being away from other family and friends? These questions need serious discussion.
Lawyers considering a move offshore need to have considered their motivations carefully and be able to explain these at interview. A desire to live in a great location and for a different, more outdoors, standard of living are acceptable reasons but firms will also be looking for our applicants to have a knowledge of the offshore legal area, a clear idea of the type of work they will be doing, and of the practical realities of living offshore. JLegal has substantial experience in successfully consulting in these regards and can advise lawyers through the interview process and what to expect.
So what background should a lawyer have to think about a move offshore? Historically firms have looked at lawyers from the Top 10 in the City and it is still true that lawyers at these firms, plus the large US practices, are particularly highly valued. However the firms also recognise the quality of people at Top 50 City firms and regional offices of international firms. We would be happy to discuss offshore opportunities further with lawyers at any of these firms.