Mythical triangles notwithstanding, the island state of Bermuda plays host to the prestigious America’s Cup in June 2017. But while it may be two years before the world’s sailing elite descends on the island state, competition for the local offshore firms has already arrived. In May, Cayman-based Walkers announced it would open in Bermuda later this year. This came just one month after Bennett Jones’ (Bermuda) law practice was launched through an association with Canada-based law firm, Bennett Jones.
These are significant changes for the islands, which have little experience of overseas firms on their territory, save for Sedgwick Chudleigh, which opened in Bermuda in 2006 in conjunction with international firm Sedgwick. Subject to regulatory approval, Walkers’ opening will be the first major offshore firm headquartered outside the islands to open in Bermuda. It wasn’t the only major player to show a keen interest this year either: British Virgin Islands (BVI)-based Harneys at press time announced a combination with Bermudian firm Hurrion & Associates to form a full-service practice, Harneys Bermuda.