Lawyers in Bermuda are awaiting a ruling from the Privy Council of the United Kingdom that could have a seismic impact on the island’s legal market.

That market has already been in a state of heightened competition ever since the offshore law firms Walkers and Harneys entered in 2015. But in January, the Privy Council will decide whether Walkers (and, by extension, other non-Bermudan entities) can have a “Certificate of Recognition” allowing the law firm to operate in Bermuda with limited liability.