Some of the attractions of working in the offshore Caribbean sector must be obvious to all – any protest about the hard work involved is normally met with scepticism or howls of laughter at home. But despite this, few of those instructed to travel to these jurisdictions will doubt the complex and challenging nature of the work.
The market for legal services
Offshore jurisdictions attract money largely because of their status as tax havens. A large part of the reinsurance market is concentrated in Bermuda. The Cayman Islands claim to be one of the largest financial centres with more than 500 banks, numerous insurance companies and billions of dollars under management. As a result, there is a strong market for legal services.
In the Cayman Islands there is a constant flow of non-contentious trust/private client work, and local law firms regularly involve themselves in complex multi-jurisdictional capital market transactions. It is hardly surprising that the highest quality of legal and accounting services are available locally.
From time to time, substantial and hard-fought litigation arises from fund management, the administration of trusts or liquidations. Jurisdiction over such disputes is inevitably local – for example the liquidation of BCCI (Overseas) in the Cayman Islands is still generating complex disputes. Mammoth litigation in Bermuda arising from the liquidation of Bermuda Fire & Marine Insurance was recently concluded early this year. A substantial trust claim involving the Thyssen family in Bermuda is set to continue for several years.
In these circumstances, it is hardly surprising that despite the existence of local firms delivering a first-class legal service, there is often a need to use English solicitors and barristers.
