Labour leader Ed Miliband rattled some sabres this month when he suggested that a new Labour government would demand that UK overseas territories be put on a ‘tax havens blacklist’ if they failed to cooperate with his drive against tax avoidance. But it’s still a good time to be one of the big offshore law firms. The fallout from the financial crisis may still be a live issue, but their strong performance is providing growth levels way ahead of many among the onshore pack: in a bumper year for the offshore big players, 2014 saw double-digit revenue growth and increased headcount. Furthermore, they are upbeat that their good fortune will continue.
Take Carey Olsen. It beefed up its global litigation practice in 2014 and increased the number of Jersey funds it advises – up to 381 from 321 the previous year, thereby securing just over a fifth (21%) of total market share. It also doubled its British Virgin Island (BVI) office by appointing three new lawyers last April, a move that extends the firm’s banking, corporate and investment funds client offering.
