Depending on how you look at it, the ongoing credit crunch spawned by last summer's sub-prime crisis in the US has spelled either good or bad news for offshore law firms. On the one hand, London and New York have been hit hard, and that has meant fewer big-ticket instructions flowing to offshore jurisdictions, especially in capital and insurance markets. On the other, "the relentless march of the fund product," as one Cayman Islands lawyer puts it, continues to pick up steam thanks to the crunch, as investors look to protect their money by using offshore vehicles. In fund-dependent jurisdictions such as the Cayman Islands, the British Virgin Islands (BVI) and Guernsey, for example, that is helping to soften blows delivered by shaky markets.
March 12, 2008 at 10:33 PM
1 minute read
The original version of this story was published on Legalweek
Thanks to their flexible business models, the world’s largest offshore firms are expanding, hiring and staying calm about the year ahead. Jeffrey White speaks to the offshore legal community in the British Virgin Islands, the Cayman Islands, Guernsey, Jersey and beyond
Depending on how you look at it, the ongoing credit crunch spawned by last summer’s sub-prime crisis in the US has spelled either good or bad news for offshore law firms.
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