Offshore: Building BRICS
All things considered, 2010 is so far turning out not to be a bad year for offshore law firms. Their domestic jurisdictions are no stranger to bad press or going to painful lengths to shrug off their pejorative tax haven label. But since the recognition by the Organisation for Economic Co-operation and Development (OECD) of an increasing number of offshore jurisdictions as 'white list', and the release of a largely favourable report by Michael Foot on the UK's offshore dependencies and crown territories, the more mainstream portion of the offshore community may be at risk of finally shaking off its slightly shady image.
As the expanding OECD white list changes the way offshore jurisdictions are perceived, law firms in these locations have identified expansion into emerging markets as a core strategy for 2010. Friederike Heine charts the recent developments
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