Cayman and BVI update
I recently returned from Cayman and the BVI, where I spent two weeks catching up with law firms and lawyers I have helped move there over the past 10 years. I make these trips regularly in order to:
- Say thank you to the law firms who instruct me.
- Find out about their strategy over the forthcoming year.
- Get a high level view of the market, including political developments.
- Speak to lawyers about what life is really like living there.
- Investigate the cost of living and the work/life balance really being enjoyed.
Over the course of some 50 meetings, I gleamed the following:
- Law firms in both Cayman and the BVI are busy and are starting to see a significant pick-up in transactional work, compared to last year.
- Firms anticipate there being more recruitment due to growth, rather than replacements.
- There are more senior lawyers on island pursuing partnership. Firms are investigating solutions to these potential bottlenecks, including introducing new titles and reconstituting their partnerships.
- Lawyers remain very happy with their work/life balance. The infrastructure on both islands continues to improve each year and there is more to do for families and single people alike.
- Whilst lawyers are still expected to work hard, they still have much more free time than onshore.
- Lawyers are saving considerably more than they were before they moved offshore.
- The quality of the work is much better than expected.
- The transition from onshore was much easier than expected both professionally and socially.
All in all a very positive picture for lawyers and law firms alike.