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.