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Having witnessed a sharp decrease in funds formation, structured finance and investment funds work in general, most leading Cayman law firms have been busy with insolvency and restructuring and funds disputes, especially claw back claims following Madoff and a number of other funds frauds. The collapse of hedge fund Bear Stearns has also generated huge amounts of work for the leading Caymanian firms.
Maples and Calder and Walkers remain the market leaders, both in size and in breadth. While Maples and Calder receives praise for its ' exceptional quality across the board', Walkers is regarded as ' a top law firm fielding a number of lawyer who are simply superb'. In a surprise move in, Maitland Cayman Limited headhunted Walkers' head of trust disputes, Sarah Collins and opened up a new office in the Cayman Islands.
While Walkers fields offices in Cayman, BVI, London, Jersey, Dubai, Hong Kong and Singapore, Maples and Calder is present in the Cayman Islands, BVI, Dubai, Ireland, Hong Kong, Jersey and London. In Jersey, the firm is part of a 'best friends' arrangement with Channel Islands law firm, Carey Olsen.
Other leading global offshore firms with a presence in the Cayman Islands include Appleby, Mourant du Feu & Jeune, Ogier and Conyers Dill & Pearman. Appleby is best-known in the Cayman Islands for its ' phenomenal' experience in dispute resolution. Mourant du Feu & Jeune has witnessed an impressive growth, since it absorbed local Caymanian firm Quin & Hampson. Ogier has expanded its international newtwork of offices by opening up in Bahrain and Tokyo. Conyers Dill & Pearman has also added three new offices to its network, having opened up in Moscow, Mauritius and São Paulo.
Apart from Maitland Cayman Limited, two new players have also recently opened up in the Cayman Islands. BVI market leader Harney Westwood & Riegels has been set up in Cayman under the leadership of the firm's global head of investment funds, Kieron O'Rourke, and fellow partner Tim Clipstone. Higgs & Johnson opened up a new Cayman office, following its merger with local firm Truman Bodden & Co.
Highly respected local firm Solomon Harris opened an office in Zurich in, to cater to the firm's growing portfolio of European clients. Other leading local Caymanian firms include Charles Adams, Ritchie & Duckworth, Ritch & Conolly and Campbells.