Legal Market Overview
The Cayman Islands (Cayman) is a globally respected domicile for investment funds, with approximately 80% of new offshore funds being formed in the region; it is also singled out for its global insurance and reinsurance sector and the jurisdiction’s leading lawyers regularly advise on the Cayman aspects of big-ticket M&A deals. Recently, a number of firms have been active in fund-related take-private transactions, while new areas include cryptocurrency and digital technology work including blockchain offerings.
Meanwhile, the complex local and global regulatory environment increasingly provides the leading legal practices with substantial regulatory work including advising on the recently enacted economic substance legislation. Consequently, several Cayman offices have expanded their global regulatory groups.
Dispute resolution remains buoyant for Cayman’s litigators, who have been highly active in commercial disputes involving insolvencies, funds, trusts, insurance, fraud and asset tracing elements, as well as high-profile dissenting shareholder merger disputes.
Notable legal market news includes the 2018 arrival of global law firm Dentons, which merged with local practice Dinner Martin Attorneys, and in 2019 recruited Jonathan Bernstein and Ben Booker from Harneys and a trust company, respectively.
Other notable growth included Carey Olsen‘s recruitment of asset finance specialist Richard Munden from Walkers, which in turn experienced the departure of corporate and finance partners Ramesh Maharaj and Alexandra Woodcock, who joined Mourant. Walkers also saw the return of wealth and succession planning specialist David Pytches, who joined from Appleby‘s Isle of Man office.