Interview with: Chris Humphries, Managing Director

Managing Director Chris Humphries explains what sets Stuarts apart from its competitors and how the firm is adapting to clients’ changing needs.

 

What do you see as the main points that differentiate [STUARTS HUMPHRIES] from your competitors?

Stuarts has become recognised for its Cayman law expertise, pragmatism, responsiveness and client service within the investment funds, corporate and digital assets legal market .  As an independent boutique law firm, we are able to provide clients with efficient, timely responses and deep local knowledge of Cayman’s evolving legal landscape. With over 20 years’ experience in funds, corporate, and digital assets law in the Cayman Islands, our team of award-winning lawyers provide custom, expert advice to clients from around the world. We pride ourselves on customer excellence, value and proficiency and are recognised as a trusted name in the investment funds, corporate and digital assets practice areas. I am proud to have been recognised as one of the top four leading lawyers in investment funds in the Cayman Islands, having registered close to 1,000 funds. There are few lawyers who can offer this breadth of expertise and I ensure that I play an active part in all new and ongoing fund structures.

Our Investment Funds Team, which includes recognised leaders in their field, provides offshore legal advice to both investment funds and investment fund managers. We have a very well-established practice in this area and have a full regulatory and compliance support team in place. Offering regulatory and compliance advice is a critical part of ensuring the continued operations of a business and of ensuring a new establishment gets set up as quickly and efficiently as possible.

The funds, corporate and digital assets teams together offer over 70 years’ combined experience in Cayman offshore law, with many hundreds of funds successfully registered, operated, and liquidated. Alongside myself as Managing Director, we have Jonathan McLean (Partner and Head of Banking & Regulator), Megan Wright (Partner and Head of Corporate) and Joseph Bates (Associate) – all of whom are notable practitioners in their respective practice areas. Richard Annette (Partner & Head of Litigation) fulfills a very valuable role in supporting the Funds team and handles all investment fund-related litigation, including restructuring, liquidations, and the winding down of funds.. The fund litigation team also includes Adam Russell-Knee (Senior Associate).

Our deep knowledge of Cayman Islands law, ease of access to Partners,  responsiveness and experience sets Stuarts apart. We are deeply committed to our clients’ needs and constantly stay abreast of new and developing laws in the Cayman Islands to best serve our clients’ expanding requirements.

 

 

Which practices do you see growing in the next 12 months? What are the drivers behind that?

We have seen sustained growth in the cryptocurrency and blockchain space and anticipate this practice area will continue to grow as the regulatory landscape of on-shore jurisdictions, such as the US, become increasingly complex. As technology evolves and continues to challenge traditional ways of doing business, we are starting to see major firms implement blockchain technology into their business models across a wide range of industries. More events and online payment platforms are accepting cryptocurrency as an acceptable form of payment which will further change the landscape and drive the growing demand within the fintech, blockchain and cryptocurrency space.

Over the past six years Stuarts has established itself as a leader in the fintech, blockchain and cryptocurrency space. We have formed many crypto funds for clients based all over the world, as well as establishing hundreds of initial coin offering entities. In doing so, the firm has produced innovative solutions for a new market. In this fast-moving industry the responsiveness of the firm and jurisdiction have been crucial.

In 2021 we saw the introduction of phase 1 of the Virtual Asset (Service Providers) Act which implemented a regulatory regime for the registration of virtual asset service providers. Having advised on, and obtained some, of the first registrations under the new regulatory regime, our firm is intimately positioned with the necessary experience and know-how to assist clients in navigating the new regime successfully.

 

 

What’s the main change you’ve made in the firm that will benefit clients?

At Stuarts, we have increased VoIP and video conference capabilities to facilitate better communication and relationships with clients and customers, especially during the Covid-19 Pandemic and to accommodate the changing hybrid work environment globally. These capabilities also provide increased accessibility to our lawyers and flexible timeframes which are especially beneficial to our international clients.

Stuarts has also implemented a World Class Responsiveness initiative that all staff follow in order to allow for efficient communication and good time management skills with clients. This involves increasing response rates for all forms of client and customer communication (calls, emails, instant messages, social media, etc.).  We have an organised system that works for our matters, clients and staff, and are proud of the success and progress this initiative has brought about in both client satisfaction and work-efficiency. World Class Responsiveness is not just a motto for our firm, it is a deeply embedded culture.

 

Is technology changing the way you interact with your clients, and the services you can provide them?

Technology is certainly changing the way we interact with clients at Stuarts. Our new VoIP and video conferencing policy allows us to be more flexible and interactive with clients and software such as DocuSign allows us to increase response times and meet deadlines more effectively. We find that most of our international clients prefer video conference calls and the comfort of being able to work from home or while they are on the go.

We have also availed of video conferencing to provide legal updates and compliance training to our clients which has improved communication and customer relationships.

 

Can you give us a practical example of how you have helped a client to add value to their business?

Stuarts adds consistent value by establishing collective investment schemes that allows clients to raise the capital needed, operate at a profit, and adhere to the regulatory and compliance requirements of the Cayman Islands. Our proven track record in advising leading international Law Firms, Investment Managers, Investment Companies and High-Net-Worth individuals is a result of the deep understanding of our markets and the expertise of our team members.

Our Fintech team at Stuarts also adds significant value to clients within the digital assets space by providing clients with ready-to-go template policies and procedures necessary for virtual asset service providers who are regulated in the Cayman Islands. This reduces the start-up costs for digital asset businesses in the Cayman Islands by freeing up time that would otherwise be spent drafting and adopting several policies and procedures, allowing founders and investors to concentrate on the digital issues they are passionate about solving.

 

Are clients looking for stability and strategic direction from their law firms – where do you see the firm in three years’ time?

Clients look for stability and strategic direction from us and practical solutions to their circumstances. They want to know they are in good hands and are being given the most expert and up-to-date advice and guidance on what are often complex cross-jurisdictional legal and regulatory matters.

We see Stuarts growing and continuing to be a leader in the investment fund and corporate law space in the Cayman Islands and continuing to be at the forefront of leading-edge legislation in the Fintech, Cryptocurrency and Blockchain technology space.