Think offshore centre and certain calm images spring to mind: elegant yachts, crystal blue water, sparsely-populated beaches and gently sloping palm trees. However, in September this idyllic cliché was superseded in the public consciousness by horrific scenes of destruction as Hurricane Irma and then Hurricane Maria ripped through the Caribbean. The British Virgin Islands, where nine of the top ten offshore law firms have an office and nearly 400,000 offshore companies are registered, were catastrophically affected.
Favoured by Chinese companies in Hong Kong for more than 30 years, ‘a BVI’ is shorthand for an offshore company, so renown is its status. But while the narrative coming out of the British Overseas Territory has been defiant with Lorna Smith, interim executive director of BVI Finance, saying there was ‘no doubt’ it will fully return, it could take some time before full operational normality as a commercial and litigation centre is restored. At press time, the territory’s company register continued to function via the online portal, VIRRGIN and just prior to the disruption, company incorporation certificates were sent to London by the BVI Financial Services Commission to have them issued there. The commercial division of the High Court had resumed and matters were being heard by the commercial judge sitting in nearby St Lucia in person, or by teleconferencing or videoconferencing if agreed by the parties.
‘I said that opening in Shanghai would, in the future, come to be seen as the most important event for Harneys in 2017,’ says Peter Tarn, the firm’s chair. ‘You make plans and God laughs. So we clearly have to add Hurricane Irma to that list, but the reality is that our geographic spread and one-firm approach made it stressful on a personal level, but manageable from a business continuity perspective – clients not noticing is the goal.’
‘I said opening in Shanghai would be seen as the most important event for Harneys in 2017. You make plans and God laughs. We clearly have to add Hurricane Irma to that list.’
Peter Tarn, Harneys
Before the devastation witnessed across parts of the Caribbean archipelago, the offshore jurisdictions there had continued to flourish this year in business terms. The same also applies in the calmer waters of the Channel Islands, and for the key Asian feeder hubs of Hong Kong and Singapore. The contest over which offshore firm – or even which office – is growing the fastest is difficult to call.
‘On the back of three or four years of extraordinary growth, it has been a very good year indeed,’ says Tarn. ‘We are absolutely hammering ahead when you look at the business as a whole: good profit growth and good turnover growth.’ Centred on the Cayman Islands, London and Hong Kong, and headquartered in the BVI where nearly a quarter of its lawyers are based, the firm has expanded its headcount by 15% this year alone – a reflection of increased demand across its network of offices.
As a further indicator, Harneys made up eight partners in January. Tarn adds: ‘We have grown much faster than anybody else in the offshore market if you take the last four or five years as a whole. It gives you a critical momentum: people are therefore interested in joining. We do regularly get groups of people asking us about coming over, and individuals as well. It’s slightly self-perpetuating, that element.’
Cayman-based Walkers is another firm that can lay claim to having the fastest growth. Says Ingrid Pierce, the firm’s global managing partner: ‘When we talked about doing a partners’ meeting in 2013/14, we discussed the logistics of dealing with 60 people. Now we’re over 100.’ Less keen to talk numbers – although it remains the largest offshore firm with around 300 lawyers – Maples and Calder has had another strong year, particularly in funds. The firm also recently advised aircraft lessor Avolon in its $10bn acquisition of CIT Group’s aircraft leasing business.
This growth is not confined to Caribbean-based firms. ‘It’s been a very good 12 months for us, almost across the board – we’re up over 10% on headcount year-on-year, income is up about 20% year-on-year,’ says Edward Mackereth, global managing partner of Ogier who is based in Jersey. ‘We have brought on board ten new partners in the last 12 months, some of them very significant lateral hires.’ This includes Gavin Ferguson, the former managing partner of Appleby in Guernsey.
Another managing partner says of Ferguson’s hire: ‘He’s a great character, probably a very good example of a situation where people in Guernsey did business with Gavin; they didn’t do business with Gavin because he was at Appleby.’ In addition to Ferguson, who joined Ogier in May, the firm’s Jersey hires include prominent finance partner Simon Felton, who came from Mourant Ozannes in March, and two partners hired from Bedell Cristin: private wealth partner James Campbell and investment funds partner Emily Haithwaite.
‘Offshore is a cork bobbing on the ocean: we go where the ocean currents take us.’
David Cadin, Bedell Cristin
Last year, Carey Olsen was the top adviser for new regulated funds in Jersey – more than double its nearest rival, according to the Monterey Insight Jersey Fund Report. These activity levels also extend to corporate. ‘We have been extremely busy with public and private M&A,’ says Guernsey corporate partner Tony Lane. Although the firm’s Hong Kong and Singapore offices are small and relatively new, he notes that they are ‘particularly strong referrers of work into our Cayman and BVI practices. Also, by having people out there, we are raising the profile of the Channel Islands and seeing increased inquiries from that region.’
Fellow Channel Islands powerhouse Mourant has seen 50% revenue growth in Hong Kong, primarily from its corporate, finance and funds practices. This includes advising on the first-ever public-to-private transaction on the Hong Kong Stock Exchange (HKSE) completed by a private equity firm: the $1.1bn privatisation of Nirvana Asia by CVC. Of all the companies listed on the HKSE, nearly half are incorporated in Cayman, while Bermuda has just over a quarter. In May, Mourant’s investment funds team also established the first five Jersey private funds – a new type of privately-offered, alternative investment fund.
Asked if he would like his firm to emulate Mourant, Bedell Cristin managing partner David Cadin responds: ‘That might be right in certain respects, but I’d like to be half their size and twice as profitable.’ Last year, Bedell saw a 41% year-on-year increase in disputes work. ‘Offshore is a cork bobbing on the ocean: we go where the ocean currents take us. I don’t think it is 41% now, but it’s still very buoyant,’ says Cadin.
Meanwhile, growth has also been the watchword at Collas Crill. Having finalised its merger with BVI firm Farara Kerins in January, it opened a representative Hong Kong office in September. Group managing partner Jason Romer says: ‘We have been referred to as the fastest-growing offshore law firm. There has been consolidation in financial services businesses in the Channel Islands and we have played a large part in many acquisitions. In dispute resolution, we are at the forefront of most of the large litigation in our jurisdictions. We were involved in litigation over the collapse of Carlyle Capital – a very large piece of litigation – and in one of the largest liquidations in the Cayman Islands we are currently acting for the joint official liquidator.’
‘Our Asia offices are strong referrers of work into our Cayman and BVI practices. We are raising the profile of the Channel Islands.’
Tony Lane, Carey Olsen
Urge to merge
If the aggregate picture across the offshore firms is one of robust growth, there are other factors in play, not least the renewed appetite for further consolidation. ‘There are often rumours about mergers in the market,’ says Mackereth. ‘But there have probably been more rumours in the last 12 months than there have been previously, and it wouldn’t surprise me if they happened.’
At Appleby, global managing partner Michael O’Connell echoes the rhetoric: ‘It would not surprise me if you see maybe two or three of them happening. But we have no intention of allowing ourselves to be squeezed by the growth around us. If the right opportunity arose, we could easily be the first mover. It is not easy to make these things happen. The stars need to be aligned, the timing needs to be right, and you have to have an appetite on both sides. I would not rule out the possibility of an offshore merger which consists of two offshore firms and a well-known onshore firm.’
His ideal onshore candidate would be a firm that ‘has a good profile, but lacks the international network. That would presumably be what would attract them to offshore firms with an existing network of offshore jurisdictions. That would be really exciting, if you found the right combination of people who have the right creative ideas. Because the reality is that offshore and onshore work is blurring. It is becoming less relevant to make the distinction. Clients want business solutions: they do not want to go to an offshore firm, and separately an onshore firm. They want to have their business handled by a network and competent people wherever they need to go.’
‘Clients want business solutions: they do not want to go to an offshore firm, and separately an onshore firm.’
Michael O’Connell, Appleby
Another managing partner confirms: ‘We have started the discussion process with some candidates: we will see where it leads. There is certainly no appetite to be taken over and the furthest the partnership would go is a merger of equals, not becoming part of another firm’s network or anything like that.’
And yet another offshore management figure, who insists their firm is not in the market for a merger, notes: ‘There are two different kinds of firm: those who may be weaker at the moment and need someone and those in a position of some strength, who would like to merge because they think it would make them even stronger.’
David Lamb is co-managing partner of Conyers Dill & Pearman in Hong Kong, where both he and the firm have been since 1985. His firm has never merged and has no plans to do so.
But, as a keen observer of events, Lamb cautions: ‘What you need to do is find a merger that achieves a strategic objective and is accretive and, of course, it has to be the right cultural fit. That’s quite difficult. But I know that some of the senior partners at competitor firms believe that there will be consolidation in the offshore industry. I don’t know whether or not there will be a mega-merger. If there is, it will probably be as a result of the two firms feeling in a relatively vulnerable position more than anything else.’
Seven years on from the largest-ever offshore merger, which created Mourant Ozannes, managing partner Jonathan Rigby notes: ‘We’ve achieved all the strategic goals we set for ourselves at the time of the merger, but the biggest achievement has been forging our truly one-firm culture, where offices and practice groups add up to something far greater than the sum of their parts. Our clients tell us that connecting the dots in this way is differentiating and something we do really well.’
However, a rival managing partner says of Mourant: ‘They have not conquered the Caribbean. That’s what they would like to do – another merger may be one option.’ So would Rigby be up for the challenge? He plays a predictably straight bat: ‘We would only consider another merger if it presented an opportunity to achieve our strategic goals more quickly, without diluting our culture, of which we are so proud.’
‘In an ideal world, there would be a few more farmers and hoteliers, but there are as many lawyers in Jersey as there are because the work is there.’
Edward Mackereth, Ogier
Jersey calling
While half of the world’s biggest offshore players – Appleby, Conyers, Harneys, Maples and Walkers are based in the Caribbean, they are diversely spread. The biggest single centre for offshore lawyer headcount is the colder and more sedate island of Jersey. ‘To some extent it is over-lawyered, and as a result is highly competitive,’ says Romer.
‘We have now got around 45 firms with a lot of lawyers fulfilling different roles,’ notes Cadin. ‘I would tend to agree that there are possibly too many.’ Mackereth counters: ‘Yes, there are lots of lawyers in Jersey. In an ideal world, there would be a few more farmers and hoteliers, but there are as many lawyers in Jersey as there are because the work is there, and because it is a very high-quality jurisdiction to do the work.’
Geoff Cook, chief executive of Jersey Finance, says: ‘In 2016, most of the law firms in Jersey had a record year and that buoyancy carried into 2017, particularly for the ones that were involved in fund structuring and, as an asset class subset within that, real estate fund structuring. Many of the group managing partners are here. That’s true of Appleby, Ogier, Carey Olsen and Mourant Ozannes – those big four are all here. This is a bit of a centre of excellence of mind and management for these groups around the world, so for us, that has been a pleasing development.’
‘If there is a mega-merger, it will probably be as a result of the two firms feeling in a relatively vulnerable position more than anything else.’
David Lamb, Conyers Dill & Pearman
It is a well-established pattern that as firms become larger and the size of a market increases, so more opportunities arise for start-ups and spin-offs. One reason behind the boom in firms on Jersey is the growth of boutique practices, especially in litigation. After a spell as senior legal adviser at the Law Officers’ Department in Jersey, Steve Baker set up his own litigation firm, Baker & Partners, in 2003.
‘We have had an extremely busy 2017,’ says Baker. ‘We completed a four-month trust dispute trial involving $200m, and we are currently preparing for what will in all likelihood be Jersey’s biggest case next year: a dishonest assistance claim against the Royal Bank of Canada.’ Baker recently established an affiliated joint venture in Washington DC, Baker de Kluiver, which specialises in international financial regulation and securing justice for fraud victims.
Having trained at Slaughter and May before becoming a partner at Bedell Cristin in Jersey, James Gleeson set up Dickinson Gleeson in 2010. ‘Our primary focus is in litigation,’ he says. ‘One thing that’s been noticeable about the development of legal practices in Jersey, which reflects the English experience, is the offshoot of a number of boutique practices like ours. There are plenty of other examples, so I can understand the comments about being an over-lawyered jurisdiction. It’s probably reflective though of the fact that there are such a lot of offshore structures with the consequential conflicts that arise. There’s a lot of work and a lot of money flowing through, and that brings opportunities for smaller law firms to get exposure to high-end work.’
‘On any objective test of reason, we should not have any problems from Brexit.’
Geoff Cook, Jersey Finance
Objectively, the Channel Islands seem more likely than other offshore centres to feel the impact of Brexit more acutely. But it is notable when talking to offshore lawyers that none mention Brexit until prompted. Even then, responses vary widely as to what it will mean for their business. ‘From what I can see in the next year or so, Brexit will make very little difference to us,’ says Pierce. ‘It could be a net beneficiary but for the work we do it’s not a big impact on our practice.’
Rigby offers a different perspective: ‘Having two bases in the Channel Islands that are effectively outside of the EU, since the referendum we have seen a surge of new opportunities, especially in private equity, and we also continue to see large volumes of regulatory and governance work.’
Tarn argues the chief Brexit consequences for the offshore jurisdictions ‘are opposite and quite interesting’ and that losing the protective influence that the UK deploys from time to time in Europe is potentially quite dangerous, particularly in the short term. ‘In the medium term, Brexit as it affects the Overseas Territories, and particularly the Crown Dependencies, is probably a good thing in that it is likely to lead to a more natural alignment than maybe ever-closer union would have done. You see that in terms of the way you get politicians already saying: “Surely, we should we thinking about low corporate tax rates?” In the medium term, that creates a more empathetic relationship.’
‘Brexit doesn’t affect us nearly as much as it will affect the UK economy. It might well be just business as usual for us, regardless of which way it ends up.’
Jason Romer, Collas Crill
Cook does not automatically anticipate any negative consequences for Jersey: ‘We are not part of the European Union; we are not part of the Brexit separation. We have our own bilateral relationships with European countries that have been negotiated over four decades and we actually have a good flow of business principally into Europe, not out of Europe, by our international investor base, which the European economy benefits from. On any objective test of reason, we should not have any problems because we are complying with all the European regulations on an equivalence basis. But nonetheless, when families fall out you can have unintended consequences.’
Cadin develops the argument more forcefully: ‘Jersey has positioned itself as a jurisdiction that was always outside Europe, so it doesn’t matter about Brexit, we are still going to be outside Europe. Historically we always sold into Europe, and going forward, we will always sell into Europe. We are assisting the City of London with its approach because of our expertise and our experience about how you have your own regulations: if you want to sell into Europe they have got to look pretty similar to the European ones. What is possibly more difficult for us is the uncertainty in the UK economy as a result.’
Mark Hucker, managing director of VG (recently rebranded from Volaw Group), sees the opportunity that comes with the challenge of Brexit. ‘Looking ahead to a post-Brexit world is nearly impossible and with it comes uncertainty, which presents a significant challenge. However, like the slightly disruptive child of a divorcee, there is the potential and ambition that Jersey will emerge with new and stronger relationships. If that does happen, we have an excellent opportunity to prosper. Part of our plan to take advantage of this in the next couple of years is to expand outside Jersey, possibly into Europe or Asia.’
‘I understand the comments about Jersey being over-lawyered. There’s a lot of work and a lot of money flowing through, and that brings opportunities for smaller law firms to get exposure to high-end work.’
James Gleeson, Dickinson Gleeson
Romer is equally sanguine: ‘The interesting point is that all of the jurisdictions in which we operate are already outside Europe, so to a large extent, it doesn’t affect us in any way, shape, or form, nearly as much as the way it will affect the UK economy. Relatively, therefore, it might well be just business as usual for us, regardless of which way it ends up.’
Business as usual is the mantra that keeps coming from the key offshore players, whether they are battered by natural disasters or political and economic headwinds. Adaptability is key and these nimble outfits are well versed in handling adversity. LB
Perspectives: Walkers – Ingrid Pierce
Ten years after joining Walkers, Ingrid Pierce became the first female managing partner of a major offshore firm in 2012. ‘Growing up, we lived in the Caribbean and then London,’ she says. ‘I knew from an early age that I wanted to be a lawyer. I liked the idea of the Bar; it was probably the sense of drama – and the gowns. I never really thought about doing anything else, although after the reality of life as a junior barrister set in I did once think about packing it in to become a handbag designer.’
Pierce enjoyed the camaraderie of chambers (Hardwicke Building). ‘As a very junior barrister when examining a witness in a road traffic case, I thought I was doing rather well until I noticed that the judge was asleep.’ She adds: ‘The Bar teaches you to look at situations from different angles; see other points of view while advocating your own. It also engenders a certain level of trust with colleagues – you can wander into someone’s room for a second opinion and they will tell you what they actually think, not what they think you want to hear. That advice is invaluable.’
In 2012, Walkers was very different to now. ‘We had no management or corporate services business. We were a boutique firm.’ She began to increase the depth and breadth of its client offering. Following the sale of Walkers Management Services to Intertrust, also in 2012, Pierce later reversed the move: Walkers Professional Services was launched in 2015. The most tangible evidence of growth is in headcount, up more than 50% in five years. Lawyer numbers have surpassed the 260 mark, of whom 100 are partners.
‘It’s not just been growth for growth’s sake. It’s been strategic: where we want it to be and how we wanted to do it.’
Ingrid Pierce, Walkers
‘It’s not just been growth for growth’s sake,’ notes Pierce. ‘It’s been strategic: where we want it to be and how we wanted to do it. A journey that seems steady, but actually it has been fairly explosive in certain places.’ This includes Dublin (opened 2010) and Dubai (2005) – both of which have mushroomed recently – as well as Hong Kong (2003) and Singapore (2009), giving Walkers more lawyers (over 50) in Asia than any other offshore firm.
The recent additions of Bermuda (2015), where Walkers established an exclusive association with Taylors, and a merger with AO Hall in Guernsey (2016), together with a London presence, take the office total to ten. ‘We are small, but global,’ says Pierce. ‘Cayman is like a village where a lot of really interesting work gets done – a microcosm of a big city in that regard, although commuting is practically non-existent and the weather is generally agreeable.’
Fortunately for the head of a global operation, she enjoys travel. ‘Aeroplanes are great for privacy, as odd as that sounds. Even travelling for work, the trip is terrific for thinking, reading, and of course, catching up on movies.’ She views London as ‘a city with a thousand places to explore and things to do day or night, even if you don’t actually do them’ but her favourite place is New York. ‘What’s not to love?’ she says.
Perspectives: Appleby – Michael O’Connell
‘I became managing partner in 2011,’ says Michael O’Connell. ‘That’s when the offshore world really started to feel the full force of the financial crisis. It was a very challenging time to take over the leadership position.’ An Appleby partner since 1990, O’Connell is a litigator who has appeared in countless trials, both civil and criminal, and prosecutes on behalf of the Attorney General in Jersey.
O’Connell describes himself as ‘a Jersey man through and through, but I studied at Birmingham and Nottingham universities’. Although Appleby is Bermuda headquartered, O’Connell bases himself in Jersey. His favourite city, however, is Hong Kong.
Consolidation has set the tone of his tenure as managing partner with a narrower focus on purely legal services. The only new office has been in Shanghai (2012), with a full licence being granted two years later, making Appleby the first offshore firm licensed to provide legal advice in mainland China.
In 2015, the Appleby Group sold its fiduciary business. ‘We’re finding our way as a standalone law firm and enjoying that challenge very much,’ says O’Connell. ‘There are pros and cons to having a large and growing fiduciary business. Clients like the seamless service of a mixed-model business, but it does mean you find yourself conflicted quite a lot, both on the corporate and litigation side – that can be very frustrating.’
‘Clients like the seamless service of a mixed model business, but it does mean you find yourself conflicted quite a lot.’
Michael O’Connell, Appleby
Lawyer numbers are around the 220 mark, spread across eight offices. Much of the firm’s increased workflow comes from China, suggests O’Connell. Appleby’s research shows it is the main onshore investor by volume into offshore-incorporated businesses – in 2016, China accounted for 293 deals with a combined value of $42bn; second was the UK with 89, followed by the US with 68. ‘It’s surprising how much money is flowing out of China towards the Caribbean and Bermuda,’ he says.
O’Connell points to ‘a very interesting year’ in contentious work with double-digit growth. ‘We’re seeing shareholder disputes arising, typically from mainland China. Specifically, we see BVI or Cayman companies with agreements governed by Hong Kong law and Hong Kong arbitration clauses; high-net-worth individuals, family disputes, shareholder disputes… We’ve also seen an increase in debt restructuring and contentious trust work concerning BVI, Cayman and Bermuda companies: more financially distressed companies exploring different forms of capital reorganisation, restructuring or insolvency processes.’
Appleby has been in Hong Kong since 1990. ‘It’s very competitive. We’ve been through a lot of change with the retirement of Frances Woo [in March 2017],’ he says. Woo has since been replaced as Hong Kong managing partner by Cameron Adderley. ‘We’re in the middle of a substantial recruitment campaign: there’s some really bright young talent coming through,’ adds O’Connell. ‘Hong Kong is absolutely mission critical for us.’
Despite the demands of running a global offshore firm, O’Connell confesses to having numerous outside interests. ‘My ideal day off would be the peace and tranquillity of mountain walking, followed by the noise and excitement of watching England win at Twickenham.’
Perspectives: Mourant Ozannes – Jonathan Rigby
‘Jonathan was elected global managing partner in 2008, and re-elected in 2012, and again in 2016.’ So proclaims the website of Mourant Ozannes. A good deal has happened during his tenure, not least the 2010 merger of Jersey-based Mourant du Feu & Jeune and its Guernsey counterpart, Ozannes – still the largest offshore combination to date. ‘We rarely talk about the merger nowadays, which is probably a measure of its success,’ says Rigby.
Growing up in Manchester, Nottingham and Jersey, he started his professional career on a management training programme at Barclays. ‘In my early twenties during my first career in banking, I studied banking law as part of my professional qualification and was inspired to change career,’ he says, adding that his dream job was – and still is – in medicine. But instead, he was called to the English Bar in 1995, leading to what he describes as his most enjoyable experience: ‘12 months as a pupil barrister in London where I learned to think on my feet.’
His best experience as a lawyer? ‘My first court appearance.’ And his worst? ‘My first court appearance.’ Undeterred, he joined Mourant in 1998, becoming a partner five years later. Admitted as an English solicitor in 1997, he was then sworn in as a Jersey advocate in 2000.
‘I’ve learnt about the huge importance of communication and that culture really does eat strategy for breakfast.’
Jonathan Rigby, Mourant Ozannes
Mourant’s most important development in 2017, according to Rigby, has been ‘the first appointment to our partnership of professionals from outside the law – a significant milestone for the firm,’ he says. Among six new partners appointed in February, taking the firm’s total to 59, were new chief operating officer, Keith Pearse, and managing director of corporate services, Ed Fletcher. The lawyer he most admires (outside Mourant) is Barack Obama ‘for what he achieved beyond the law’.
Away from the office, Rigby spends as much time as he can either sailing or skiing. ‘A perfect day off work is a trip on my boat to France, or one of the other Channel Islands, with my family.’ He also enjoys trips to London, still his favourite city.
Last year, he attended Harvard Business School’s highly acclaimed executive programme, Leading Professional Services Firms. So what are the lessons from his decade as managing partner? ‘I’ve learnt that it’s the strong covenantal relationship between professional and client that makes law firms and other professional services firms different from other businesses and uniquely challenging to manage. I’ve learnt about the huge importance of communication (it’s what I spend most of my time doing) and that culture really does eat strategy for breakfast.’
Perspectives: Conyers Dill & Pearman – Narinder Hargun
Narinder Hargun joined Conyers Dill & Pearman in 1983 and became co-chair of the firm five years ago, together with David Lamb who is based in Hong Kong. As head of the litigation and restructuring department, Hargun is a commercial litigator who frequently appears before the Bermuda courts.
He spent his formative years in India and Yorkshire and read law at the London School of Economics, before being admitted as a barrister. He was ‘attracted to the law early on in India, as so many of the independence leaders had originally trained as lawyers. The legal profession was considered a respected career path; I never really considered an alternative occupation’.
Largely understated, rather like his firm, it is perhaps no surprise that Hargun has particular admiration for Sir Sydney Kentridge QC, ‘a lawyer who is unassuming and a true gentleman, civil to his opponents and a most effective advocate’, he says. ‘When on his feet, Sir Sydney has the ability to hold the undivided attention of the entire court.’
In more than 30 years as an advocate, Hargun describes his best experience as appearing as junior counsel in the Privy Council shortly after starting practice in Fisher, an important case on the approach to constitutional provisions. ‘Appearing in your first significant case before the highest tribunal, where we were successful, was a rewarding experience.’
He adds that ‘probably the worst experience was being cross-examined on my affidavit for service out of the jurisdiction by Charles Sparrow QC in the case in which the Hunt Brothers were accused of cornering the world’s silver market. Listening to Sparrow’s cross-examination, one could be forgiven for thinking that I was a part of the conspiracy!’
Narinder Hargun, Conyers Dill & Pearman
He points to prominent disputes in Cayman and BVI as proof that these jurisdictions can cope with high-stakes litigation, both in terms of infrastructure facilities and judicial oversight. ‘We are doing substantial trials. If you are going to be successful as an international jurisdiction, you have to provide a state-of-the-art commercial dispute resolution service.’
Describing himself as ‘a keen follower of the international political scene’ and regular reader of books on the subject, he also enjoys boating and gardening in his spare time. ‘Spending time on the water with the family would be a perfect day,’ he says. Last November, his daughter Davina followed in his footsteps by being called to the Bermuda Bar.
But work is never far from Hargun’s mind. The trial he has most enjoyed in his career involved claims by two individuals who had lost all their investment in a fraud relating to Horizon Bank International (HBI): there was a claim against the bank for conspiracy to defraud, breach of fiduciary duty and knowing assistance of breach of fiduciary duty. ‘These claims were bitterly contested on behalf of HBI, both on the facts and the law. A dismissal of the claims would, in all likelihood, have resulted in the bankruptcy of the claimants on account of a costs order. In the end, the claimants succeeded on all counts and the decision was upheld on appeal.’