Offshore jurisdictions have responded proactively to recent global initiatives affecting how they operate. Legal Business assesses recent developments and profiles the top offshore law firms
Law firms are noted for their ability to turn difficult situations to their advantage and the global offshore giants have certainly demonstrated this quality in recent years. While the vast majority of these firms are more opaque about their financial performance than even the offshore tax arrangements that have come under global scrutiny in recent years, some report double-digit growth in revenues and in the main it appears, despite the general economic malaise, they are well insulated against a crisis.
For example, many firms have reported an uptick in M&A activity for 2013. According to Appleby’s offshore report for the third quarter of 2013, the number of deals done, and the value of those deals, were broadly consistent with the first two quarters of 2013.
Many consider the recent international drive for global tax transparency to be the most significant development to affect the world’s offshore legal markets. Pressure from the Organisation for Economic Co-operation and Development (OECD) and G20 member states for transparency resulted in the passing of the Foreign Account Tax Compliance Act (FATCA) – to be implemented in July 2014 – requiring foreign financial institutions to report to the US Internal Revenue Service information about financial accounts held by US taxpayers.
‘There is an old adage that lawyers do best in a crisis; and even by offshore standards 2013 was a uniquely crisis-driven year, with bank defaults in Cyprus, pressure from international organisations, AIFMD [the EU’s Alternative Investment Fund Managers Directive] regulation, and FATCA,’ says Harneys’ Hong Kong-based global banking and finance head, Colin Riegels.
But despite compliance regimes placing additional burdens on businesses, global offshore jurisdictions are already well regulated, as are their legal practices. ‘We are well prepared for additional compliance and regulation, and have advised clients at an earlier stage,’ says Appleby’s Hong Kong-based chair Frances Woo.
Moreover, the offshore jurisdictions are OECD white-listed countries that have signed several tax information exchange agreements, and offer the economic and political stability sought by those planning international financial transactions. In addition, these international financial centres (IFCs) have negotiated positions with the US government to comply with FATCA’s implementation.
Consequently, for offshore financial jurisdictions, interacting successfully with the onshore world increases their credibility and utility. Conyers Dill & Pearman’s Singapore office head Alan Dickson believes this is significant. ‘We know that each of our jurisdictions has a well-defined place in the global marketplace for IFCs,’ he says.
There are other benefits for law firms. Increased credibility means longer-term growth in the use of offshore financial structures, and firms are already growing their regulatory and compliance practices in response to client needs.
A similar tale is told in the Caribbean. ‘The hedge fund industry in Cayman and BVI has always been willing to adapt and evolve as new regulation has been introduced internationally – it has been no different for the AIFMD,’ says Maples and Calder’s global managing partner, Henry Smith. Both Cayman and BVI have actively engaged with the European Securities and Markets Authority and EU regulators to put in place the requisite co-operation agreements so that Cayman and BVI can be marketed to EU investors under national private placement rules.
While general coyness about specific financial performance makes it difficult to provide a realistic appraisal as to the health of individual businesses, the ten largest offshore firms in the world by global headcount – a mix of both Caribbean and Channel Islands-based firms – predictably declare themselves to be stronger than ever. Below are snapshots of the ten largest practices, looking at recent performance and practice development.
APPLEBY
Lawyers: 286, including 75 partners
Offices: 12 (Bermuda, BVI, Cayman Islands, Guernsey, Hong Kong, Isle of Man, Jersey, London, Mauritius, Seychelles, Shanghai, Zürich)
Managing partner: Michael O’Connell (Jersey)
Chairman: Frances Woo (Hong Kong)
Focus: Corporate/commercial, litigation/insolvency, property, private client/trusts
Recent standout deal: Jersey managing partner Mike Cushing and Jersey partners Wendy Benjamin and Tim Hart advised Standard Chartered on the 2013 restructuring of its two Jersey banking entities to create a single efficient operating platform for its Jersey business. Featured groundbreaking use of the Banking Business (Jersey) Law 1991, which allows Jersey banking business to be transferred from one bank to another through a court-sanctioned scheme.
Recent standout litigation: Isle of Man partner Christopher Cope led the advice to the claimants in Bitel LLC v Krygyz Mobil Tel Ltd and others, involving well-known telecoms providers in Russia and equally well-known oligarchs. This was the highest value and most complex case ever in the Isle of Man, lasting eight years with an $800m claim value before settling.
‘These appointments are at the core of Appleby’s focused and strategic drive to enhance its global profile within the offshore funds world and, in particular, its Cayman funds offering,’ says Hong Kong-based chairman Frances Woo. The appointment of Woo, who took over from Peter Bubenzer as chairman when he retired in March 2013 after 32 years at the firm, is seen to underline Appleby’s commitment to Asia.
However, the firm also experienced the departure of Zürich-based funds and asset management partner Matthew Feargrieve in early 2013 to Withers. Other significant news included Bermuda-based corporate and commercial head Judith Collis retiring at the end of March 2013, replaced by Bermuda-based Cameron Adderley. Furthermore, Appleby’s former office managing partner David Benest, a litigation specialist, left to set up his own practice.
Meanwhile, Appleby has benefited from an uptick in M&A, in addition to experiencing continuous growth in insurance, especially in the insurance-linked securities (ILS) space, and a robust IPO market in Hong Kong, with significant numbers of listings in 2013 and several more in the pipeline. The firm has also recently handled several AIM listings, including acting as BVI and Isle of Man counsel to Playtech in its redomiciliation from the BVI to the Isle of Man and subsequent promotion from AIM to a premium listing on the London Stock Exchange.
Fiduciary services is another key area of investment. Appleby has made a number of acquisitions, including Caledonian Trust (Isle of Man) in May 2013 and Coutts’ trust administration businesses in Cayman and Geneva in November 2013.
These bolt-on acquisitions aim to bolster existing lines of business, and grow market share by leveraging off Appleby’s expanding client base. ‘In terms of organic growth, fiduciary services are growing across the board, and we continue to invest heavily in talent and business development,’ says Woo.
BEDELL CRISTIN
Lawyers: 72, including 28 partners
Offices: Eight (Jersey, Guernsey, London, Dublin, Geneva, Mauritius, BVI, Singapore)
Managing partner: Richard Gerwat (Jersey)
Focus: Banking, corporate/commercial, corporate finance, capital markets/structured finance, investment funds/private equity, litigation, insolvency/restructuring, regulatory, insurance/reinsurance, trust law, commercial property, pensions
Recent standout deal: In June 2013 Jersey partners Simon Pascoe and Emily Haithwaite acted as Jersey legal adviser to CVC Credit Partners on the launch and listing of CVC Credit Partners European Opportunities, a new $350m credit opportunities fund. The fund offers investors the ability each quarter to have their shares re-purchased by the fund.
Recent standout litigation: Jersey partner David Cadin acted for telecoms company JT (Jersey) in overturning a decision of the Jersey Competition Regulatory Authority (JCRA). The Royal Court of Jersey decision, in November 2013, broke new ground over the legal test to be applied in administrative appeals.
Guernsey has proved a particularsuccess story for the firm, which reports that turnover from that office doubled in 12 months from December 2012 to December 2013. Transactional partner Mark Helyar has spearheaded the office’s expansion, securing notable lateral hires such as corporate lawyer David Moore, who joined as a consultant from Mourant Ozannes in 2013.
The Guernsey office has experienced specific growth in the ILS sector. In the 12 months to December 2013, Bedell advised on more than 90% of Guernsey’s new cell deals, either directly through clients or working with leading intermediaries. Innovative examples include a recently concluded first tranche of a Guernsey incorporated cell company (ICC)-based $100m ILS deal structured as a Sukuk (Islamic note), which has been rated by Fitch.
The Jersey office also made important hires in 2013. Partner Peter Bertram, one of Jersey’s foremost property lawyers, was recruited from Ogier. ‘Peter’s legal experience in commercial property matters is virtually unrivalled in Jersey,’ says managing partner Richard Gerwat.
Asia remains a key market for the firm, where it enjoys consistent levels of growth. ‘We continue to strengthen our representation in the region, having opened an office in Singapore, and have recruited further in Singapore, Hong Kong and the BVI to service the demands in the Asian market, as well as moving to larger premises in the BVI to meet business growth,’ says Gerwat.
Local stars: UK Crown Dependencies
In addition to international firms such as Carey Olsen, Mourant Ozannes, Ogier, Collas Crill and Bedell Cristin, the Crown Dependencies offer a number of leading local firms and boutiques that shine in particular specialisms.
One of Jersey’s leading law firms, Voisin, has particular expertise in commercial matters, including the use of Jersey trusts, companies and partnerships, banking, structured finance, collective investment funds, and employee benefits; and its litigation department has substantial experience in all matters that come before Jersey’s courts.
Jersey also boasts several top-class disputes boutiques, such as Baker & Partners, which fields 14 lawyers, including three partners. ‘Although we may be considered boutique, we actually sit to the top end of headcount for litigation in Jersey,’ says senior partner Stephen Baker. Because the firm is not full service, it can offer clients and prospective clients a largely conflict-free model.
The practice stands out for its experience in civil fraud, contentious trusts, and asset tracing and recovery, and its lead litigator Baker, who is a member of both the English and Jersey Bars, regularly acts in serious contentious trusts matters and multi-jurisdictional asset recovery actions, including acting for the second defendant in the leading Jersey case of UCC v Bender & ors. In 2012 Baker successfully represented the Federal Government of Brazil in a bid to recover some $30m misappropriated by the former mayor of São Paulo.
The firm also acted for the plaintiff in Dalemont v Senatorov & ors; a $44m claim to enforce a Russian debt judgment in Jersey against assets that were held in a structure headed by a Jersey foundation, marking the first case in which attempts were made to pierce the corporate veil of a Jersey foundation.
Thanks to the reputation of Philip Sinel, Sinels is another well-known Jersey practice – the firm specialises in litigation and dispute resolution for commercial, private client, trusts, and fund matters. At litigation boutique Dickinson Gleeson, the key partners include James Gleeson, who has appeared in several cases that have shaped the law in the island, including Mubarak, Alhamrani and Pirrwitz. Partner James Dickinson has also acted in some of the most complex proceedings to come before the Royal Court, including Mayo v Cantrade, Koonmen v Bender and Alhamrani.
New firms have also sprung up. In 2013, Mourant Ozannes Jersey litigation partner Beverley Lacey left to establish Lacey Advocates; and Appleby’s former office managing partner, David Benest, a litigation specialist, left to set up his own practice, David Benest Law.
Guernsey is likewise home to strong local litigation practices that pull in high-profile cases. At Babbé, Ian Swan is a standout litigator; the practice recently advised former directors of Carlyle Capital Corporation in a $1bn-plus claim arising out of the collapse of an investment fund.
The Isle of Man also boasts standout local dispute resolution practices that are known globally because of the strong reputations of key individuals. At Gough Law, name partner Alan Gough was recently instructed by the liquidators of a major investment fund to co-ordinate the global proceedings, overseeing satellite court proceedings in a number of jurisdictions as well as personally conducting the main Isle of Man proceedings.
CAREY OLSEN
Lawyers: 158, including 42 partners
Offices: Six (BVI, Cape Town, Cayman Islands, Guernsey, Jersey, London)
Chairman: John Kelleher (Jersey)
Senior partner: Graham Hall (Guernsey)
Focus: International contentious and non-contentious corporate, finance and fiduciary work for corporates, trusts, banks, investment funds and high-net-worth individuals
Recent standout deal: Guernsey partner Tom Carey led on the Guernsey law aspects of Riverstone Energy’s $1.2bn October 2013 IPO on the London Stock Exchange, the largest cross-border IPO on the LSE since November 2012.
Recent standout litigation: Guernsey managing partner John Greenfield successfully represented the joint liquidators of certain Tchenguiz companies in a landmark trust case. The Guernsey Royal Court decision provided clarity on the rights of trustees to an indemnity from trust assets and the rights of creditors dealing with trusts.
The last two years have been all about this firm’s push into the highly competitive Caribbean offshore markets. In response to client demand, Carey Olsen opened offices in the Cayman Islands and BVI in 2012 and 2013, and these have grown rapidly.
Although Asia is a focus for the firm’s Cayman lawyers, the office has a predominantly US client base. ‘Our Caribbean offices make us ideally placed to target the American market, something we plan to pursue more strongly in 2014,’ Hall says.
The Cayman office was a greenfield operation, with four partners joining from Maples and Calder; and in September 2013 Carey Olsen hired litigator Michael Makridakis as partner from Ogier.
For its launch in the BVI last year, the firm acquired local boutique Hempel and Boyd, formed in 2012 by Clinton Hempel and Greg Boyd, which enjoys a good flow of instructions from the UK and mainland Europe, Africa, Asia, and Russia. Hempel and Boyd had an office in Cape Town and it has to date been rare for offshore firms to offer a meaningful presence in Africa. Carey Olsen will continue to look for opportunities to expand. ‘It is possible that this may involve lateral partner hires in 2014,’ says Hall.
Another standout deal saw Guernsey corporate partner Andrew Boyce advise Blue Water Energy on the largest fundraising by a start-up in over three years, including all Guernsey aspects of the structuring, establishment and closing of this Guernsey closed-ended fund. Its first closing in September 2012 was oversubscribed and it closed at its hard cap in May 2013, raising $861m.
COLLAS CRILL
Lawyers: 55, including 32 partners/directors/partner-level consultants
Offices: Four (Jersey, Guernsey, Singapore, London)
Managing partner: Jason Romer (Guernsey)
Focus: Dispute resolution, investment funds, M&A
Recent standout deal: In late 2013, Guernsey partner Sean Cheong led the team advising JTC Group in its acquisitions of the Swiss and New Zealand trust business of the Ardel Group and Anson Fund Managers.
Recent standout litigation: Jersey-based senior partner Nuno Santos-Costa represented the Nolan family, and family trusts and trust-owned companies, in proceedings brought against Jersey trust company Minerva for dishonestly assisting in breach of trust. It was the first case of its kind dealing substantively with the question of dishonest assistance in Jersey.
Following the 2011 merger between Guernsey practice Collas Day and Jersey-based firm Crill Canavan, Collas Crill came to life, becoming one of the offshore market’s most recent success stories. Both firms enjoyed leading market positions in their respective jurisdictions and the merger offered clients greater strength and depth of expertise across the full range of services in the Channel Islands.
The firm reports turnover growth ‘in excess of 10%’ for 2013, a clear sign of a firm on an upward trajectory, further evidenced by the launch of a City office in December 2013 that follows its launch in Singapore in 2011. Collas Crill has also invested in its non-contentious fiduciary and investment funds practice areas. ‘This strategy is paying off now,’ says Guernsey-based managing partner Jason Romer.
Certainly the move internationally, which came quickly after the two founding firms merged, has paid off. The Singapore office recently advised Macromac, a Jersey-incorporated operator of a mobile messaging platform in Malaysia and Thailand, on its listing on AIM towards the end of 2013.
CONYERS DILL & PEARMAN
Lawyers: 130, including 45 partners
Offices: Eight (Bermuda, BVI, Cayman Islands, Dubai, Hong Kong, London, Mauritius, Singapore)
Co-chairs: Narinder Hargun (Bermuda) and David Lamb (Hong Kong)
Focus: Aviation, corporate, investment funds, insurance, IP, Islamic finance, litigation/restructuring, private client/trust, private equity, property, securitisation/structured finance, shipping
Recent standout deal: David Lamb led, as Cayman counsel, the buying consortium in Focus Media Holding’s May 2013 $3.7bn privatisation by way of merger.
Recent standout litigation: Bermuda counsel Paul Smith led the advice to PwC both at first instance and in the Court of Appeal in PricewaterhouseCoopers v Saad Investments Company Ltd and Singularis Holdings Ltd. The court decided in November 2013 that Bermuda courts have statutory power to assist foreign liquidators by ordering production of documents from Bermuda under the Companies Act if there has been a winding up of the foreign entity in Bermuda.
Asia has long been a particular focus, where the firm has been active for over 30 years, having established a physical presence in Hong Kong in 1985. ‘Asia continues to play an important role in our global practice and is an important focus for our future growth,’ says Singapore office head Alan Dickson.
Not all expansion into growth markets has succeeded long term. In mid-2013, Conyers shut its Moscow office – open since 2008 – after relocating partner Claire McConway to London to take up a newly created role as head of the London office’s Russia and CIS practice. Furthermore, local Bar rules have also impeded on some firms’ ability to make progress in LatAm jurisdictions. Dickson relocated to Singapore having run Conyers’ São Paulo office from its launch in 2008 up until it closed in 2013 – the firm now has one representative Brazilian lawyer on the ground.
The firm’s most recent notable departure was John Collis, the former chairman for over 20 years, who retired at the end of March 2013. ‘This significant departure did not result in any disruption to our management or our client service, proving again that our firm is made up of a solid team of attorneys, and is not built upon one or more so-called stars,’ says co-chair Narinder Hargun.
The London office was also boosted in January 2014 by the arrival of Linda Martin as a director. The former Clifford Chance, Maples and Calder and Walkers lawyer joined from Travers Thorp Alberga, where she was a partner in its Cayman office.
HARNEYS
Lawyers: 102, including 34 partners
Offices: Six (full offices: BVI, Cayman Islands, Hong Kong, London, Cyprus, Montevideo); representative offices in Brazil, Hungary and sub-Saharan Africa); Singapore office opening in 2014
Managing partner: Peter Tarn (London)
Focus: All key BVI and Cayman Islands transactional, restructuring and litigation practice areas
Recent standout deal: Partner Ross Munro advised as BVI counsel to BP on the closing of the largest takeover in Russian history, the $55bn acquisition of joint venture TNK-BP by Russia’s state-owned oil company Rosneft in March 2013.
Recent standout litigation: BVI partner Andrew Thorp acted for the appellant in securing a key decision before the Eastern Caribbean Supreme Court of Appeal in December 2013 that brought much-needed clarity to the Eastern Caribbean Civil Procedure Rules relating to service out of foreign judgments and arbitral awards.
It also stands apart as the only offshore law firm with a presence in Cyprus, where lawyer headcount grew by nearly 30% in 2013. ‘While many Cypriot firms buried their heads, we reacted quickly to the Cyprus banking crisis by launching our Cyprus Banking Group in April 2013,’ says Riegels. This not only helped Harneys to mitigate and manage credit exposure for a number of key clients, but also drove a rapid expansion of the firm’s Cyprus office during a time of economic distress.
Other areas of growth include the Cayman practice, particularly its funds group, which hired partners Andrew Morehouse and Colin Berryman from Ogier in 2013; and it recently took over as Cayman counsel to Gresham Investment Management, a New York-based asset manager with over $16bn of assets under management. ‘For such a significant manager to choose the firm is a real vote of confidence, which demonstrates the maturity and strength of our Cayman practice,’ Riegels says.
This has all helped contribute to a successful year for the firm, with it reporting fee income growth of 23% for the period January to November 2013.
The retirement of Harneys’ managing partner Richard Peters also took place at the end of 2012. Peters was with Harneys for 33 years, the last 21 of which he spent as managing partner. ‘He was by far the longest-serving, private sector transactional lawyer in the BVI,’ says Riegels.
In 2014, Harneys will expand its restructuring practice, particularly in Asia. This is in line with recent growth across litigation and insolvency in Asia and throughout the firm in general.
MAPLES AND CALDER
Lawyers: 250, including 88 partners
Offices: Seven (BVI, Cayman Islands, Dubai, Dublin, Hong Kong, London, Singapore)
Global managing partner: Henry Smith (Cayman)
Focus: Corporate, finance, funds, commercial litigation and dispute resolution, insolvency/corporate restructuring, tax, trusts/private client
Recent standout deal: Hong Kong partner Greg Knowles represented the independent board committee of Focus Media Holding on its acquisition by chief executive Jason Nanchun Jiang and a consortium led by The Carlyle Group. With a deal value worth around $3.7bn, the transaction was reported to be the largest-ever delisting of a Chinese company from a US exchange.
Recent standout litigation: Cayman partner Colin McKie QC acted for Trident Microsystems (Far East) and its Cayman liquidators Zolfo Cooper, in insolvency proceedings in Cayman – running in parallel to the US bankruptcy.
South-East Asia is a particular economic success story, with Singapore the firm’s most recent office addition to its affiliate, MaplesFS, in 2013. ‘There are relatively few law firms practising Cayman and BVI law in Singapore – and so, as a part of our Asian growth strategy, the new office is not only providing clients with greater choice but also enables us to better service those clients on the ground,’ says global managing partner Henry Smith.
Another significant development was the hire of an investment funds team in late 2012, including BVI partner Tim Clipstone and several Cayman partners, from Walkers; while key news for 2013 included Cayman-based Sherice Arman joining the firm’s finance group as counsel from Appleby – where Arman was a partner – bringing years of finance-related experience, particularly in ship and aircraft financing transactions. ‘As a well-recognised shipping expert within the industry, her recruitment has enabled us to further extend our asset finance reach,’ Smith says.
Other arrivals include partner John Breslin joining the Dublin finance group from the Irish Bar; David Burke arriving in Dublin’s tax group as counsel from Mason Hayes & Curran, where he was partner; and counsel Nicola Bashforth joining the Cayman finance group from Appleby, further strengthening the firm’s structured finance team.
The firm also had departures. In mid-2013, the firm lost partner Dawn Howe to Walkers’ London office. Howe later relocated to Walkers’ Cayman headquarters.
In August, Cayman litigation partner Colin McKie was appointed Queen’s Counsel, following recommendations from the local judiciary; and in the same month the firm won one of seven places on the panel of Ireland’s National Treasury Management Agency (NTMA), which borrows on behalf of the Irish government and handles national debt and state claims. The position will be held for three years, with the NTMA retaining the option to extend the appointment for a further two years.
Local stars: Caribbean
The Caribbean-based offshore legal market is dominated by global legal practices, such as Harneys, Ogier, Maples and Calder, Conyers Dill & Pearman, Appleby, Mourant Ozannes, and Walkers but a number of domestic firms have established leading reputations in specific territories.
Recent significant news for the Cayman Islands was Travers Thorp Alberga – founded in 2010 by Michael Alberga and home to a number of experienced partners from the dominant global offshore firms – announcing that it would be merging with another local boutique, Paget-Brown, in 2014. The practice will continue as Travers Thorp Alberga, with Ian Paget-Brown QC becoming counsel.
In Cayman, other key players include: Campbells, which regularly acts in substantial international transactions and disputes; Stuarts Walker Hersant, which advises international law firms, investment managers, investment companies, and high-net-worth individuals; and Solomon Harris, which has a strong reputation as a boutique firm particularly focused on hedge funds, captive insurance, M&A, and insolvency/restructuring.
According to partner Paul Scrivener, Solomon Harris competes directly with Cayman global offshore law firms, offering a very credible alternative. ‘We are well recognised for being highly responsive, able to think outside the box, and for offering commercially-focused legal advice by highly-experienced practitioners,’ he says.
The Caribbean legal market has also seen new entrants. In 2012, Carey Olsen opened an office in Cayman; and in 2013 the firm acquired Hempel and Boyd, which has offices in both the BVI and South Africa. Bedell Cristin and Mourant Ozannes established BVI offices in 2012.
Non-UK firms have likewise moved into the Caribbean. Irish practice Dillon Eustace became the first Irish law firm to move into an offshore jurisdiction when it opened in Cayman in April 2012; and US litigation practice Kobre & Kim launched BVI and Cayman offices in May and June 2012.
Spin-offs have also occurred; in 2012, Huw Moses, former managing partner of Appleby’s Cayman office, and Derek Jones, former regional managing partner of Higgs & Johnson, launched HSM Chambers in Cayman.
In BVI, other firms of note include O’Neal Webster, recognised for its expertise in corporate and commercial law, as well as litigation; and Forbes Hare, where BVI, Cayman and London partners William Hare, Christopher Young and Alistair Abbott have represented Fairfield Sentry (in liquidation), the largest of the Madoff feeder funds, in high-profile litigation in the BVI, Cayman, the US, the Netherlands, Ireland, Guernsey, Canada, Hong Kong, Italy and Switzerland.
Both Forbes Hare and O’Neal Webster recently launched London offices. Forbes Hare opened in London in December 2012, hiring former Walkers’ corporate, finance and funds partner Catherine Ross; and O’Neal Webster launched a London branch in 2013 under Christopher McKenzie, who previously headed Walkers’ BVI private client team.
Bermuda’s dominant legal players are Appleby and Conyers Dill & Pearman, but US and UK-based firm Sedgwick’s Bermuda office, Sedgwick Chudleigh, is also notable for its international profile, and continues to represent the joint liquidators of one of the largest Madoff feeder funds – Kingate Global Fund. Other active practices in Bermuda include: Attride-Stirling & Woloniecki; MJM Ltd; Wakefield Quin; and Marshall Diel & Myers.
Cox Hallett Wilkinson is also a well-known Bermudian law firm; its recent experience includes partner Jonathan Betts advising Norwegian Cruise Line Holdings on the Bermuda aspects of an August 2013 secondary offering of 23 million of its ordinary shares.
MOURANT OZANNES
Lawyers: 240, including 53 partners
Offices: Six (BVI, Cayman Islands, Guernsey, Hong Kong, Jersey, London)
Managing partner: Jonathan Rigby (Jersey)
Focus: Corporate, funds, international trusts/private client, litigation
Recent standout deal: Jersey-based Jacqueline Richomme represented CVC Capital Partners on establishing Fund VI. This was the third-largest buyout fund ever raised by a Europe-based private equity fund manager, which secured investor commitments up to its hard cap of €10.5bn.
Recent standout litigation: Cayman-based partner Peter Hayden advised the plaintiff in the largest ongoing litigation in Cayman: Algosaibi v Saad. The client was awarded $2.5bn of damages, the largest interim damages award ever made by a Cayman court.
According to Jersey-based managing partner Jonathan Rigby, Mourant Ozannes – formed in 2010 as a result of the merger of Jersey practice Mourant du Feu & Jeune and Guernsey firm Ozannes – aims to be the best law firm in the best international finance centres. ‘In other words, the best in the best – in order to achieve this, we are investing in our key jurisdictions and practice groups,’ he says.
The firm has made significant investment, including opening offices in Hong Kong and BVI in 2012 and moving to grandiose new premises in Cayman. The immediate success of the BVI and Hong Kong practices also led to moves into larger premises in both locations in 2013.
Asia has been particularly successful, where Mourant Ozannes has nearly doubled revenue from clients in 2012 and the firm’s new BVI office already acts in some of the largest litigation in the BVI – specifically relating to the Madoff feeder fund Kingate – and has received significant instructions from new clients, including ultra-high-net-worth individuals, Asian banks, and one of the world’s largest oil and gas companies.
Significant partner hires included Barney Lee rejoining the Guernsey office in October 2013 from Appleby, where he was corporate and commercial head; and Hayden Isbister, who specialises in investment funds, general corporate and finance work, arriving in June 2013 from Ogier’s Cayman office. ‘These key strategic hires strengthen our Cayman and Guernsey practices and add to our global corporate and funds practices,’ says Rigby.
Departures also occurred in 2013. One of Guernsey’s leading corporate and finance lawyers, David Moore, joined Bedell Cristin as consultant from Mourant Ozannes, where he was partner; and Jersey litigation partner Beverley Lacey left to establish Lacey Advocates.
OGIER
Lawyers: 160, including 41 partners
Offices: 11 (BVI, Bahrain, Cayman Islands, Guernsey, Jersey, Luxembourg, London, Hong Kong, Dublin, Shanghai, Tokyo)
Group chief executive: Nick Kershaw (Jersey)
Focus: Banking and finance, corporate/commercial, hedge funds, litigation, private client, private equity
Recent standout deal: Jersey partner Christopher Byrne advised a syndicate of lenders on Glencore Xstrata’s $17bn revolving credit facility, replacing existing credit facilities obtained by Glencore and Xstrata prior to their May 2013 merger – believed to be one of the largest loan transactions to have completed in London in 2013.
Recent standout litigation: Guernsey partners Simon Davies and Mathew Newman advised Williams & Connolly, who act for The Carlyle Group and Carlyle Investment Management, in defending claims brought by Carlyle Capital Corporation’s liquidators. This is Guernsey’s largest-ever piece of substantive litigation with combined claims exceeding $1bn.
Significant recent departures include Cayman corporate and funds partner Colin Berryman and counsel Andrew Morehouse joining Harneys as partners in early 2013; and private client head Zac Lucas exiting the BVI office for Lawrence Graham’s Singapore office in February 2013.
Furthermore, Jersey litigation partner Matthew Thompson retired in July 2013 to become Master of the Royal Court of Jersey. ‘Matthew’s departure follows a tradition of Ogier partners retiring from the partnership to take up judicial office, which stretches back to the current Bailiff and beyond, and is a record of public service we are very proud of,’ adds Bergstrom.
Notwithstanding Thompson’s departure, Ogier’s Jersey dispute resolution department is expanding, and both the global litigation team and Ogier is on target this year to post its highest-ever revenues. Globally, Ogier is also increasing its Asian litigation capacity, the latter being the continuation of an expansion strategy that Thompson spearheaded while he was leading the firm’s litigation function, and which had already led to increased partner headcount in the Channel Islands and Caribbean.
In addition, the firm relocated London managing partner Simon Dinning and senior associate Wendy Walker back to Jersey, with its City office now focused purely on trust and administration services. ‘It was decided that Ogier’s European-based BVI legal team would be centralised in the Channel Islands from July 2013,’ Bergstrom says. He adds that this development enables a closer working relationship between Ogier’s BVI, Channel Islands and Luxembourg legal teams, which in turn enhances the firm’s ability to provide multi-jurisdictional advice on transactions.
WALKERS
Lawyers: 160, including 55 partners
Offices: Eight (BVI, Cayman Islands, Dubai, Hong Kong, Ireland, Jersey, London, Singapore)
Global managing partner: Ingrid Pierce
Focus: Dispute resolution, corporate, employment, finance, insolvency/corporate recovery, insurance, investment funds, Islamic finance, private equity, regulatory, taxation, trusts
Recent standout deal: Singapore partner Thomas Granger led the advice to KrisEnergy in its July 2013 Singapore IPO, which saw the firm put together a team comprising lawyers from Singapore, Jersey, Hong Kong and Cayman.
Recent standout litigation: Cayman partner Colette Wilkins successfully represented the Cayman governor in the first-ever judicial review of the Cayman Islands Information Commissioner’s decision under the Freedom of Information Law.
‘Walkers re-opened the US CLO market in 2010 with the first public deal to close after the financial crisis,’ says Cayman partner Philip Paschalides. Since then, the team has been acting for a number of the major managers, who were very busy in 2013 with repeat issues, as well as for funds clients who closed their first CLOs in 2013.
Walkers is also playing a key role in the return of the European CLO market. ‘This is a big story at the moment and a major focus for our Dublin office, which has grown dramatically since opening in 2010,’ adds Paschalides.
The firm is also investing heavily in its insurance practice, of particular interest in a number of the firm’s jurisdictions, because of the way in which the insurance market is converging with other sectors, notably the debt capital markets world and the hedge funds/private equity funds sectors.
Paschalides says the Dublin office closed a number of innovative ILS deals in 2013. ‘This confirms our assessment that there is significant growth potential in the alternative reinsurance sector, as well as room for substantial innovation and development,’ he comments.
Other key developments included funds specialist Dawn Howe joining Walkers’ London and Jersey office as partner in August 2013 before relocating to the firm’s Cayman headquarters, Hong Kong-based global investment funds head Rod Palmer leaving the firm in June 2013, and Cayman-based funds expert Ingrid Pierce being appointed as global managing partner of the firm in late 2012, the first female managing partner of a top ten offshore firm. Pierce replaced Diarmad Murray, who retired from the practice and Cayman consultant Grant Stein was not replaced in the global chairman role, but Cayman partner Mark Lewis took up the senior partner role earlier in 2013.
‘With clients’ needs driving Walkers’ growth and strategic developments, in the short-to-medium term we will be looking to build on the success of the Dublin office as it bolsters Walkers’ jurisdictional capability,’ says Pierce. LB