With global corporate markets experiencing a resurgence in 2014, the strongest offshore law firms had key roles to play in the world’s most high-profile deals and disputes. Legal Business’ annual offshore survey assesses recent highlights and profiles the leading offshore law firms.
In many ways, the last 12 months have represented another robust year for the ten largest global offshore law firms. In our first annual report on those firms last year, a number cited double-digit increases in revenues on the previous year. This year, a number are again reporting significant growth.
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According to Appleby’s most recent offshore report, the third quarter (Q3) of 2014 marked the end of six consecutive quarters of growing cumulative deal values offshore, with transactions for Q3 totalling $48.1bn. This number is up 25%on the figure recorded a year ago. The first three quarters of 2014 had a combined total deal value north of $200bn, which has only been exceeded in two years over the last decade.
Roles some of the offshore firms have played in some of the largest global equity capital markets transactions, such as the $25bn IPO of Chinese e-commerce giant Alibaba on the New York Stock Exchange and the $1bn dual London and Russia float of hypermarket Lenta, have undoubtedly contributed to the top line at these firms.
Global corporates continue to look to do business in the British Virgin Islands (BVI), given its modern and flexible legal structure, while the Cayman Islands are frequently cited as a choice destination for investors in offshore assets. Cayman’s corporate law groups had a particularly solid year in response to stronger economic activity in North America in 2014, with its investment fund and private equity client base still predominantly US-based. Cayman was once again the busiest offshore destination in Q3 2014, with 155 deals announced worth a total of $13.7bn. The jurisdiction accounted for one quarter of all offshore deals.
According to Carey Olsen’s senior partner, Graham Hall, a rash of new real estate and private equity funds deals dominated the offshore market in 2014. As has been the case for firms in the City, Carey Olsen cites an uptick in high end, cross-border real estate instructions, chiefly driven by the upsurge in activity in the UK property market.
Asian investors in particular have looked to the west for real estate investment throughout 2014. ‘We have seen a substantial amount of outbound investment from the region both into real estate, projects and other assets, and have done several deals with Asian investors acquiring UK real estate through the traditional offshore centres,’ says Mourant Ozannes’ Jersey-based managing partner Jonathan Rigby.
And while the world’s largest offshore law firms have established networks of offices across the key international finance centres, in recent years several developing jurisdictions have been targeted. This is in response to offshore firms receiving improving workflows, most notably from Africa and to a certain extent India, through the use of Mauritius and the Seychelles as the means of access.
Carey Olsen’s presence in mainland Africa, which it achieved after becoming the first offshore firm to establish an office in Cape Town in 2013, has led to a number of BVI-related instructions, according to chairman John Kelleher. This has been particularly important when supporting onshore law firms advising on natural resources, energy and infrastructure projects in the region.
Unsurprisingly, regulatory investigations into the financial services sector and increased scrutiny on corporate governance standards remain a strong feature of the offshore litigation landscape in the aftermath of tax treaties and recent initiatives, such as the US Foreign Account Tax Compliance Act, which aims to detect and prevent the evasion of tax by US persons hiding money abroad.
For Walkers’ global managing partner, Ingrid Pierce, successfully challenging misconceptions regarding levels of transparency and information exchange is the most important issue facing the offshore community. ‘Left unchallenged, it could quickly lead to the diversion of legitimate business away from small international financial centres,’ she says.
Looking ahead, slowing growth in China, austerity measures in developed nations, and a pending UK general election will bring uncertainties, but for now the pipeline of transactions ahead for offshore firms gives cause for optimism. Below are annual snapshots of the ten largest firms, focusing on recent performance and practice development.
APPLEBY
Lawyers: 223, including 59 partners
Offices: 12 (Bermuda, BVI, Cayman Islands, Guernsey, Hong Kong, Isle of Man, Jersey, London, Mauritius, Seychelles, Shanghai and Zürich)
Group managing partner: Michael O’Connell (Jersey)
Chairman: Frances Woo (Hong Kong)
Focus: Corporate, dispute resolution, private client and trusts, property, and fiduciary and administration services
Recent standout deal: Bermuda partner Brad Adderley advised on the incorporation and registration of African Risk Capacity Insurance Company, Africa’s first catastrophe insurance pool designed specifically to reduce the cost of emergency contingency funds.
In 2014, Appleby became the first law firm to be licensed to offer offshore legal advice to clients in China, a milestone in the firm’s evolving Asia strategy. The China practice will be driven by Malcolm Moller, managing partner of the firm’s Mauritius office. ‘It truly catapults our strategy of being the leading offshore legal and fiduciary firm, allowing us to bring our relationship with China-based clients much closer and service them better,’ says chair Frances Woo.
For Appleby’s international clients, it also means the firm has a deeper understanding of the regulatory regime in China to better inform, guide and assist with the interface between China and offshore, adds Woo.
Achieving this strategic goal was a significant development. ‘No other offshore law firm can compete with this new offering. It is a key reason why our Asia practice is seeing a broad cross-section of legal services in demand,’ says Woo. Corporate transactional activity is at the core of this, with the firm advising on around 63 Asia-related corporate deals in 2013/14, including advising mandated lead arrangers and financial advisers on the $3bn privatisation of the New York-listed Chinese online gaming company Giant Interactive Group.
The firm also performed well on European work in 2014, notably AIM listings, including advising Market Tech, a Guernsey company that combines real estate assets in London’s Camden Town with an e-commerce business, on its recent £750m IPO, the largest AIM listing of 2014.
BEDELL CRISTIN
Lawyers: 73, including 31 partners
Offices: Eight (Jersey, Guernsey, London, Dublin, Geneva, Mauritius, BVI and Singapore)
Managing partner: Richard Gerwat (Jersey)
Focus: Banking, corporate/commercial, insolvency/restructuring, insurance/re-insurance, investment funds, litigation, private equity, private client, pensions and regulatory/compliance
Recent standout deal: Jersey-based senior partner Anthony Dessain and partner Edward Drummond acted on the successful restructuring of $5bn-plus syndicated bank facilities for United Company RUSAL, involving parallel creditors’ schemes of arrangement, which came before the courts in both England and Jersey in July 2014.
Recent standout disputes work: Jersey litigation partner Tony Robinson is acting for the plaintiffs seeking $100m-plus restitution in the landmark breach of trust case Crociani v Crociani. The team recently successfully defeated the defendants in a forum challenge in both the Court of Appeal and the Privy Council, in a decision highly significant for trust lawyers globally.
In June 2014, Bedell’s Jersey office announced its membership of Globalaw – a worldwide network of over 110 independent law firms – where it was already the existing representative for the BVI. In September, the firm also became a member of World Services Group, which brings together professional services firms in a multidisciplinary network that creates business opportunities.
Asia remains the main focus of the firm’s strategic push. It continues to strengthen its representation in the region, having opened an office in Singapore in 2012 and, according to BVI practice head Simon Pascoe, the firm has increased its capacity to meet a growing list of clients across Asia. As such, it has recruited further in Singapore, Hong Kong and the BVI to service the Asian market’s demands and has also moved to larger premises in both the BVI and Singapore this year.
On the home front, the Guernsey office also reports striking growth, doubling its turnover in the last 12 months, enjoying particular success in the insurance-linked securities sector. Standout transactions include advising, alongside Nabarro, the Unite UK Student Accommodation Fund (USAF) in its £137m acquisition of a student accommodation portfolio.
Local Leaders – UK Crown Dependencies
International firms Mourant Ozannes, Carey Olsen, Ogier, Bedell Cristin and Collas Crill continue to dominate the Channel Islands market. Caribbean-based firms Appleby and Walkers also have highly regarded Jersey practices, with Appleby also very established in Guernsey and the Isle of Man.
However, the islands also offer several successful local advisers. At three-partner Jersey practice Dickinson Gleeson, which provides litigation and non-contentious trusts advice, partner James Gleeson recently defended the former chairman of two Jersey collective investment funds in two trials involving allegations of breach of fiduciary duty, the second case raising novel issues concerning inter alia directors’ duties, and the trial bundles extending to over 11,000 pages.
In January last year, Dickinson Gleeson recruited Craig Swart from Mourant Ozannes as partner to develop its non-contentious trust practice. ‘Craig is a good fit. In addition to his non-contentious skills, he is also an experienced commercial litigator and insolvency practitioner, with a background in contentious trusts, company commercial, and insolvency matters,’ says managing partner James Dickinson.
Jersey litigation boutique Baker & Partners is also in growth mode. In January 2014, it recruited former Osbornes Solicitors’ lawyer Kirsty Thomas as senior associate to lead the firm’s matrimonial practice, which will be a focus of development in 2015. Senior partner Stephen Baker also envisages cross-border initiatives as substantial drivers of growth. In a long-running case centred upon a multibillion-dollar charitable trust, in 2014 Baker successfully brought a claim for an order to dismantle the trust structure.
Voisin is another reputable Jersey player, known principally for commercial matters, litigation before Jersey’s courts – including arbitration – and commercial and residential property; while boutique Pinel Advocates also has a London office. In 2014 Pinel enjoyed continued growth, advising on private structures and unregulated funds; and, in September, further to recently adopted enhanced merger legislation, the firm advised on the first and only merger between a US and a Jersey company under the Companies (Jersey) Law 1991.
Five-partner, Jersey-based Hatstone Lawyers has ventured beyond the UK; in December 2013, it established a Panamanian law firm, Hatstone Abogados, specialising in private client and corporate law. The firm also has a branch in South Africa to promote its Jersey legal services throughout Africa.
In Guernsey, law firms AO Hall, AFR Advocates and Babbé are established local outfits. In April 2014, commercial QC and former judge Anna Guggenheim QC joined Babbé’s dispute resolution team, headed by Ian Swan, which has doubled in size over recent years to become one of the island’s premier litigation practices.
Isle of Man practice Cains, which has additional offices in London and Singapore, is a standout practice, while Dougherty Quinn and Simcocks also have significant offerings. In October 2014, led by directors Mike Edwards and Oliver Webster, Cains was Isle of Man counsel to Eros International, an Indian film production and distribution company, in a £50m fixed-rate bond issue.
CAREY OLSEN
Lawyers: 171, including 41 partners
Offices: Six (BVI, Cape Town, Cayman Islands, Guernsey, Jersey and London)
Chairman: John Kelleher (Jersey)
Senior partner: Graham Hall (Guernsey)
Focus: Corporate/finance, litigation/dispute resolution, property and trust/fiduciary
Recent standout disputes work: In 2014, partner John Greenfield advised the liquidators of certain BVI companies, forming part of Robert Tchenguiz’s offshore trust structure, in Guernsey Court of Appeal hearings, which are of critical importance to the offshore trust industry. The appeal’s final part is listed for February 2015.
2014 was another breakthrough year for Carey Olsen, with the firm widely acknowledged as one of the strongest recent performers among the ten leading offshore outfits. The firm notes the UK, Europe, Canada, China, Israel, Russia and the US are common sources for corporate and investment funds work, while the Middle East and the Far East are growth markets for the firm’s banking and finance-related instructions. For trust work, Switzerland, Israel and the UAE are becoming key originating markets.
Recent years have all been about a push in the Caribbean, to tap into the US markets, and 2014 was no different. In March, Claire McConway joined the London office as of counsel from Conyers Dill & Pearman. She focuses on the BVI, but is also developing the firm’s Russian practice. In April, Philipp Neumann and Elizabeth Killeen were hired as senior associates from Harneys’ BVI office and the TMF Group in BVI respectively. This recruitment has effectively doubled headcount in Carey Olsen’s BVI office.
‘Through these hires, we have significantly extended the firm’s corporate, finance, restructuring and insolvency, and investment funds capabilities in the BVI,’ says chairman John Kelleher.
While the firm’s Cayman office saw one of its original partners, Jason Allison, exiting for Walkers in April 2014, in May, dispute resolution and litigation specialist Jan Golaszewski joined as of counsel from Maples and Calder and, in November, was promoted to partner.
COLLAS CRILL
Lawyers: 62, including 28 partners
Offices: Five (Guernsey, Jersey, London, Singapore and Cayman Islands)
Managing partner: Jason Romer (Guernsey)
Chairman: Alex Rodger (Guernsey)
Focus: Dispute resolution, corporate/commercial, banking/finance, funds, trust and foundations, risk/regulatory, IP/e-commerce, property, employment and wills/estates
Recent standout disputes work: Jersey partner Damian James is defending negligence claims against the former trustees of a Jersey settlement, in what is possibly the largest trust dispute ever before The Royal Court of Jersey.
In recent years Collas Crill has emerged as a serious contender to the established Channel Islands-based offshore leaders Ogier and Mourant Ozannes, and has certainly been one of the most expansive offshore firms of late. In December 2014 Collas Crill announced a merger with Cayman practice Charles Adams Ritchie & Duckworth (CARD), effective from January. The firm will remain as Collas Crill in Guernsey, Jersey, Singapore and London, and practise as Collas Crill & CARD for a transitional period in Cayman.
According to Guernsey-based managing partner Jason Romer, it has been the firm’s strategic aim for several years to establish a Cayman presence, and this was considered the next natural step, following its August 2011 Singapore office opening.
The merger reflects the fact the firm’s Asia clients have been calling for a Cayman offering. ‘This will not only give Collas Crill a truly global footprint, it is also a core building block to servicing Asian markets,’ says Romer. The firm also has a number of Channel Islands’ clients keen to use Collas Crill’s services in Cayman, believes Romer.
The firm has also expanded in Jersey, with finance and corporate lawyer Nicholas Davies hired from Freshfields Bruckhaus Deringer as a partner in December 2014; and dispute resolution partner Elena Moran joining the Jersey team in April from Ogier. Meanwhile, former managing partner and litigation barrister Kathryn Purkis left the Jersey office for London in June 2014, and fiduciary partner Mason Birbeck exited for Jersey law firm Parslows in September.
CONYERS DILL & PEARMAN
Lawyers: 130+, including 55 partners
Offices: Eight (Bermuda, BVI, Cayman Islands, Dubai, Hong Kong, London, Mauritius and 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, and shipping
Recent standout deal: Hong Kong-based co-chairman David Lamb and partner Richard Hall advised Yahoo! as a shareholder in Alibaba’s IPO, which raised $25bn in September 2014. This was the largest listing in global financial history and on market debut gave the company market capitalisation of nearly $230bn.
While both Conyers Dill & Pearman’s Hong Kong and Bermuda offices expect to see an increase in lawyer headcount during 2015, the firm’s BVI office has grown in both corporate and litigation, according to office head Robert Briant. The firm added three associates to its corporate team from Covington & Burling (London), Jones Day (London/Dubai) and Slaughter and May (London), while Conyers’ litigation team saw the arrival of two more associates from white-collar crime boutique Byrne and Partners.
‘Adding five exceptional lawyers with such range and depth assures we continue to strive for excellence in meeting client expectations and providing sound legal advice,’ says Briant.
Certainly the firm’s role in some high-profile deals this year has helped to attract talent from some of the leading Global 100 firms. Other standout roles in 2014 include advising the joint bookrunners Credit Suisse, Deutsche Bank, JP Morgan, VTB Capital, UBS and TPG Capital on the $1bn London and Moscow IPO of Lenta, and on the first London Stock Exchange listing of a Cayman Islands Special Economic Zone Company, United Cacao, on AIM.
HARNEYS
Lawyers: 115, including 32 partners
Offices: Seven (full offices: BVI, Cayman Islands, Hong Kong, London, Cyprus, Montevideo and Singapore). The firm also has representatives in São Paulo and Vancouver (opened in 2014) and operates in Mauritius in association with BLC Chambers.
Executive committee chairman: Peter Tarn (London)
Focus: Investment funds, trusts, corporate/commercial, litigation, insolvency/restructuring, banking/finance, tax and regulatory
Recent standout deal: Global banking and finance head Colin Riegels acted as BVI counsel to Goldman Sachs in the complex $613m refinancing of three sets of notes secured against put options, written by Danone, over the shares of a Cyprus joint venture company.
Harneys became the latest in a line of global offshore firms to open its Singapore office in April 2014, with global banking and finance head and Singapore managing partner Colin Riegels relocating from Hong Kong with funds partner Lisa Pearce.
According to executive committee chairman Peter Tarn, Singapore is a key jurisdiction for cross-border capital flows and private wealth in South-East Asia. ‘Harneys’ Asia practice has experienced explosive growth over the last couple of years, and I have every confidence that we will build upon that success story in Singapore,’ he says.
In the Caribbean, the firm has also carved out an unusual niche practising Anguilla law, routinely handling Anguilla-related deals and transactions out of its BVI office, a 30-minute flight away, with partner Russell Willings a local law specialist.
Harneys has also been recruiting. The arrivals include several of counsel in Hong Kong, in addition to London and Cayman-based litigation partner Marc Kish, who joined from Maples and Calder’s Cayman office in August. In December, the firm also hired Junko Shiokawa, a Japanese-qualified funds lawyer, from rival Conyers Dill & Pearman. She previously worked at Sullivan & Cromwell and was a director of Barclays Capital Japan.
On the non-legal side, the firm has hired Gonzalo Jalles, until recently the chief executive of Cayman Finance, to join the firm as head of fiduciary and new services in Cayman later this year. Meanwhile, former BVI partner Leonard Birmingham retired from the partnership in March 2014 but retained a consultancy role, and Cayman-based litigation partner David Herbert and funds partner Colin Berryman left the firm in September and July respectively. Berryman joined Transocean, one of the world’s largest offshore drilling contractors, as senior legal manager.
Local Leaders: Caribbean
Harneys, Ogier, Maples and Calder, and Conyers Dill & Pearman, in addition to Appleby, Mourant Ozannes and Walkers remain the dominant players in the Caribbean legal market.
However, purely domestic firms continue to grow. Cayman-based Solomon Harris is a seven-partner firm that hired two associates in late 2014 from Maples and Calder. ‘This recruitment enables us to continue to deliver our well-reputed, responsive, client-centric and competitively-priced services in response to the increasing demand in multiple jurisdictions,’ says Cayman-based managing partner Sophia Harris. Solomon Harris has an additional office in Zürich, which opened in 2008 to service Swiss-based existing clients and as a base to service new and existing clients in Europe, the Middle East and Asia.
Boutiques Stuarts Walker Hersant Humphries Attorneys-At-Law and Travers Thorp Alberga also have strong presences in Cayman. Stuarts has acted as Cayman counsel to Lion Capital for over nine years, while Travers Thorp merged with local disputes boutique Paget-Brown in 2014, bringing in sole practitioner Ian Paget-Brown QC as of counsel. In March 2014, the firm was Cayman counsel to Apache Corporation, one of the largest independent oil and gas exploration and production companies in the world, in the sale of Apache Argentina’s operations.
Other developments for Cayman’s legal market include Campbells welcoming Susan Lock as partner from Ogier in December 2013 and Higgs & Johnson’s former country managing partner, Chris Narborough, founding CN Cayman Law in February 2014: Narborough is a corporate and commercial adviser with nearly 30 years of experience.
In the BVI, notable domestic firms include O’Neal Webster, known for corporate and commercial law and litigation, and Forbes Hare, which in June 2014 launched a fund fiduciary services arm in Cayman, led by former Appleby fund services’ head, David Boyd. Both O’Neal Webster and Forbes Hare have London offices.
In addition, the BVI has seen the arrival of Caribbean-based practices. Cayman-based law firm Campbells established a BVI office in June 2013; it provides both corporate and litigation services, with Kendell Mills as BVI office managing partner.
In Bermuda, global offshore law firms Appleby and Conyers Dill & Pearman remain the strongest practices, but Cox Hallett Wilkinson (CHW) is also a leading commercial law firm. In November 2014, CHW senior associate Jonathan Betts advised Bank of America Merrill Lynch as joint bookrunner in a $1bn senior secured notes offering. Other strong practices in Bermuda include the recently rebranded ASW Law (formerly Attride-Stirling & Woloniecki), MJM and Marshall Diel & Myers, in addition to Wakefield Quin and the Bermuda office of US and UK-based firm Sedgwick, Sedgwick Chudleigh.
Beyond the Channel Islands-based leaders, other international firms are likewise present in the Caribbean, including Irish practice Dillon Eustace in Cayman and US litigation practice Kobre & Kim in the BVI and Cayman.
MAPLES AND CALDER
Lawyers: 255, including 92 partners
Offices: Seven (BVI, Cayman Islands, Dubai, Dublin, Hong Kong, London, Singapore)
Global managing partner: Henry Smith (Cayman)
Focus: Commercial/corporate, dispute resolution, finance, funds, insolvency/corporate restructuring, insurance, IP, technology/telecoms, listing services, private equity, property/construction, regulatory/financial services, sports/media/entertainment, tax and trusts/private client
Recent standout deal: Hong Kong partner Greg Knowles acted as Cayman counsel to Alibaba in its $25bn IPO in September 2014.
According to global managing partner Henry Smith, Maples and Calder has experienced significant growth in its core jurisdictions, with a focus on the economic expansion of Latin America and south east Asia, including Singapore, Malaysia and Indonesia.
Consequently in 2014, 12 associates were promoted to the partnership. ‘This illustrates a commitment to encouraging the growth of talent and expertise from within the firm,’ he says.
Maples experienced an unusual amount of reshuffling in 2014. Michael Gagie was appointed managing partner of the Singapore office in November, and will relocate from Hong Kong once regulatory approvals are obtained. His appointment follows a rare incidence of lateral hiring between rival global offshore firms when Mourant Ozannes announced that it had hired Maples’ Singapore managing partner, James Burch, to strengthen its Cayman practice.
Meanwhile, Cayman partners Aristos Galatopoulos and Nigel Porteous were appointed as global trusts and private client heads and Justin Appleyard, David Brooks, Christine Chang and Gareth Griffiths all retired in November 2014, following long careers at the firm. Shaun Denton relocated to Hong Kong from London to become local managing partner in early 2014, and in November, London-based Paul Govier again became office managing partner.
In addition, Maples Fund Services (MFS), an operating division of MaplesFS – an independent provider of specialised fiduciary and fund services – opened an office in Boston in September 2014, significantly expanding its North American presence.
Following the launch of Maples Fiduciary and MFS in Singapore in 2013, MFS acquired the Hong Kong and Singapore operations of Vistra Fund Services in August 2014, the acquisition expanding MFS’ presence in Asia. ‘This is MFS’ first acquisition, which demonstrates its long-term commitment to fund administration,’ says Smith.
MOURANT OZANNES
Lawyers: 226 lawyers, including 51 partners
Offices: Six (BVI, Cayman Islands, Guernsey, Hong Kong, Jersey, London)
Managing partner: Jonathan Rigby (Jersey)
Senior partner: Robert Shepherd (Guernsey)
Focus: Finance and corporate, funds, international trusts/private client and litigation
Recent standout deal: In an unprecedented transaction for Guernsey, partner Gavin Farrell advised Pershing Square Holdings in the Guernsey aspects of its conversion from an open-ended to a closed-ended registered fund; an upsized share placing to raise $2.7bn; and its listing and admission on Euronext Amsterdam.
Recent standout disputes work: Guernsey partner Jeremy Wessels leads in long-running litigation in Guernsey for the Tchenguiz Discretionary Trust (TDT)’s former trustees, who sought declarations that they were not personally liable to third-party creditors for approximately £183m in loans. In 2014, the Court of Appeal held they were not personally liable.
Mourant Ozannes has been especially focused on consolidating the firm’s newest offices – BVI and Hong Kong – which opened in 2012 and 2011 respectively. The Hong Kong branch has gone from strength to strength, according to Jersey-based managing partner Jonathan Rigby: recently, it moved to larger premises to accommodate the growing team. Meanwhile, the BVI office has also seen a significant increase in revenue year-on-year, and it is already widely recognised for the quality of its funds, finance and corporate work.
The firm was certainly active in the lateral hiring market in 2014. In May, Christopher Harlowe joined as partner from Speechly Bircham, where he headed the corporate recovery and insolvency group in London, providing ‘an unrivalled depth and breadth of insolvency experience and expertise’, according to Cayman managing partner Peter Hayden. Also in May, Jim Edmondson joined to lead the international trusts and private client practice as a consultant from Farrer & Co, where he was private client practice head.
In 2015, Maples and Calder’s Singapore managing partner James Burch will join Mourant’s Cayman practice after his departure from the rival offshore firm was announced in December. According to Hayden, Burch is a true structured finance specialist and the experience he brings will significantly extend the firm’s offering to the North American market.
An unusual switch between two offshore rivals at the end of last year saw Ogier’s funds head Tim Morgan join Mourant’s Jersey funds practice, while managing associate and head of Jersey M&A Matthew Shaxson joined Ogier as a partner. ‘Tim’s arrival in our highly respected, busy funds team serves to cement our position as the leader in this market,’ says Rigby.
OGIER
Lawyers: 170, including 44 partners
Offices: Eight (BVI, Cayman, Guernsey, Hong Kong, Jersey, Luxembourg, Shanghai and Tokyo)
Global managing partner: Nick Kershaw (Jersey)
Chairman: Sarah Fitz (Jersey)
Focus: Banking/finance, corporate/commercial, dispute resolution, investment funds, private client/trusts and regulatory
Recent standout deal: BVI partner Ray Wearmouth advised hypermarket Lenta in its $1bn dual listing, the largest listing to date of a BVI company.
A landmark for Ogier in 2014 was the management buyout (MBO) of Ogier Fiduciary Services (OFS) from the Ogier Group in June, creating two independent businesses: Ogier Legal and OFS. According to global managing partner Nick Kershaw, OFS had reached the stage where an MBO was required, given the additional investment needed to achieve its growth plans.
‘The transaction was one of the largest and most significant within the offshore world and clients reacted positively to it,’ he says. Consequently, new opportunities have arisen for Ogier, which is seeing business from clients who were previously conflicted, and unable to appoint the firm because of its fiduciary business.
The only offshore firm to have a Luxembourg capability, Ogier recently grew its outpost in the Grand Duchy to four partners. In October 2014, finance specialist Fabien Debroise was made partner; and in September Caroline Bormans joined as tax partner from her own Luxembourg boutique, CB Law.
Other hires include business and trust law partner Matthew Shaxson joining in November 2014 from Mourant Ozannes, where he was Jersey M&A head; and dispute resolution partner Andrew Wanambwa arriving in the BVI office in November from Norton Rose Fulbright’s London office.
Furthermore, in July, partner Ray Ng relocated to Hong Kong from the BVI to launch a dispute resolution team in Asia.
The firm also experienced departures as former BVI-based dispute resolution head Michael Fay QC left to establish Advocates BVI. Dispute resolution and insolvency partner Richard de Lacy QC now divides his time between the BVI and Cayman offices, and is admitted in both jurisdictions.
WALKERS
Lawyers: 185, including 65 partners
Offices: Eight (BVI, Cayman Islands, Dubai, Hong Kong, Ireland, Jersey, London, Singapore)
Global managing partner: Ingrid Pierce (Cayman Islands)
Senior partner: Mark Lewis (Cayman Islands)
Focus: Asset finance, investment funds, finance, corporate, insolvency/corporate recovery, trusts and commercial litigation/dispute resolution
Recent standout deal: Cayman partner Ramesh Maharaj advised, as Cayman counsel, Coastal Energy Company in its $2.2bn sale to Condor Acquisition (Cayman), following a take-private transaction that utilised the Cayman Islands company ‘land merger’ regime.
According to Cayman-based managing partner Ingrid Pierce, with the global economy improving, Walkers’ well-established corporate client base, which includes clients such as The Blackstone Group and United Capital Partners, has become more active and the firm has seen more advisory instructions.
The firm also remains busy with traditional insolvency and general commercial litigation. ‘Our litigation and insolvency practice is genuinely global, operating in teams across the jurisdictions we operate in,’ says Pierce. She adds that regulatory work now touches all aspects of the firm’s work, and is notably important to clients because of the constantly changing global regulatory environment.
In September last year, Irish insolvency, restructuring and dispute resolution head Gavin Smith joined the Dublin office from ByrneWallace, while in April, partner Adam Chester was hired for the Jersey office from CGI Legal, an independent corporate legal services provider in Jersey, which he founded. ‘Adam’s depth of knowledge and experience across the full suite of Jersey matters has strengthened our practice in Jersey,’ says Pierce.
Also in April, offshore investment funds partner Jason Allison joined Walkers in Cayman from Carey Olsen, where he was local managing partner. LB
julian.matteucci@legalease.co.uk