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Alexis Osen
Private Practice team
London office
Cayman Islands - Testimonial
A 10 year qualified funds lawyer working for a leading international law firm
The type of work will be familiar to most onshore lawyers but there is a distinctly different role whereby offshore counsel tend to support, rather than lead, the transaction. The overall effect is that you will find yourself working on a much larger number of transactions but with a smaller role in each. Because we are on US time if you work with Europe or Asia you may find yourself in the office late but generally hours are fairly friendly, most lawyers preferring to start early and finish at a reasonable time.
The work conducted in the Cayman Islands is generally referred by all the major US and UK law firms and the quality of work is therefore no different to the work conducted in those, and similar, jurisdictions.
By and large, though to a degree dependant upon the type of work a lawyer undertakes (ie funds or finance) clients are predominantly US corporates and banks with perhaps as much as 85% to 90% of work emanating from the US. European and Asian clients fall into similar categories - only local Cayman firms and trust departments tend to have private client work.
The cost of living is quite high with the Cayman dollar about 20% higher than the US dollar and most goods imported to the islands. Rents are relatively expensive (expect to pay CI$2,600 for a smallish 2 bed apartment or CI$5000 for a 3 bed house) as are bars and restaurants and local supermarket prices are around 30% higher than in the UK - but bear in mind your income is tax free.
The Islands are a haven for water sports, diving, sailing, fishing etc and there are excellent Rugby, Tennis and Squash clubs, several good gyms and golf courses and many different clubs, theatres, churches and organisations catering for all interests. Cuba and Jamaica are both about 45 mins away and Miami is one hour and New York four hours. Travel to anywhere in North and South America is pretty much on your doorstep.
There is an excellent range of restaurants and bars from typical Caribbean beach bars to first class hotels - all types of food are served and there are also excellent Cuban cigar bars on Grand Cayman.
Income will depend upon which firm you work for and the area of law you specialise in but on average you should expect to earn around 20% more than in the UK plus pay no tax - so the overall effect should mean an increase of up to 50% - in some cases in can be more.
It is very difficult to find a UK lawyer working in Cayman who is not very happy with the choice they made - I would certainly recommend discussing the possibilities.