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Because of very low or even zero tax rates, associates and senior associates can earn more in net terms than at many major City firms, whilst having generally lower billable hours targets.
A move to Cayman, BVI or Bermuda offers a very high quality of life. You will be living in a relaxed and picturesque island setting, in close proximity to a crystal-clear ocean, enjoying a tropical/sub-tropical climate, and with a quicker commute to the office. You benefit from a more healthy and outdoor lifestyle and weekends become mini-holidays.
For transactional lawyers, you will largely be working on the offshore aspects of transactions that are being run by major onshore firms, which means that your working hours are more predictable and working life is overall less stressful. For litigators, the quality of work on offer is on a par with that of elite firms in London.
For candidates who are admitted in either the UK, Ireland, South Africa, Hong Kong, Australia, New Zealand or Canada, and have a minimum level of post-qualification experience, no exams are necessary to practise in one or other of Cayman, BVI and Bermuda.
"My decision to move offshore arose from a secondment to an offshore firm in Guernsey when I was a barrister at a Magic Circle set of chambers in London. During the secondment, I was impressed by the quality of the work that was on offer and I also realised that the relaxed nature of island life was a great antidote to the daily stresses of work. A couple of years later, I therefore decided to accept a permanent offer of employment from a firm in the Cayman Islands.
Since making the move to Cayman, my experience has been that if you commit to the cases and clients in the same way as you would in London, the professional opportunities that come along can be exciting and stretching, which over time compounds to accelerate your professional growth. One unexpected but welcome benefit once you start to become more senior is the amount of work-related travel opportunities available (if you want them), with a nice balance between trips back to London and England, and going farther afield for conferences and to meet clients and referring law firms (in particular in New York and Hong Kong, where a significant proportion of our work comes from).
I don’t think there are many people who regret their decision to do a stint offshore for part of their career, and it is not unknown for people to move offshore, go back onshore, and then end up moving back offshore permanently. Others will spend a few years offshore and then move back home permanently, but with a richer set of professional and life experiences, contacts, and memories to draw on, as a result of their time offshore."
"When I considered a move offshore I was working at a major US firm in London. The main attraction was the thought of living in the Caribbean and earning tax-free money. The pleasant surprise, having made the move, was that these factors were not the best thing about moving to the Cayman Islands.
Sure, the weather is perfect for most of the year and, whilst the cost of living is high, the absence of tax certainly means you are financially better off. But the real game changer is that, on a relatively small island, you are able to live life without the drag of multiple hours per week sitting on a train to and from work or sitting in traffic in a car at weekends. Until you actually live that quality of life, it's difficult to explain what a difference it makes being able to be (easily) present at kids' sports days or to be able to meet your wife at home for lunch, without ever negatively impacting your job.
To be able to live this quality of life, whilst still working on some of the most high profile investment funds in the world, it didn't take too long before I realized I would never move back during my working career."
