The Cayman Islands
The Cayman Islands is a self-governing British Overseas Territory in the western Caribbean Sea. It is a leading and sophisticated offshore financial centre and the domicile of choice for investment structures and complex insurance products. It is about 1 hour’s flight from Miami and a 12 hour flight from London. As of 2021 it is the 5th largest financial centre in the world in terms of foreign portfolio investment.
The law firms in Cayman tend to focus on:
- Corporate & private equity
- Banking & finance
- Investment funds
- Commercial dispute resolution
- Insolvency & restructuring
- Financial services regulatory
- Private wealth
Lawyers in Cayman are some of the best paid in the world, with salaries ranging from US$145,000 for someone with three years’ PQE to as much as US$300,000 for senior associates. Bonuses can be as much as 30% and some firms offer commission-based compensation. Salaried partners earn from US$250,000 to US$750,000. At the leading firms, remuneration for equity Partners matches some of the top UK and US law firms. There is no income tax.
To work as a lawyer in the Cayman Islands you need to have 3 years’ post qualification experience in a Commonwealth jurisdiction, typically defined as England & Wales, Australia, New Zealand and Canada. However, following a recent change in the law this requirement will at some point change to 5 years’ post qualification experience. The majority of lawyers will at some point have worked in leading international law firms previously and these tend to be where the firms focus their recruitment efforts.
The lifestyle on Cayman is unrivalled. Grand Cayman is 22sq mi and surrounded by crystal clear waters and white sandy beaches. Boasting a first world infrastructure the island offers you the opportunity to be a lawyer in an island paradise. Short commutes and an outdoor lifestyle make weekends seem like a holiday.