The offshore market has started the year with a bang! We have seen an unprecedented number of opportunities across the Caribbean, Channel Islands and Asia, as firms look to make the most of increased deal flow. The BVI has shown true island spirit, bouncing back from the devastation caused by hurricane Irma and really does seem to be heading in the right direction. It certainly hasn’t put people off making the move there, and we have seen firms taking advantage of the influx of lawyers.
The litigation surge in Cayman seems to have settled somewhat and the focus has now really switched to the transactional space with firms looking to increase their headcount significantly across corporate, banking and funds. The UK winter (never failing to encourage a fair few people to make the move abroad in order to avoid the horrific weather) has had a significant impact on people looking to relocate, and firms have certainly had a great selection of people applying.
March and September 2018 qualifiers certainly haven’t been left out as the Channel Islands is currently going through one of the busiest NQ hiring periods I have seen in the market and salaries are nudging up in response as firms look to compete in a very tight market. Corporate, Banking, Litigation and, somewhat unusually, Private Client are particularly in demand across Jersey and Guernsey, with firms nearing completion of their September 2018 hiring.
The Bigger Picture
2018 is likely to see further mergers and office launches which will put even greater emphasis on hiring people with previous experience who can hit the ground running. On the flip side, this will also provide fantastic opportunities for people with offshore experience looking for a new challenge. It is going to be interesting to see if there will be any further movement on the Legal Professional Act in the BVI or Cayman, which could provide significant changes to the recruitment landscape.
I think we are also likely to see a continued focus on ‘Offshore Asia’ as firms address both potential legislation changes and also the need for people on the ground to deal with the ever increasing flow of work.
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