Cayman Islands

Grand Cayman has gained popularity amongst top lawyers from across the world looking for overseas opportunities as their ideal jurisdiction to further develop their careers. Legal talent in the jurisdiction comprises of many lawyers who were previously with the likes of the Magic and Silver Circles, White Shoe, Australian Big Six and Canadian Seven Sisters firms, alongside Cayman’s strong homegrown talent. 

Why is Cayman so Popular?

Automatic Admission

Lawyers from certain other commonwealth jurisdictions are automatically eligible for admission as a Cayman Islands Attorney-at-Law once they have three years post qualification experience, and employment and a work permit secured. There are no exams, but a relatively straight-forward admission ceremony at the Cayman Islands Grand Court once the lawyer is physically present on island.

This contrasts with other jurisdictions such as the US, UK, Hong Kong or Australia, where expatriate lawyers are burdened with practising restrictions until they have passed the necessary exams to cross-qualify.

Eligible commonwealth jurisdictions include England & Wales, Scotland, Australia, Canada and New Zealand.

Quality Work

Cayman is considered to be a major international financial centre and the leading domicile for investment funds globally. Major corporate transactions regularly run through the jurisdiction, which is also the domicile jurisdiction of choice for many of the world’s heavy-weight investment funds.

Lawyers often find themselves acting mostly as local counsel (although this can depend on the law firm and practice), working on a higher volume of matters. The quality of the matters that lawyers, transactional and contentious, tend to work on is extremely high, complex, and carefully regulated. There is more of a focus on law than project management and the hours are less intensive, and for transactional lawyers, the workflow tends to be more predictable.

Lawyers find themselves working with the same or similar calibre of clients as New York, London or Hong Kong, as well as matters of similar value deal size. Cayman is a highly regulated and stable jurisdiction, and lawyers find that they can continue their career trajectory at a good pace.

The largest practice areas within law firms tend to be:
• Investment Funds
• Corporate
• Finance
• Financial Regulatory
• Litigation
• Insolvency
• Private Wealth & Trusts

Improved Life

Many lawyers are choosing Cayman because of the improved quality of life that the islands could provide. Some of the attraction factors include weather, improved work-life balance, sociable and friendly community, attractive remuneration and zero income tax.

Weather

With an average winter daytime temperature of 28°C and an average of 32°C during the summer months, Cayman provides great weather conditions all year round for those looking to live an active or outdoor lifestyle. Staying cool also isn’t a problem as all homes and buildings have air conditioning.

Hurricane season runs between June and November each year, however numerous firms have hurricane evacuation plans in place. Construction regulations mean that buildings have to comply with strict structural criteria to ensure they can withstand major hurricanes. It is also worth noting that Cayman has only suffered one major hurricane in the last twenty years.

Improved Work-life Balance

Be it the more relaxed Caribbean outlook or the mood-lifting weather, there is more respect for work-life balance in Cayman. The median annual target hours across the international firms is 1600 and whilst lawyers get to continue their career trajectories and work on complex and challenging matters, they often find themselves having more time to themselves than they previously did to enjoy the lifestyle that Cayman provides.

Sociable and Friendly Community

The Cayman Islands has around 130 different nationalities in the territory, making it a very multicultural community. Cayman culture itself is friendly and welcoming (Google “Caymankind”), and the large expatriate population is very sociable and outgoing.

Financial services is the main pillar of the economy, meaning that lawyers will find themselves surrounded by many likeminded individuals within the same or similar industries.

There are plenty of bars, restaurants, events, sports leagues, etc., which, combined with the island’s general relaxed feel, make it an easy place to make new acquaintances and enjoy a vibrant life outside of work.

Whilst there is plenty to do and people to meet on island, if you are looking for a “big-city” atmosphere then island life might not be for you (although Miami is only a one hour flight away!)

Travel

Grand Cayman has convenient travel links to the rest of the Americas. Some notable direct flight options include Miami, New York, Washington, Los Angeles, Panama, the Bahamas and London. Owen Roberts International Airport is conveniently located in the capital, George Town, meaning getting to and from your flight is usually only a short journey (and ideal for weekend city breaks!)

Remuneration and Zero Income Tax

On average, a 3 PQE lawyer at an international firm in Cayman should expect a base salary of US$165,000 at the time of writing. There is no income tax whatsoever in Cayman so you keep what you earn.
Furthermore, whilst it is well-known that the cost of living in Cayman is higher than most other major financial centres, recent global inflation has meant that the cost of living in the likes of London and New York are actually not too far off. Lawyers who relocate to Cayman from countries such as the UK, Australia or New Zealand usually find themselves having considerably more disposable income than before.

The Cayman Islands is the home and birthplace of The Agency. If you would like to learn more about life in Cayman or explore current opportunities then please contact us for on-the-ground insight. 

Fort 51, Floor 2
51 Fort Street, George Town
PO BOX 712, Grand Cayman
Cayman Islands, KY1-1107

hello@theagency.legal
+1 345 743 1777

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