In the wider legal community, it has been suggested that the label of “magic circle” for offshore companies should promote itself. Not only does the group proposed by Legal Business appear to be large (with nine firms as opposed to the five firms in London`s original magic circle), but it also appears to include a fairly high percentage of all specialist offshore law firms, including almost all major law firms in the Channel Islands. [11] Our team also offers unique expertise in advising and acting on offshore occupational risks, including professional negligence claims in offshore jurisdictions. Since its inception in 1931, Bermuda`s aircraft register has been used by multinational corporations and wealthy individuals around the world. Our aerospace team has worked on the industry`s largest securitizations, debt financings and private placements. The Bermuda Shipping and Maritime Authority is a highly respected part of the offshore shipping industry. Conyers has established a leading practice in ship finance and maritime capital markets, advising ship owners and lenders on financing, IPOs and bond issuances in the region and developing opportunities in Norway and other markets. Our team of world-class legal professionals has extensive international and local experience, having been both lawyers and lawyers, lawyers and lawyers. In addition, our global reach and deep industry knowledge allows our Bermuda-based lawyers to have a deep understanding of the global and local issues facing our clients, allowing us to provide them with rich and diverse perspectives. Our team has over twenty years` experience in the London and Bermuda markets, as well as offshore insurance disputes. The Offshore Magic Circle is the group of the largest multi-jurisdictional law firms specializing in offshore financial centres, particularly the laws of the British Overseas Territories of Bermuda, the Cayman Islands and the British Virgin Islands, as well as the Crown Dependencies of Jersey and Guernsey.
Lawyer magazine compiles a list of the top twenty offshore law firms by number of partners, which is published annually in February. [15] The term is a derivative of London`s widely recognised “magic circle” of top law firms and is commonly used in the offshore legal industry. [2] [3] [4] [5] The term has also been used to describe the offshore legal industry in a more pejorative sense (e.g. when mainstream media reports offshore financial scandals such as Paradise Papers),[6][7][8][9] and are therefore used or found more sparingly in important legal publications (e.g., Legal Business). Maples and Calder is the largest offshore law firm by number of lawyers. * Carey Olsen was formed by the merger of two companies of roughly equal size from Jersey and Guernsey. Mourant Ozannes was born from the merger of companies from Jersey, Guernsey and the Cayman Islands. In its 2008 edition, the Chambers Law Directory recognised the trend towards specialised offshore firms with multiple jurisdictions and included a new ranking for global offshore specialist firms rather than jurisdictions. [13] This was probably the first “offshore magic circle” defined, although the repertoire did not use the term. The following table shows the offshore jurisdictions in which the main offshore companies with multiple jurisdictions exercise law (as of March 2020). The table does not list “sales offices” where firms do not practice local law (they usually have offices in London, Zurich and/or other major onshore centres, but do not practice English or Swiss law). However, Ireland and Luxembourg are included in this table, as several companies in these two midshore jurisdictions have switched to exercising this right, particularly with regard to funds, when competing with large onshore companies such as Matheson.
There is no consensus on which companies belong to the offshore magic circle. A 2008 article in Legal Business (Issue 181, Offshore Review, February 2008) suggested a list repeated by others,[10] and is simply the top 10 offshore law firms, but excluding Gibraltar specialist Hassans. [11] Our client base includes leading onshore corporations and financial institutions, as well as several global FTSE and Fortune 100 companies in the Americas, Europe, Asia and the MENA region. Many have been with us for decades because they value our advice and trust us to provide the responsive, reliable and high-quality service they need at every stage of the business lifecycle. These same companies are increasingly advising on the laws of onshore financial centres, particularly Ireland and Luxembourg. [1] Large offshore companies do not use the terminology of the “magic circle”. Edward Fennell, a legal columnist for The Times, has expressed gloomy views about law firms that describe themselves as part of an offshore circle of mages. [12] However, the concept of an offshore magic circle is actively promoted by legal recruitment consultants who hope to convince London lawyers to work in an offshore jurisdiction for a few years. [10] This list of Chambers included the same names as the list compiled by Legal Business in their 2008 Offshore Review article. In addition, the chambers stated that specialized offshore companies (e.g. Hassans), no matter how good, would not be considered in this new Global – Offshore category. [14] Global Knowledge Management Manager – PSL Manager (Bermuda) According to its provisions, the Convention is mandatory and must be followed by foreign companies wishing to conduct a trial in Bermuda.
Our team members are also frequently briefed on high-profile issues before Bermuda`s courts involving public, administrative, regulatory, constitutional and environmental law issues. Our lawyers have extensive experience in resolving disputes before various courts and regulators in Bermuda and overseas. Complex cross-border transactions require professional advisors who can provide coordinated and timely service worldwide. Our Bermuda practice is supported by our offices in London, Hong Kong and Singapore to ensure a high level of efficient and transparent service throughout your region. Phone: +1 441 295 1422 Fax: +1 441 292 4720 Email: [email protected] Keep up to date with our latest legal findings and register today Conyers has long been Bermuda`s leading corporate practice. Our experienced team of lawyers advises on insurance/reinsurance, capital markets, mergers and acquisitions, securitization, ship and aircraft financing, investment funds and corporate restructurings. Our team has extensive experience advising clients on corporate transactions and business matters with Bermuda, including: This document outlines the process under Bermuda law by which an insurance company may move its registered office to Bermuda. Our experts advise more than half of the companies listed on the NYSE and Nasdaq of Bermuda. With particular strength in IPOs and securitization issues, we conduct some of the largest transactions in the region. In Bermuda, international trade accounts for 85% of the island`s GDP.
Insurance and other financial services are important pillars of the island`s economy: the jurisdiction continues to attract new reinsurers, insurance-related funds, and funds investing in insurtech products and blockchain technologies. Other important areas of legal work in the region include SPACs, asset-backed securitization transactions, insurance securitizations through catastrophe bonds and international debt listings. Bermuda is one of the largest insurance and reinsurance homes in the world. For over 60 years, our insurance lawyers have worked for most insurance and reinsurance companies in Bermuda. Today, we advise two-thirds of the world`s largest commercial insurers on topics such as alternative risk transfer, catastrophe bonds and insurance-related securities, as well as conversion operations with special purpose vehicles. The Re Ping An Securities Group (Holdings) Limited decision [2022] recalls that the competence to appoint liquidators after initial meetings is discretionary. Clarendon House, 2 Church Hamilton Street HM 11 Bermuda We value long-term partnerships with our clients and hope you will contact us for legal advice.
