Hughie Wong
Managing Partner
London
At what point did offshore advice stop being a specialist input and become part of the conversation from the outset?
When our London office first launched in 2001, the legal advice we provide was often viewed as a specialist jurisdictional input, typically sought at a particular stage of a transaction, financing or dispute. Over the past quarter century, however, the role of the jurisdictions we work in and the advisers who support them has evolved significantly.
As our London office marks its 25th anniversary, we look at how the delivery of offshore advice has changed over the past 25 years and what clients are likely to need next.
From execution support to strategic adviser
One of the most significant changes over the past 25 years has been the growing involvement of advisers from our jurisdictions in strategic decision-making.
Historically, advisers were often engaged to provide jurisdiction-specific advice on matters that had largely been structured elsewhere. Today, they are increasingly involved in shaping transactions, fund launches and corporate structures from the outset.
As Neil McDonald, head of the Corporate and M&A team, explains: 'Clients are bringing us into transactions at a much earlier stage than was historically the case. Our M&A advice has shifted from supporting execution and closing mechanics to helping shape transaction strategy, implementation planning and structuring decisions from the outset.'
The same trend has emerged across the funds industry. As fundraising environments have become more competitive and fund structures more sophisticated, advisers are increasingly expected to operate as an integral part of broader deal teams.
Tatziana Paraguacuto-Maheo, co-head of the Investment Funds team, notes: 'Clients increasingly expect their offshore advisers to be fully integrated members of their deal teams, working alongside sponsors, investors, onshore counsel and service providers across jurisdictions and time zones.'
This shift reflects a broader evolution in client expectations. Technical legal expertise remains fundamental, but clients increasingly value advisers who combine that expertise with commercial judgement and an understanding of their longer-term objectives.
From specialist jurisdiction to market infrastructure
The growing importance of our jurisdictions is ultimately a reflection of a much bigger shift: the growing role of alternative structures in the global financial system.
Over the past 25 years, our jurisdictions have become deeply embedded in international investment, financing and wealth structures. As a result, matters involving the Cayman Islands, BVI and Bermuda entities are now routine across a wide range of sectors and markets.
This is particularly evident in the disputes and restructuring space. Jennifer Maughan, partner in the Insolvency & Dispute Resolution team, says: 'Investment hub jurisdictions are now a routine feature of major global investment, financing and private capital structures. As a result, clients increasingly expect seamless collaboration between offshore and onshore advisers throughout the lifecycle of a matter.'
In disputes, matters have become more international, more complex and often more urgent. The financial crisis, sanctions regimes, the expansion of private capital and the growth of digital assets have each left their mark on the types of issues clients face.
Banking and finance tells a similar story. Over the last two decades, alternative structures have become increasingly central to financing transactions, while private credit and fund finance have transformed how capital is deployed.
Mark Galazzi, head of the Banking & Finance team, comments: 'Fund finance, private credit and increasingly sophisticated financing structures have transformed the market. Our advice is no longer a separate workstream. Clients expect their counsel to be embedded within deal teams, helping deliver commercial solutions quickly and seamlessly across jurisdictions.'
The distinction between jurisdictional advice and onshore advice matters far less to clients than it once did. What matters is the ability to deliver coordinated, commercially focused advice across multiple jurisdictions. Increasingly, clients expect a single team around the table, regardless of where those advisers are based.
Regulation, technology and the next chapter
If the past 25 years saw advisers from our jurisdictions become part of the strategic conversation, the next 25 may require them to help clients navigate an increasingly complex mix of regulation, technology and cross-border risk.
The regulatory landscape has changed considerably over the past decade. Anti-financial crime frameworks, tax transparency requirements, governance obligations and economic substance rules have increased the regulatory considerations that clients must address when operating internationally.
At the same time, the Cayman Islands, Bermuda and the BVI have each continued to develop regulatory frameworks designed to support innovation in areas such as digital assets and financial technology. As clients explore new products, strategies and asset classes, demand for specialist regulatory advice continues to grow.
Sara Hall, head of the Regulatory & Risk Advisory team in London, observes: 'The regulatory landscape across the Cayman Islands, Bermuda and the BVI has matured significantly in recent years, particularly in areas such as anti-financial crime, tax transparency and governance. At the same time, the development of digital asset frameworks has created entirely new opportunities for businesses operating in the sector.'
Technology is expected to become an equally significant driver of change. Digital assets have already created new opportunities across Investment Funds, Banking & Finance, Corporate and Regulatory & Risk Advisory work. Artificial intelligence is likely to raise new questions around governance and risk, requiring legal advisers to work across disciplines in ways that were far less common a decade ago.
The legal questions may be familiar. The environment in which they arise is becoming far more complex.
Looking ahead
The markets and structures may look very different today, but the core objective remains unchanged: helping clients deal with complexity and make informed decisions across jurisdictions.
As markets become increasingly connected and client needs have grown more complex, clients will need legal advisers who can handle issues that do not fit neatly within a single jurisdiction or discipline. The connectivity that has defined our London office will become more important than ever.
Hughie Wong, London office managing partner, says: 'Over the past 25 years, we have seen our advice become an increasingly integral part of the global legal and financial landscape. Clients today operate across multiple jurisdictions, asset classes and regulatory environments, and they expect advisers who can bring those strands together seamlessly. Looking ahead, international connectivity, technical excellence and commercial insight will become even more important as clients navigate an increasingly complex and fast-moving world.'
25 years after opening our London office, the market looks very different. The role of offshore legal advice has shifted from specialist support to strategic partnership, and as client needs continue to become more complex, that transformation shows no sign of slowing down.
