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OFFSHORE LEGAL MARKET INTEL & SALARY GUIDE

2020 MAKE THE MOVE- OFFSHORE

Why make the move offshore? 3

Working as a lawyer in the Channel Islands 4

Working as a lawyer in the Cayman Islands 5

Working as a lawyer in the British Virgin Islands 6

Working as a lawyer in the Bermuda 7

Salary Guide Snapshot 888

Start the process / meet our offshore consultants 9/10

SONDER INTERNATIONAL SEARCH CONSULTANTS 2 Why make the move offshore?

Summary Looking Ahead in 2020

With all our consultants having worked overseas, they each understand just how The Coronovirus pandemic has affected businesses globally, with the legal market being no overwhelming living in a big city can be. Rush hour traffic, squeezing onto public transport, exception. It has not only impacted our daily lives dramatically as we all follow long hours and keeping up with demanding regimes can be challenging. Whilst some thrive government guidelines to stay home and practice social distancing, but it has also and enjoy this pace of life, for others, a change of scenery to a new, more relaxing location is significantly effected the economy, how we work and of course travel for business and perhaps on the cards. leisure.

The beauty of relocating offshore is that for one, long commutes don’t exist. The stress of However, with great challenge comes great opportunity and in recent months we have getting to work and racing to meetings is completely eliminated. Instead, you are faced with a seen vast demand for lawyers in a number of offshore locations, especially within the casual morning stroll or short drive to the office with tranquil settings and a warm sea breeze. insolvency & restructuring space. As we continue to have more positive discussions with Another common draw to relocating offshore is the opportunity to travel and explore places multiple offshore firms we expect this demand to continually grow in the midst of the that would usually be out of reach without a long trip from Europe or Australia. For instance, pandemic and beyond. from Cayman you can take a direct flight to Cuba and experience the colourful capital Havana, In the legal world firms are relying strongly on technology such as video-conferencing from Bermuda you can easily get to the Bahamas and different states in the US and from the software to conduct important business initiatives as we all adapt to the new reality. In BVI you can spend the weekend exploring the rain forest in Puerto Rico. offshore locations like the British Virgin Islands, the government has been very ahead of For those with partners and children, offshore environments are fantastic places to raise a the curve, reacting quickly to the unfolding crisis and safeguarding their economy and family. The islands all promote a heightened sense of outdoor living, fantastic beach front valuable financial services. properties, good quality schools and diverse cultures. Keeping digitally connected has never been easier and offshore firms in the BVI, Cayman You may be thinking however, that leaving an onshore firm means a compromise on the and the Channel islands have effectively leveraged the appropriate technology to ensure quality of work on offer, but from our experience, this is certainty not the case. that business stays very much open.

To help you assess your offshore options and aid you on your pursuit of a higher quality of life If you are a mid-level lawyer and have been thinking about relocating offshore, perhaps and a new challenge, we have laid out the most admirable offshore locations that, with the now is the perfect time to consider your options and start planning a big move. right experience, are well within your reach as a lawyer.

SONDER INTERNATIONAL SEARCH CONSULTANTS 3 WORKING AS A LAWYER IN THE CHANNEL ISLANDS

OVERVIEW MARKET INTEL

Guernsey and Jersey are both splendid islands, with Jersey being the larger of the two. Jersey’s population In recent times there is a consistent strong demand across corporate, banking, regulatory, has passed 100,000 in recent years, whilst Guernsey’s populace sits at 65,000. The Islands hold an eclectic commercial disputes and funds. With the current economic climate, firms in the Channel Islands cultural and architectural mix of the English countryside and northern France. In the capitals of St Helier are taking a more cautious yet proactive approach to recruitment, in that they are open to and St Peter Port, there are enough shops, bars and restaurants to rival most mid-sized English towns. A conducting interviews and are flexible with start dates. We anticipate there will be an increase in 10-minute drive will bring you to enviable golden beaches, winding country roads and cliff top trails. By demand for restructuring & insolvency lawyers, commercial litigators and lawyers with strong virtue of the Islands’ close proximity to the mainland, a 45-minute flight will take you back onshore for investment funds experience, with a minimum of 3PQE. your dose of the big city, family and friends. The Channel Islands also benefit from having their own stock exchange. Headquartered in For anyone who wants to maintain a high quality of work whilst residing in charming surroundings, the Guernsey, The International Stock Exchange (TISE is regularly used for Euro-bond listings in Channel Islands are a dream, plus you can wave goodbye to the often painstaking commute into a order to take advantage of a withholding tax exemption. crowded city. Given how far south the Channel Islands are, there is less annual rainfall than anywhere in the UK, along with higher average temperatures. This will make you want to pursue outdoor activities QUALIFICATION REQUIREMENTS more than ever, from walking to cycling, to horse riding and a whole host of water sports. For the litigators reading, re-qualifying in Jersey or Guernsey is a prerequisite if you are intending For those looking to move with families, The Channel Islands have a lot to offer. Boasting low crime rates, to advocate before the local courts. Aside from this, the only requirement of sorts is for lawyers to a relaxed pace of life and an island-wide speed limit of 35mph, both Islands are idyllic locations to bring demonstrate a commitment to re-qualifying at some stage in the future, which is necessary for up children. Guernsey offers a variety of state and private schools, all with impressively high pass rates lawyers with partnership aspirations. The process of re-qualifying requires a lawyer to have worked and there are plenty of after-school activities including surfing and swimming for the entire family to get in the jurisdiction for a minimum of one year in Guernsey and two in Jersey. involved with. SALARIES AND BENEFITS LIFESTYLE Channel Island salaries are generally a level footing with Magic Circle salaries after taking into Work life balance is paramount in the Channel Islands. Whilst offshore lawyers are partial to the account the reduced income tax rate. Benefits are also similar to what the big city outfits offer, with occasional late night or weekend telephone call from time to time, this is a rarity in the Channel Islands. bonuses tending to be more generous. The maximum tax rate you will have to pay for both Islands Indeed, lawyers working for the elite offshore firms work extremely hard, however they appear to have a is 20%. far greater degree of control over their practice. It’s therefore not unusual for the office to be nearing empty by 6.00pm. INTERESTING FACT:

COST OF LIVING The Channel Islands have 145 unique species of plants and animals found nowhere else on Earth and also boast of over 100 species of crabs, 240 different varieties of seaweeds and over four million oysters Cost of living is in large part comparable to London, with the favourable tax benefits being seen in the in their waters. lower cost of cars, luxury goods and alcohol. Accommodation is generally of a high quality, however the housing market is somewhat complicated by the local and non-local housing system. For lawyers, this is usually a non-issue since law firms tend to provide the relevant housing licenses to their employees, opening up a larger portion of the market. The Channel Islands have their own notes – the Guernsey pound and the Jersey pound, both of which are at par with the UK pound which is also widely accepted.

SONDER INTERNATIONAL SEARCH CONSULTANTS 4 WORKING AS A LAWYER IN THE CAYMAN ISLANDS

OVERVIEW MARKET INTEL

The Cayman Islands encompass three islands in the western Caribbean Sea. Little Cayman, the smallest The Cayman Islands seems to be one of the jurisdictions that is one step ahead when it comes to island is home to diverse wildlife and is a paradise of coral and fine beaches. Cayman Brac is a popular COVID 19, lawyers that we have been speaking to in recent times claim to be the busiest they have launch spot for diving and deep-sea fishing and Grand Cayman, sitting at 22 miles long, with a population been in years, with the investments funds industry extremely busy in a market downturn - lawyers of 2,000 is the largest of the islands, known for its beautiful beach resorts, snorkeling spots and an array of have been kept on their toes. In the coming months we expect to see a steady demand for outdoor activities. The islands are warm all year-round with average highs between 26-30 degrees, falling restructuring lawyers, investment funds lawyers, regulatory lawyers and commercial litigators. slightly to 20-22 degrees in winter months. The islands also have a reputation as a sociable place to live, Teams tend to be a lot leaner in the Cayman Islands, allowing you to gain invaluable partner time, with a large community of young professionals and an endless number of restaurants, bars and hotels. as well as time to engage with other groups within the firm more frequently. Law firms in the If you're a keen explorer or fancy returning to the hustle and bustle of city life, Cuba is a short 1-hour Cayman Islands have a high threshold for whom they choose to hire due to the complexity of flight and Florida just 90 minutes away by plane. Haiti is to the east, Jamaica and Colombia to the south- offshore legal systems. This also means that you would have the opportunity to learn and work east, Panama and Costa Rica to the south and Mexico to the west. Giving you plenty of new and exciting with talented lawyers qualified across multiple jurisdictions. destinations to explore on your weekends. Despite it's tiny size there are four airports on the island, with QUALIFICATION REQUIREMENTS British Airways offering direct flights to and from London.

To work in the Cayman Islands all prospective candidates must be common law qualified and LIFESTYLE most firms require that candidates have been qualified for at least 3 years. To obtain a visa you will A healthy work life balance is a huge advantage of relocating to the Cayman Islands. Living 5 minutes also need to show that you have actually been offered a role by an offshore firm i.e. you have from the office, shops, schools, beaches and bars allows you to maximise family and social life in a way signed a contract. All of our clients are extremely helpful throughout this process and will guide you every step of the way. that is unachievable when working for an onshore firm. Cayman caters to people at any life stage, from those with a family looking to take advantage of international schools and an island-wide family friendly SALARIES AND BENEFITS culture, to those who enjoy socialising in an array of beach bars and restaurants and for the fitness inclined, who appreciate yoga, fitness classes and water-based activities. It is not uncommon for salary packages in the Cayman Islands to be higher than in other offshore jurisdictions and are tax free. Ultimately, it comes down to which firm you join as to the COST OF LIVING remuneration package you will receive. Indeed, many firms pay a standard salary package and some offer salary plus commission. Associates normally receive various other benefits including The cost of living in the Cayman Islands is more expensive than most offshore locations, with prices pension and health insurance. Although the cost of living is considered higher than that of other similar to that of the United Emirates. Whilst the cost of food, essentials and eating out is affordable in offshore centres, the standard of living in the Cayman Islands is widely considered as one of the relation to salary and tax free benefits, housing prices and rent is expensive with most properties boasting best in the Caribbean region and with regards to tax, there is no income tax to pay in the Cayman luxurious settings and modern specifications. A large selection of apartments and condos are available for Islands whatsoever. long-term rental and the price of accommodation varies dramatically with location (proximity to George Town, Seven Mile Beach and the waterfront, so you can find cheaper properties if you are willing to INTERESTING FACT: sacrifice a beach-front location. The local currency is the Cayman Islands Dollar (CI$ but transactions Cayman Crystal Caves, a relatively new tourist attraction in the Cayman Islands, are natural caves using non domestic credit cards will be charged in US$ as the US dollar is widely accepted on all islands. that have only been recently discovered and cleared for transit. To discover more about life in Cayman from a lawyer's perspective read 'Life In the Cayman Islands' a blog featuring James Murrie an Associate we placed at a top tier firm in the Cayman Islands on our website SONDER INTERNATIONAL SEARCH CONSULTANTS 5 WORKING AS A LAWYER IN THE BRITISH VIRGIN ISLANDS

OVERVIEW MARKET INTEL

The British Virgin Islands is made up a large chain of tropical islands in the eastern Caribbean Sea. There From speaking to senior partners in the BVI, law firms in the region see COVID 19 as a real are 4 large islands (Tortola, Anegada, Virgin Gorda, and Jost Van Dyke) and 32 smaller islands and islets opportunity to secure top talent from other jurisdictions or law firms where there is a not a of which more than 20 are uninhabited. The largest and liveliest town and port is Road Town on Tortola, steady flow of work. Teams are a lot leaner in the BVI than what you would see in the major making up 21 square miles with a population of just under 13,000. Slower-paced Virgin Gorda is known jurisdictions and law firms in the region are in a good position to weather the economic storm for its famous granite baths, pristine beaches and mountainous trails. Jost Van Dyke, the party island, has that COVID will bring. Elise Donovan the Chief Executive Officer at BVI Finance Ltd recently a large number of bars and restaurants, while Agegada is famed for its diving and snorkelling spots. stated that ''the government in the BVI has been quick to react to the unfolding Covid-19 crisis and have the infrastructure and technology to effectively push forward and continually build resilience The BVI as a whole is known as a haven for sailing enthusiasts. Calm turquoise waters and steady breezes in the face of adversity.'' make conditions ideal. The beaches are amazing and there are numerous hiking trails and national parks to explore. The average temperatures sit between 24 and 32 degrees with little variation between summer QUALIFICATION REQUIREMENTS and winter, meaning you can enjoy sun-soaked days all year round. To work as a lawyer in the British Virgin Islands you must have a UK qualification to practice. Re- qualification however, is a relatively simple matter at present. Whilst there are no official Over the past decade, the BVI has expanded significantly as an international financial centre because of requirements, it is rare for any firm to recruit a lawyer without at least 3 years PQE experience its role in the registration of corporations and trusts. Financial services makes up 55% of the economy under their belt. All foreign workers wishing to reside in the BVI will need a permit and please also whilst tourism, being primarily the yacht chartering business, makes up the rest. The main language is note that it usually takes between 3-4 months to gather all the relevant paperwork before physically English despite having a diverse population with expatriates moving here from different areas of the relocating. globe. You can get to the British Virgin Islands directly from the Caribbean and airports in Puerto Rico, St Thomas and Antigua. It would take around 14 hours from London and just 6 hours from New York to SALARIES AND BENEFITS get to Terrance B. Lettsome International Aiport in the BVI. Like most offshore jurisdictions, salaries in the BVI do vary by firm but are mostly competitive with US law firms based in London. A 3PQE lawyer can expect to be earning US$130,000- $140,000. For LIFESTYLE a more established firm, you could be earning in excess of this. You can also expect firms in the BVI to have a generous bonus system and offer some form of relocation package including, flights, temp From a quality of life aspect, the Islands are best catered to those who enjoy outdoor activities and accommodation, car hire and some shipping costs. Health insurance is generally a standard with beautiful scenery as opposed to the hustle and bustle of busy town centres. With friendly communities, most firms as well as a pension arrangement. the best sailing waters in the Caribbean, and an array of outdoor activities, pubs and restaurants. For those with children, there are several good government schools as well as private schools. So whether you Individuals in the BVI pay no income tax, land or housing taxes. There is no capital gains tax, wealth tax, inheritance or gift taxes, sales tax or VAT. Stamp duty is payable on some transactions are relocating alone or with a family, it is very possible to live a fulfilled lifestyle in the BVI. and there is a payroll tax of between 10-14%, split between employer and employee.

COST OF LIVING INTERESTING FACT:

The cost of living is relatively similar to most offshore locations and is dependent on how and where you The terrain here is relatively flat on the coral islands, with the volcanic islands showcasing beautiful choose to live. Grocery shopping is rather expensive however, gas is cheap and utility bills are reasonable. rolling hills – perfect for gentle expeditions. According to Numeo, rent is up to 20% cheaper in the BVI compared to the Cayman Islands. Many of the houses that are rented out in the BVI are also for sale, making it very common to rent a house that is listed for sale. The official currency of the BVI is the US dollar and ATM's are in the main towns Tortola and Virgin Gorda but nowhere else.

SONDER INTERNATIONAL SEARCH CONSULTANTS 6 WORKING AS A LAWYER IN BERMUDA

OVERVIEW COST OF LIVING

Bermuda is Britain's oldest and smallest but most affluent British Overseas Territory. It is 21 square While the cost of living is relatively high in Bermuda, packages are highly competitive. Coupled with the fact that there is no income tax, it allows for an attractive career move for those seeking miles in total land area, consisting of a cluster of small islands (6 main islands and 120 smaller ones), career progression, stellar work experience, the opportunity to save for the future and a superior located in the north-west Atlantic Ocean. Bermuda is a picture-perfect destination, famed for its work/life balance. The world bank rates Bermuda as one of the top four jurisdictions in the world turquoise waters, lush greenery and pink beaches. The main islands, Ireland, Boaz, Somerset, Main, St in gross national income per capita. David and St George are all conveniently connected by bridges, making them easily accessible by MARKET INTEL scooter, car or bus. Bermuda has attracted a diverse range of people, with British, North American, African, Portuguese and West Indian influences making up around 65,000 residents across the main Bermuda is well known for (reinsurance, financial services and e-commerce. The well-structured regulatory environment brings international businesses looking to create funds or structure islands. However, the predominant speaking language remains English. During winter months finance deals offshore, in addition to listing on local stock exchange. Insurance Litigators are in (November to March) temperature sit around a pleasant 20 degrees while most months reach the high high demand now and will continue to be as we see out 2020. 20's and early 30's. QUALIFICATION REQUIREMENTS Bermuda has turned itself into one of the world's biggest insurance hubs over the last 30 years, through All non-Bermudians who intend to work and reside in Bermuda require a permit. It is a a combination of low taxes, flexible regulation and easy access to the US. It's just a 90-minute flight prerequisite for lawyers to hold a Commonwealth qualification to practice Bermuda law and are from NYC so you would be able to get a regular dose of city life if you wish. It is also easily accessible normally required to have at least three years post qualified experience before applying. A legal from many other US locations and Canada. A flight from New York will take approximately 90 spouse can be a dependent on their partner’s work permit in order to reside on island. Unmarried partners are not permitted to reside without having secured a job on the island and permit of their minutes. From London, it's around 7 hours and from Sydney you are looking at a total flight duration own. of 21 hours. SALARIES AND BENEFITS LIFESTYLE The financial benefits of earning a tax-free salary are clear to see, particularly if a medium/long- Bermuda still has a magnetic British influence, so it comes as no surprise that there is plenty of cricket, term career move is an intention. It should be noted, however, that cost of living (for example, rugby, football, tennis and golf clubs to enjoy. In fact, boasting nine in total, Bermuda is home to more rent) on the Islands does not come cheap. Notwithstanding this, the balance works in your favour: golf courses per square mile than anywhere in the world. The crystal clear water offers an array of water capital appreciation is a popular reason for choosing to relocate. sports. Sailing and fishing are extremely popular and there is plenty of enviable reef to explore and Individuals in the BVI pay no income tax, land or housing taxes. There is no capital gains tax, wreck diving to be had. The pink sand beaches are world-famous and there is over 120km of dramatic wealth tax, inheritance or gift taxes, sales tax or VAT. Stamp duty is payable on some transactions coastline to explore. and there is a payroll tax of between 10-14%, split between employer and employee.

Bermuda is equally suitable for singles, couples and small families. It is, however, important to note that INTERESTING FACT: permits will not be granted to anyone with more than two accompanying children. When it comes to You can snorkel in the crystal clear waters surrounding Bermuda for up to 7 miles offshore. socialising and dining out, Bermuda has many high-end restaurants and traditional English and Irish There's lots of stunning coral to explore; it's even possible to see up to 100 feet towards the sea bed pubs to choose from. Traditional UK high street shops line Hamilton’s cobblestone streets and if you where the coral meets the ocean. enjoy the odd night out, Bermuda has a lively social and nightlife scene and the crime rate is low.

SONDER INTERNATIONAL SEARCH CONSULTANTS 7 Salary Guide Snapshot

Cayman Islands British Virgin Islands It is not uncommon for salary packages in the Cayman Islands to be higher than in other offshore Legal salaries in the BVI are generally very competitive, even compared to US law firms based in jurisdictions and are tax free. Many firms pay a standard salary package and others offer a salary London. You can expect to see salaries of approximately: plus commission. You can expect to see salaries of approximately:

Bermuda Channel Islands Salaries in Bermuda are competitive and generally considered high. As with BVI and the Cayman Salaries for lawyers in the Channel Islands of Jersey and Guernsey are generally regarded as being Islands, Bermuda also has no income tax, though it does have a 6% payroll deduction. You can on a par with Magic Circle salaries in London (after taking into account the beneficial lower rate of expect to see salaries of approximately: income tax). You can expect to see salaries of approximately:

SONDER INTERNATIONAL SEARCH CONSULTANTS 8 READY TO MAKE THE MOVE OFFSHORE?

START THE PROCESS EARLY MEET OUR OFFSHORE SPECIALIST'S

If you want to make the move offshore and have at least 2 years PQE under your belt, we would Our specialist consultants will guide you on every step of your journey, from the initial phase strongly recommend that you get the process started sooner rather than later. of placing your CV in front of respective firms offshore, to the final steps, working out the logistics of the move. Any questions or to find out what opportunities we have offshore reach NEXT STEPS out to one of our friendly consultants below for a no obligation discussion:

• Delve deeper into your offshore options and discover what locations sounds most appealing to ADAM RODDA you and potentially your family • Establish if you have the correct requirements and experience Legal search consultant & offshore specialist (London) • Gather your transcripts and update your CV • Talk to a legal recruiter and use their advice and expertise to guide you on your journey Call - +44 7760 883 307 Email - [email protected] Connect on LinkedIn - @AdamRodda ABOUT SONDER CONSULTANTS

At Sonder, we are continually striving to connect the worlds best legal talent and help both our clients Kevin sinnott and candidates achieve their goals and ambitions. We deliver permanent, temporary and contract managing director (Sydney) appointments in multiple markets across the globe. Our unique, professional and client-focused Call - +61 2 8277 4511 approach allows us to build and maintain long-lasting and trusting relationships with employers from Email - [email protected] international legal practices, global organisations, respected niche law firms and SME's. Connect on LinkedIn - @kevinsinnott

We bring a fresh approach to recruitment utilising our exclusive network, ground-breaking technology and invaluable market insights. We are preferred suppliers to a broad range of clients, from top-tier global firms to national boutique law firms and are here to help legal professionals Matthew hart make their next career move, be it local, national or international. director - head of Australia (Sydney)

Our head office is located in Sydney’s scenic Barangaroo, and in 2019 we opened our first Call - +61 404 167 880 international office located in Cheapside, the historic and modern financial centre of London. Email - [email protected] Connect on LinkedIn - @matthewhart

SONDER INTERNATIONAL SEARCH CONSULTANTS 9 ''The best way to predict the future is to create it.''

- A Lincoln

SONDER INTERNATIONAL SEARCH CONSULTANTS 10 Connecting the worlds best legal talent.

INTERNATIONAL SEARCH CONSULTANTS

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