30 July 2023

Cream of Jersey: best in class

Dominic Carman meets with the managing partners of Jersey’s elite law firms to discover how they are rising above economic challenges to deliver growth

 

Enjoying a preeminent reputation as a major international finance centre that is both stable and at the forefront of international regulation, Jersey is often cited as a best-in-class offshore jurisdiction. For these reasons, among others, it is also an important legal hub, where lawyers are renowned for providing some of the best advice that offshore law firms can deliver. “Jersey consciously serves to a higher regulatory standard than most international finance centres (IFCs), offshore or onshore,” says Edward Mackereth, global managing partner at Ogier.

“That’s been a very deliberate play, done with a good amount of political nous, because longer term, IFC numbers will contract, largely as a result of international regulatory pressure. Overall, the Channel Islands certainly punch above their weight. It’s a different model: we don’t want to be piling it high and selling it cheap.” Jonathan Heaney, managing partner of Walkers’ Jersey office, adds: “We see the Channel Islands market as the most gold-plated part of the offshore world. Historically, it may well have been over-regulated compared to some competitor jurisdictions; now, by luck or judgment, it’s ahead and everyone else is playing catch up.”

 

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