Have you thought about leaving the country?
This seems to be quite a hot topic of late and it’s a question that is borne out of a plethora of economic, political and social factors.
As the global legal landscape evolves as well, many lawyers are increasingly looking to the international market for new opportunities but also, a change in lifestyle. Offshore jurisdictions offer unique advantages for legal professionals seeking to expand their careers and experience life in some of the world’s most sought-after locations.
What countries make up the offshore legal market?
- Cayman Islands
- British Virgin Islands (BVI)
- Bermuda
- Jersey & Guernsey
- Singapore
- The Middle East
Why should lawyers consider the offshore market?
Lucrative compensation & benefits
Salaries are higher-than-average (or at least comparable to similar onshore firms) but when you factor in the tax benefits (which can be 0% – 20%), it provides lawyers with the opportunity to significantly boost their income.
Career opportunities
These markets are attracting significant investment and given the nature of the business environment, many multinational corporations (including law firms) are starting to operate in these regions. This is especially true of the Middle East which has seen new office openings for several prominent law firms.
All this, means that lawyers can gain exposure to complex, high-profile work and can more rapidly expand a their skills and expertise. Even if you are working in London, Sydney, Dublin or another major city, it is worth evaluating the quality of the work you are doing and your access to the type of work you want to do, as you could arguably get better work offshore.
Work-life balance
While there are of course firms that require long hours (especially in Singapore and the Middle East), there are generally softer attitudes/expectations around work in the rest of the offshore market. Having a more relaxed pace of life as well as access to beautiful environments and outdoor activities, naturally leads to an overall improvement in quality of life.
Networking
Offshore jurisdictions are international hubs where lawyers can collaborate with clients, partners, and legal professionals from across the globe. Given these locations often have large expat communities, it can provide a softer landing and a more welcoming community to plug into. This allows for excellent networking opportunities and exposure to new legal systems and business practices.
The offshore legal market presents an exciting opportunity for lawyers to advance their careers while living in idyllic locations. Whether you’re looking for financial benefits, career growth, or a better work-life balance, the offshore market has something to offer.
Reach out to Nihaal if you’d like to learn more and discuss your options: nihaal.maharaj@mrasearch.co.uk
