Cayman Law Society defends foreign law offices
Scholarships and direct financial contributions to Cayman Island lawyers and law firms demonstrate that it is not only foreign lawyers who benefit from practising Cayman law, the nation's Law Society has claimed.
The Law Society’s defence of overseas offices came as political and public pressure mounts over the perceived one-way street over the flow of legal work and the funds that go with it.
Cayman Net News reports that the Cayman Islands Law Society (CILS) used data from nine top law firms to prove that in six years over 300 scholarships to Caymanians have been granted.
The data also reveals that the government of the Cayman Islands drew close to $28 million in direct revenue generated by foreign offices last year, an increase of 16 per cent on the previous year.
The information was contained in a letter written to the President of the Cayman Islands Law Society Alasdair Robertson, representing the findings of accounting firm Grant Thornton, which was engaged by the CILS to collect such data.
Earlier this week, local lawyer and supporter of the Legal Practitioners Bill Theresa Pitcairn had claimed that only foreign lawyers benefit from Cayman law. She said that overseas offices should contribute to the growth of Cayman offices and ‘not grow at the expense of them’.