Walkers, the global offshore law firm, announced on Monday that it has merged with Crills Advocates, a Jersey-based provider of institutional offshore and domestic legal services.
According to a statement by Walkers, the two companies, which commenced joint operations on July 1, will provide a full range of offshore legal services in Jersey. They will also offer Jersey legal and administrative services in jurisdictions around the world, including London, Dubai, the BVI, and Hong Kong, where Walkers currently has offices.
The combined firm in Jersey will be branded as part of the Walkers group and will operate under the Walkers name.
The expansion into Jersey by Walkers follows recognition of the company as 'Offshore Law Firm of the Year' by The Lawyer, and Walkers hopes to capitalise on strong growth in the Jersey funds sector.
Last month, JerseyFinance, the island's investment promotion body, announced that Jersey's fund sector grew by a stunning 50% in the last year, and now services more than 1,000 funds with net asset value of GBP156 billion.
“Jersey is a key jurisdiction for many structured finance products and investment funds promoted in Europe," observed Grant Stein, Walkers’ Global Managing Partner.
"As a result, Jersey is a market which complements our Cayman Islands’ structured finance practice and market-leading hedge funds practice, and should be a core focus for Walkers," he added.
According to Peter Harris, Senior Partner in the Jersey office, Walkers "brings a wealth of knowledge" in hedge funds, private equity, and structured finance transactions, and the link-up with Crills presents "enormous opportunities" for clients to take advantage of a broader range of products and services.
Walkers also sees Jersey as a key entry point for companies seeking foreign investments, as it is possible to establish a Jersey company as a listing vehicle on the Alternative Investment Market (AIM), the London Stock Exchange’s global market for smaller and growing companies.
"For some time, we’ve had clients in the UK and Europe asking for Jersey legal services,” Mr. Stein continued. “While our work in Cayman and BVI law continues to thrive, we are always looking to meet our clients’ requests to offer new services or extend our presence in regions that are important to them."
"The combination of Crills’ expertise and Walkers’ established global client base means that Walkers can now offer legal and administration services to support our clients’ preferred investment strategies in Cayman, Jersey, and the BVI," he added.
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