In this article, Russell Clark, head of trusts and private wealth at Carey Olsen Guernsey, shares insights into Carey Olsen's achievements and the winning strategy behind being named Offshore Law Firm of the year at the 2024 WealthBriefing Awards. He also discusses how Carey Olsen stays competitive and where the firm sees itself in the wealth management landscape in five years' time.
What was the winning formula of your firm/you that explains why you won?
Carey Olsen is at the forefront of the offshore private client space and can attribute its win to a number of factors. It is one of the largest offshore trusts and private wealth teams with a collegiate group of lawyers who collaborate on several high-value, cross border matters. We advise on Bermuda, the British Virgin Islands (BVI), the Cayman Islands, Guernsey, and Jersey law from nine international offices and advise several very wealthy families and individuals and the professionals charged with the administration of their wealth. Often, we are co-ordinating a team of advisers from across our jurisdictions as well as several other locations.
We have 78 partners, 300+ lawyers and 600 staff across the globe. The trusts and private wealth team comprises more than 50 partners and lawyers across our offices who work across a range of contentious and non-contentious issues including representing clients before the Privy Council in the UK.
Please describe how your colleagues made a difference?
We are committed to investing in the continued professional development of our legal teams, many of whom are members of The Society of Trust and Estate Practitioners (STEP). We have been reaccredited as a Platinum Employer Partner by STEP which is a benchmark of quality for businesses in the trusts and estates industry and signals a firm's investment in employees' professional development and provision of a nurturing work environment - Carey Olsen was the first offshore law firm to earn this accreditation.
Our success is down to the quality, calibre and responsiveness of our lawyers across the board as well as our notable client base. It can also be measured by the number of clients we have worked with for many years who not only make use of our private client services but now also instruct colleagues in other departments such as our corporate, property and disputes teams.
How do you hope your firm will benefit from getting this award?
It is always pleasing to be recognised as a leader in your field by winning such accolades as an industry award. The acknowledgement that we are the best offshore law firm will be another feather in our cap and is a fantastic achievement which will be celebrated at Carey Olsen. For clients and potential clients with whom we have not worked previously, the WealthBriefing award will help provide affirmation that their choice to instruct us is a prudent one.
What are you going to do to remain competitive and stay ahead?
In the private wealth field developing and maintaining long term client relationships is key to our success. We have well-established, large private client teams in our home jurisdictions which we are constantly building on. We also have a growing private client team in our Asia offices where we have Mandarin speaking lawyers available in Hong Kong and Singapore to advise clients in a more convenient time zone.
Where do you see the wealth management industry and your part of it going in the next five years?
The industry will of course remain buoyant going forward and more specialist roles may emerge over time to cater for particular aspects of a client's objectives, particularly involving complex estates with many different components to manage. We may see more conflict arising, particularly where, on succession, there has been poor inter-generational communication and buy-in resulting in the need for greater negotiation amongst extended family members. Dispute resolution can be complicated where there are many parties and assets are spread across many jurisdictions and different trust structures and trust providers. We are well versed in dealing with the differing needs of family members and other interested parties in complex estates and we expect to be involved in more of this type of work in the future.
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