News
-
Rave reviews from the Legal 500
Independent legal researchers have heaped praise on the Isle of Man and highlighted its varied portfolio of offshore products.
The latest annual Legal 500 listing also points out that the Island has more physical and personnel capacity for expansion than Jersey or Guernsey.
In it’s overview of the legal services market it reports that Isle of Man Law firms remain bullish in the face of global economic woes and are upbeat about indications of a Channel Island firm opening an office in Douglas.
The Legal 500 reports that there are three firms leading the market - Cains, Dickinson Cruickshank and Simcocks Advocates.
Simcocks chief executive, Phil Games, said: “All sectors of the business community are working together to ensure the Isle of Man is leading the way in positioning itself as a highly regarded, regulated jurisdiction that is commercially pragmatic.
“The current economic climate provides a chance for businesses to look internally at what they do, how they do it and identify ways to strengthen relationships with existing clients to ensure an unbeatable service.
“The Island has created an entrepreneurial culture through innovative legislation and by attracting high net worth individuals which I believe will stand us in good stead during these turbulent financial times.
“Glowing client testimonials have helped us achieve our best ever Legal 500 placing. We are ranked in the top tier for insurance and pensions, commercial property, dispute resolution, private client and employment and this is because Simcocks has a team of professionals who provide a responsive, bespoke service attuned to the needs of each client.”
What did researchers from the Legal 500 say about the Isle of Man?
The Isle of Man has a varied portfolio of offshore products and more physical and personnel capacity for expansion than Jersey or Guernsey. Law firms remain bullish in the face of global economic woes and are upbeat about indications of a Channel Island firm opening an office in Douglas.
Three firms lead the market. Cains, which opened a Singapore office in July 2008 and
‘provides a London-level of service, something I haven't previously seen from an offshore jurisdiction’, and Dickinson Cruickshank, which has‘ firmly closed the gap with Cains during the last few years’, are pressed by Simcocks, ‘ dynamic and young - serious challengers and exceptional alternatives to the ‘big two’’.
Leading individuals named by the Legal 500:
Banking and finance - Phil Games (Simcocks) and Mike Pinson (Cains)
Commercial - Andrew Corlett (Cains), Chris Murphy (Mann & Partners), Irini Newby (Simcocks), David Spencer (Simcocks), Nick Verardi (Dickinson Cruickshank)
Commercial property - Mark Humphrey (Dickinson Cruickshank) and Jeremy Walton (Cains)
Dispute resolution - Chris Arrowsmith (Simcocks), Seth Caine (Cains), Peter Clucas (Cains), Paul Morris (Dickinson Cruickshank)
Employment - John Aycock (Mann & Partners) and Dr Sharon Roberts (Dickinson Cruickshank)
Insurance and pensions - Ben Hughes (Cains)
Investment funds and capital markets - Richard Vanderplank (Cains)
Private client and trusts - Paul Dougherty (Dougherty Quinn) and John Rimmer (Dickinson Cruickshank)
What did researchers from the Legal 500 say about Simcocks Advocates?
Dispute resolution – Simcocks was ranked 1 (last year it was ranked 1)
Simcocks’ litigation department continues to develop. Busy Chris Arrowsmith‘ is one of the best, if not the best, on the island and a match for anyone at the London Bar’. Kevin O’Riordan is recommended for high-value trust disputes and is also expert in ADR. High-profile cases in which Simcocks advocates have had leading roles include Re: Hafner, Manx Electricity and the Abacha litigation.
Private client and trusts – Simcocks was ranked 1 (last year it was ranked 2)
Simcocks enters the top tier this year on the back of glowing praise from clients. Kevin O'Riordan is a ‘fine lawyer with wide knowledge of Manx and English trust and family law, attentive, pragmatic and swift in response’. Elaine Proudlove has demonstrated a ‘keen legal brain in trust matters and an understanding of tax concepts rarely found in Manx Advocates’. Philip Games and Amy Coole‘ have delivered work to a high standard and at short notice’.
Commercial property – Simcocks was ranked 1 (last year it was ranked 1)
Irini Newby leads Simcocks’ property group, which advised Mapeley Estates on a £10m office acquisition during 2007.
Employment – Simcocks was ranked 1 (last year it was ranked 1)
Simcocks associate Norman Teare was chairman of the Manx Employment Appeals Tribunal for seven years. The firm acts for several of the island’s major employers.
Insurance and pensions – Simcocks was ranked 1 – (last year it was ranked 1)
Simcocks has a substantial share of the captive insurance market and notes a significant increase in personal and corporate international pension scheme instructions; the firm handled a major project for Sandvik Mining & Construction of South Africa involving 10,000 employees worldwide. David Spencer and Phil Games are recommended for ‘high-quality advice and delivery’.
Banking and finance – Simcocks was ranked 2 (last year it was ranked 2)
Simcocks’ David Spencer, who ‘provides exceptional service’, is recommended for banking and finance instructions. Key clients include Alliance & Leicester International, RBS, Deutsche Bank AG and Ulster Bank.
Commercial – Simcocks was ranked 2 (last year it was ranked 2)
Simcocks matches the two leaders in quality and is noted as ‘ cost effective’, though the group is rather smaller. Irini Newby is ‘ pragmatic and commercial - she aims to get deals done’. David Spencer is‘ responsive, helpful, quick and always ready to go that extra mile’; Spencer led on the Kaupthing Bank acquisition of The Derbyshire (IoM) Limited. The firm also acts for such clients as Genting International, the resorts and casinos group, Barclays Wealth and corporate service provider Wallbrook.
Investment funds and capital markets – Simcocks was ranked 2 (last year it was ranked 2)
Simcocks’ Ita McArdle leads the five-strong group which includes experienced Peter Chemaly. The firm advised Wichford plc on the Manx aspects of its secondary listing and subsequent move to the main market.
