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Global Job Hotspots 2011: Offshore
Despite taking a hit from the recession, there are still opportunities for Australian lawyers to live the island life. <
Despite taking a hit from the recession, there are still opportunities for Australian lawyers to live the island life.
With high gross salaries, low income tax and a work/life balance to rival any other, working in offshore regions like the Cayman Islands remains a very attractive option for Australian lawyers looking for high quality international experience.
"Some firms were particularly hard-hit during the downturn," says EA International managing director, Michael Bromley.
"Others seem to have done pretty well coming out of it. We have just started to see a little more interest with people interviewing in the Cayman again. Even firms in Jersey and Guernsey in the Channel Islands are once again engaging with Australian and New Zealand lawyers."
As the economy recovers, the financial centres of offshore regions offer opportunities for lawyers practising in areas such as corporate finance, funds, and banking and finance.
Given the presence of international firms in most offshore regions, the quality of work is high and often involves large transactions across multiple jurisdictions.
As a result, there is intense competition for jobs in the large offshore firms, making it difficult for lawyers to secure the job they want.
Vice president of legal recruitment at CML Offshore Recruitment, Simon Scott, says securing a position offshore is akin to applying for a job at a top 10 London firm in terms of the quality of candidate the firms are looking for.
The good: Offshore regions like the Cayman Islands provide an idyllic island lifestyle which is hard to beat. Plus, working offshore means large disposable incomes courtesy of a minimal or zero PAYE tax system.
The bad: With the island life comes a dose of cabin fever given the tiny populations and small spaces. The cost of living is also quite high.
Realistic option? Definitely, but given many of the lawyers offshore are from top-tier or Magic Circle firms in London, lawyers must have a lot of experience under their belt.
Click on the images below to discover the 2011 legal job hotspots for Australian lawyers:
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