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From the Managing Partner
This is an exciting time for Harneys as we continue to expand in order to meet the evolving needs of our clients. This can be seen in our continued geographic expansion—as I write we are preparing to open our seventh office which is our fourth new office in 5 years. It is also manifest in our investment in core practice groups and teams which form the backbone of our legal practice.
Perhaps the most significant among the firm's 2012 developments is the expansion of our Hong Kong office. Having nearly doubled our fee-earning capacity in the past 12 months we have developed high quality coverage in all key BVI and Cayman Islands transactional, restructuring and litigation practice areas. Our litigation and restructuring desk in Hong Kong has been a resounding success because it puts meeting client needs at the forefront. This is an ethos which guides our entire operation in Asia and which is allowing us to gain significant market share in the region.
Another notable development of the past 12 months has been the expansion of our global Cayman Islands team. Through strategic recruitment of top talent we now field a Cayman team which we believe reflects the very best of what Harneys stands for: pragmatic lawyers with exceptional skill and expertise who put the needs of the client at the forefront. While we remain one of the smaller firms in Cayman we punch well above our weight and continue to win significant mandates as result of our ability to offer high-quality and credible Cayman service across all our offices at lower cost than our larger competitors.
Meanwhile, we continue to stand apart as the only international offshore law firm with a presence in Cyprus. During 2012 we further strengthened this connection by placing a BVI-qualified regulatory and funds lawyer in Cyprus, a development we believe will have added significance as Cyprus' funds industry emerges as a mid-shore alternative fund domicile. At the same time the reputation of our core Cyprus corporate, finance, trust and tax practices has never been stronger.
Of course our British Virgin Islands office remains our flagship. This marks the 53rd year since the establishment of our legal practice in the BVI and we remain the largest law firm in the jurisdiction with the greatest depth of service. We are proud of our long history in the BVI, of the role we continue to play in legislative development within the territory, and of our increasingly prominent corporate and fiduciary services group, Harneys Services. Few things demonstrate our unique position in the BVI market better than the success of British Virgin Islands Commercial Law, the first and only textbook of its kind. Conceived and authored solely by Harneys lawyers, and published by Sweet and Maxwell, British Virgin Islands Commercial Law is now in its second edition.
As we look ahead to the future we remain committed to the values which have distinguished Harneys for more than 50 years. That is our promise of absolute quality in the work we deliver and to unparalleled responsiveness and client service.
Peter Tarn
Global Managing Partner