How does the legal industry benefit the Cayman Islands economy?
The Cayman Islands remains a favoured destination for the setting up of investment funds, trusts, charitable foundations and non-charitable purpose trusts, to enable investors to make investments overseas effectively and efficiently.The financial services industry, which includes the supporting professional services such as the legal industry and accounting firms, contributes over US$1.5 billion in GDP for the Cayman Islands each year, which represents over 50% of the Cayman Islands government revenue. This equates to over $300 million in revenue for the government each year through fees and licenses, which in turn pays for public schools, emergency services, social services and sound infrastructure.
How does the legal industry benefit the Cayman Islands employment opportunities?
In recent years, the biggest sector employing Caymanians has been the financial and law services, employing over 2700 Caymanians. In fact, 69% of total employment in financial services is Caymanian.In the legal sector specifically, there are over 600 attorneys in the Cayman Islands, with over 200 of these being Caymanian licensed attorneys, not to mention the additional employment opportunities at large firms provided through supportive roles, such as secretarial and administrative, to HR, Marketing and IT.
How does the legal industry benefit the Cayman Islands education opportunities?
The financial services industry also provides a range of educational benefits to the Cayman Islands, including job training, internships and work experience placements, professional certification and scholarships for young lawyers and students.
How does the legal industry benefit the Cayman Islands community?
The legal industry generously donates time and money to a variety of charitable causes and non-profit organisations across the island, as well sponsoring a number of events. The financial support provided by the law firms is a major contributing factor to the sustainability of these community organisations and events.