About this offshore legal salary survey
As you would expect, remuneration packages and how they are structured vary both between Islands and across practices and institutions within each jurisdiction. Some firms pay a standard salary package plus discretionary bonus, others pay a salary plus billings-related commission and other still may offer commission based on billings and new business brought in.
Accordingly, the offshore legal salary survey information and commentary provided below is for the purposes of general guidance only.
Cayman Islands
Salary packages for lawyers in the Cayman Islands are somewhat higher than in other many offshore jurisdictions. They are also entirely tax-free.
Associates at leading Cayman firms have been known to exceed the salaries of most of the Magic Circle firms and salaries are paid in US dollars. Standard benefits include your relocation package, health insurance and pension.
For the purposes of general guidance for this offshore legal salary survey, the following are approximate base salaries for lawyers at international law firms:
- 3 years’ PQE – US$150,000
- 4 years’ PQE – US$175,000
- 5 years’ PQE – US$200,000
- 6 years’ PQE – US$225,000+
Entry-level salaried partners in Cayman can be on US$250-550K, whilst senior salaried partners can be in the US$300-800K range.
Whilst the cost of living is higher than most offshore centres, the standard of living in the Cayman Islands is widely regarded as being one of the best in the Caribbean.
Bermuda
Salaries in Bermuda are competitive and generally considered high. As with BVI and the Cayman Islands, Bermuda also has no income tax, though it does have a 6% payroll deduction.
This means there is the same financial appeal to living and working in Bermuda as there is to the Cayman Islands.
Remuneration packages for lawyers in Bermuda are similarly constructed to those in Cayman and the cost structure is highly comparable.
The Island is also one of most developed jurisdictions and lawyers there can expect to enjoy a superb quality of life.
British Virgin Islands
Legal salaries in the BVI are generally very competitive, even compared to US law firms based in London. A 3-year PQE lawyer can easily be earning US$130-140,000.
All law firms in the British Virgin Islands offer an expat relocation package including flights and shipping costs, with health/dental insurance and often pension benefits included.
Though legal salaries are not quite as high as in the Cayman Islands and Bermuda, it’s worth noting that the BVI’s cost structure is noticeably lower, meaning you will enjoy a very good lifestyle and disposable income.
There is no income tax, though there is a modest 8% payroll deduction above the $10K personal allowance.
Channel Islands
Salaries for lawyers in the Channel Islands of Jersey and Guernsey are generally regarded as being on a par with Magic Circle salaries in London (after taking into account the beneficial lower rate of income tax).
Benefits will similarly be on a par with those in the City, with bonuses often proving much more generous (for example, 20% of base salary).
See also: Earn a Better Salary in Tax-free Bermuda, BVI & Cayman Islands
See also: Cayman Islands Salary Survey 2020