Reports Legal has published its latest Offshore Report which focuses on Jersey. In it Editor Dominic Carman interviews the managing partners of Jersey's elite law firms to discover how they are rising above the current economic challenges to deliver growth.
On the challenges facing Jersey, as well as other leading international financial centres, Jason said: 'It feels like the world is standing on the edge of an economic precipice with a big bungee cord strapped to our back. Only time will tell whether the cord snaps and we'll plunge into a deep recession, or whether it pulls us back from the brink.'
With regards to Jersey's fund sector, and growth of private placement funds, Jason commented: 'Has Jersey missed the boat? It depends on which boat you want to be on. It's certainly not on the UCITS EU boat. But in terms of the private fund regime, it's still well and truly in play. The fund industry in Jersey is growing very quickly - not through the development of open-ended funds, but through private capital: the private fund regime may not be taking in 300-400 fund investors, but is instead raising funds from 10 or 20 people.'
On the potential growth of real estate in Jersey, Jason said: 'The fastest area of growth over the next few years might well be real estate insolvency work in Jersey. Let's see what happens with that bungee cord.'
On the 'trust litigation boom', as Dominic refers to it, Jason said: 'We're involved in Guernsey with the biggest current corporate dispute and the biggest trust dispute across Guernsey and Jersey. That's a sign of the times, people are feeling quite litigious, which is reflected in the work across our business.'