Demand for legal services has picked up in the third quarter of 2024, according to the Cayman Finance Sentiment Survey.
Overall activity among funds, corporate, virtual assets and banking/capital markets lawyers increased compared to the second quarter.
Only the perceived demand for litigation and trust/private client work diminished slightly between July and September of this year.
However, the outlook is more favourable for all financial services-related legal services, except virtual assets, where demand is already at a high level and the outlook is only marginally lower.
Virtual asset legal services have also seen the largest share of new business according to the responses received from Cayman-based lawyers to the survey.
The business sentiment analysis surveys 840 lawyers who are members of the Cayman Islands Legal Professionals Association (CILPA), asking in which sectors they operate; how busy they were comparatively in the past quarter; how much of their work involved new business; and their personal outlook for activity in the next quarter.
The responses based on a sentiment scale of five different options (very low, somewhat low, about average, somewhat high, very high) are then converted into a sentiment score and the average score is calculated for each sector.
For full Q3/2024 results, please see below:
