The prospect of foreign law firms opening up branch offices on the Island is not something feared by Bermuda's leading lawyers.

The prospect of opening up the sector has been hinted at after Government announced it would open up the Island's financial services sector, including to service companies such as accounting and law firms.

Yesterday senior management at both Appleby Spurling & Kempe and Conyers Dill & Pearman said the opening up of the Island's international business sector - including to outside law firms - was something that should be welcomed, as long as the same laws applied to all.

Head of CD&P's corporate department John Collis said that he was not concerned about the prospect of local firms joining forces with foreign companies - as in the case of yesterday's “rather small” merger between AS&K and Hunter & Hunter - or outside firms setting up offices here.

“This is not something that does or should concern us. There are international accounting firms here, and with the HSBC deal, international banks. But the issue always is that all firms would be here on the same footing.

“There are now lots of restrictions on Bermuda law firms, and it would be wrong to have two sets of laws. But as long as it is on an even playing field, it is not something to be feared.”

Lawyers practising in Bermuda must be called to the bar here, and must be versed in Bermuda law.

AS&K managing partner Peter Bubenzer, who is overseeing the merger of his firm with Cayman-based Hunter & Hunter, also said opening up the Island's legal sector could be a positive development.

“The perspective of this firm is that opening up is good for Bermuda as it increases the depth and range of services, and helps in training and access to resources.

“The accounting profession already has foreign representation, and now the trend for consolidation and opening up is happening in the offshore legal firms.”

He said he would not be concerned if, for example, a big London law firm was to open up a Bermuda office, and said it had been shown that “other jurisdictions benefited hugely from the opening up process.

“Personally, I do not see what would be wrong with that but it is something that the bar would have to have a debate about.”