From their very first days in law school, students in England are filled with stories of the unsociably long hours and heavy workloads of the 'Magic Circle' firms in London.

"Three months of 20-hour work days on a project and your immediate superior still might not know your name", is one of my favourites. "That's the career for me," students are supposed to say. Still, competition for these top posts is intense with most firms recruiting two years in advance.

Bermudian law students have another option ¿ the legal industry in Bermuda is booming and firms are looking to add the best Bermudian legal minds to their ranks.

Now, contrary to what many onshore lawyers may believe, working with a law firm in Bermuda, or in any other successful offshore jurisdiction, does not involve rum swizzles on the beach at 4.30 p.m. after a daily round of golf. Bermuda is competing in a global marketplace for international business and the legal profession is no exception. Young Bermudians will have to be at the top of their game in order to succeed on a global scale.

The success of Bermuda as a jurisdiction for international business has been mirrored by the growth and success of its legal service providers. Bermudian law firms have been integral to the set-up and administration of many international companies over the years. The law firms also play a key role in any transactions that these companies enter into around the world. It is quickly apparent to young Bermudian lawyers that while the partners know their name, in some areas of law the working hours and workload can, at times, be just as intense as at a Magic Circle firm.

Working with counsel in California on one side and New Zealand on the other on a transaction worth a few billion dollars will give new meaning to the term 'normal working hours'. One source of competition for both law firms and lawyers in Bermuda is the development of new offshore jurisdictions and the changing regulations of certain on-shore jurisdictions to promote international business. Bermuda's international companies are beginning to discover viable alternative jurisdictions in which to centre their operations.

As a jurisdiction, Bermuda has been a leader in the offshore world by having a respected regulatory environment, well-designed legislation, a highly educated workforce and a high standard of living. Bermuda has succeeded on the strength of its overall product. In order to keep our standards at the highest level, lawyers are working harder to match client needs to demonstrate that doing business in Bermuda is better than elsewhere. Day to day, this translates into taking on more transactions and catering more to each individual client, all of which means spending more time at the office.

The larger law firms in Bermuda have reacted to greater global competition by expanding into the up and coming offshore jurisdictions. Initially expansion was into the other well-established offshore centres such as the Channel Islands, British Virgin Islands and the Cayman Islands. Now, the Bermuda-based law firms are expanding further afield, the latest addition being Appleby's office in Mauritius.

The legislatures and regulators in the next crop of offshore jurisdictions enjoy the advantage of having witnessed the progress and success of the more established jurisdictions. Bermuda has been a leading offshore jurisdiction for decades, our legislation and regulatory systems developing and adapting to the needs of the market. In most years there are amendments to Bermuda's main commercial legislation, for example to the Companies Act 1981 and the Insurance Act 1978, to keep up with global changes. Mauritius, on the other hand, wrote a new Companies Act in 2001 taking into account the latest global developments.

From a regulatory perspective, newer offshore jurisdictions have been set up at the time of, or following, the institution of standards and codes of conduct from internationally recognised bodies such as the International Monetary Fund, the Financial Action Task Force and the Basel Committee for Banking Supervision. While Bermuda has had to react to the new standards set by these and other international agencies, new jurisdictions are setting up their framework according to these standards.

One of the main regulatory areas in which newer jurisdictions are leading the way is in respect of anti-money laundering. The resulting high standard of regulation, combined with the lower cost of doing business, a highly educated workforce and the lower cost of living, is making these jurisdictions attractive to international companies.

Bermuda-based law firms are worldwide leaders in offshore legal services and this is evidenced by the significant recognition that they receive from international ratings agencies such as Chambers and Partners. In order to continue to lead the way, Bermuda law firms, and consequently their attorneys, must to strive to provide the best services in a competitive global marketplace. While that may mean more late nights in the office than you had imagined, when you do manage to get away, the golf courses and swizzles are second to none.

Christopher Brough is an attorney in the Corporate and Commercial Department of Appleby. He is currently on a six-month secondment to the firm's Mauritius office. A copy of Mr. Brough's column can be found on the Appleby website at www.applebyglobal.com This column should not be used as a substitute for professional legal advice. Before proceeding with any matters described herein, persons are advised to consult with a lawyer.