Isle of Man: The Legal Profession
The Advocates Act 1995 has not changed the current controversial rule that advocates and registered legal practitioners cannot be partners in the same firm. The rules are in effect contrary to EU equal treatment provisions. Increasingly, local law firms are employing English-qualified lawyers at below partner level.
In terms of the Island's legal market, leading advocates report a continuing healthy domestic and international workload. In particular, there has been an increase in all areas of substantive international financial and corporate work including:
- asset finance (ships and aircraft)
- securities offerings;
- investment funds and asset management;
- ship management;
- corporate and banking transactions.