The UK and Jersey financial services market is tough and, with all of the Brexit and Trump-related fallout, a very competitive market will making winning new business and clients even more important.
Trust and fund administrators commit significant time and resources to meeting prospective clients and intermediaries. As lawyers, on larger mandates, we often see clients seeking numerous proposals and sometimes playing one off against each other to get the best deal.
So when the work is won, why pass it to a competitor?
Pinel Advocates does not have and will not ever have an affiliated trust company or fund administration business.
That's a promise. We are Jersey lawyers, expert in providing corporate and commercial, investment funds and private client legal advice. We are not trust or fund administrators. We have no desire to compete with our clients.
A law firm having an in-house trust or fund administration business provides an inherent conflicts of interests for the business owners. There will always be a desire to keep matters in-house or if there is any flicker in the client-administrator relationship, the law firm will find it difficult to be supportive.
Personally, I have worked in law firms with affiliated trust companies. Some were open about the ownership, others were coy and instructed their lawyers to be the same. That's a very difficult position to be in.
By remaining independent, Pinel Advocates will ensure that it can freely work with any trust company or fund administrator, free of any ties or conflicts. We can simply propose to the client the best people for the job and we won't ever be looking to take work away from those who refer to us.