Offshore giant Appleby has appointed Kiernan Bell as its new managing partner in Bermuda.
Bell takes over from Shaun Morris as office managing partner following an uncontested election. Morris has held the role for six years and will return to full-time fee-earning in the banking and asset finance team.
As well as the office head job, Bell will continue to act as the local head of litigation and insolvency.
Bell joined Appleby in 1994 and was made up in 2002. In addition to her firmwide management jobs, she acted as president of the Bermuda Bar Association between 2009 and 2011.
In a statement Bell said Bermuda was “an integral part of the Appleby Group”.
However, the jurisdiction has been a difficult one for some offshore firms recently and exactly a year ago both Appleby and Conyers Dill & Pearman confirmed staff and lawyer redundancies in Bermuda (19 January 2011).
In May Appleby revamped its management structure, electing then group managing partner Peter Bubenzer as its first chairman (16 May 2011).
Readers' comments (6)
Anonymous | 19-Jan-2012 4:51 pm
ALL TAX HAVENS HAVE COME UNDER FIRE FROM POLITICIANS DURING THE RECESSION BUT APPLEBY SEEMS TO HAVE SUFFERED MORE THAN ITS COMPETITORS IN BERMUDA AND OTHER JURISDICTIONS SUCH AS JERSEY. ITS CLEARLY STRUGGLING WITH ITS PARTNERSHIP STRUCTURE AND MANAGEMENT
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Anonymous | 19-Jan-2012 11:12 pm
most offshore firms are doing fine. Applebys problem was that it merged with second rate offshore firms such as ballaiche in jersey, hunter and hunter in cayman, or started green field sites, staffed by unknowns, such as its guernsey office or put its money into jurisdictions like zurich or the Isle of man and now it appears to lack focus or direction.
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Anonymous | 19-Jan-2012 11:31 pm
Offshore law firms still charge fees way out of line with the simplicity of the legal advice they give. General counsels are forced to look not only at way a tax haven is being used but also at the cost for such simple legal advice. It is no surprise that they have come under pressure. The savvy offshore firms recognised this a while ago and put more time and energy into the fiduciary and administration side of their business. They have a place going forward but not as "serious' legal advisors, more as SPV or fund administrators.
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Anonymous | 20-Jan-2012 7:15 am
APPLEBY SEEMS TO BE A CLUB WHERE THE CORE MANAGEMENT PARTNERS TELL THEIR STAFF TIMES ARE TOUGH AND THEN SPEND THEIR TIME JETTING AROUND THE WORLD TO MEET EACH OTHER IN EXOTIC LOCATIONS. IF MORE MONEY WAS SPENT WHERE IT MATTERED, STAFF WOULD BE INCENTIVISED TO ACTUALLY TAKE THE BUSINESS FORWARDS.
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Anonymous | 19-Feb-2012 2:03 pm
The reason Appleby has suffered more than most is because its partners are unable look up and see there is a problem. Partners take their million a year even though profits from core business segments are significantly down on the boom days. When a business does badly it is usually a reflection on bad management (and in a partnership by the owners) and the owners take a hit on their profits. That is not the case at Appleby.
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Anonymous | 23-Feb-2012 2:28 pm
Whilst Appleby should have an incredibly strong offering and position it does suffer from poor management. You only have to look at the staff turnover (and in particular partner turnover) in the London office to see this. A succession of partners and staff have come and gone in the last 5 years, the only constant being the managing partner.
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