Dublin-based Dillon Eustace has opened an office in the Cayman Islands, becoming the first European Union law firm to set up a full-service practice in the jurisdiction.

The Cayman branch will offer a range of legal services, including commercial litigation, securities litigation, funds establishment, insurance and banking, and regulatory and compliance. The firm also plans to establish a complementary corporate services firm in the third quarter this year, subject to the Cayman Islands Monetary Authority’s approval.

Mark Thorne, Dillon Eustace’s managing partner said: “Establishing the first European Union based full-service legal office in the Caymans reflects the potential we see in the Cayman offering over the coming years. The Cayman Islands is one of the leading worldwide locations for fund establishment. As a firm with specialist expertise in the funds industry, having a Cayman office is a natural next step for us. Our clients appreciate the tax transparent environment as well as the progressive regulatory regime.”

Lorcan Tiernan, who has been a partner with Dillon Eustace for 12 years, will be the lead partner for the Cayman branch. Lorcan established the firm's Hedge Funds Group and advises funds and their managers and directors.

“The Cayman Islands are an excellent place to do business,” Lorcan said. “We plan to grow our team locally across our practice areas.”

To bolster its Cayman practice, the firm has snagged a funds partner, Matt Mulry, from Prosperity Capital Management. Qualified in Cayman, the BVI, Jersey and England, Mulry now exclusively practices Cayman law and has more than 11 years of experience focused on the offshore investment funds sector.  

Senior litigation specialist John Fox, who has practiced at the Irish and Cayman Bars for 20 years, has also joined the Cayman office. Fox will develop the firm’s commercial litigation practice.