6 minute read
WALKERS BVI AT 20: INTERVIEW WITH MATTHEW COWMAN
BVI Finance spoke to Matthew Cowman, Managing Partner of Walkers BVI about the firms’ two decades in the BVI and his own personal journey with the firm.
After answering a job advert in the Lawyer Magazine, Matthew joined Walkers and arrived in the BVI in 2007. He has seen Walkers BVI office grow from a commercial practice with three lawyers to a full service legal and professional services business with 20 lawyers and 46 staff in total.
What brought you to Walkers and to the BVI?
I had been practicing as a lawyer in London for a few years after moving from my native Australia. It was at the end of another 16-hour day and the rain was pouring down. That was when I saw a Walkers full-page advert in the Lawyer Magazine complete with palm trees and a backdrop of one of BVI’s stunning beaches. I immediately applied for the role and then embarked on the first part of my journey with Walkers BVI.
At the time, I had been increasingly aware of the reputation of the BVI as an up-and-coming jurisdiction in offshore finance, particularly for structuring, and saw the opportunity to make my mark and have an influence. Having been established in 2002, Walkers was also in growth mode, and I saw this as the perfect opportunity for me to play a role in its continuing success.
What makes Walkers stand out as a firm?
The big attraction for me was the quality of the transactional work being done and the significant opportunities for development that represented.
Walkers’ BVI office regularly advises on significant and complex mandates internationally and locally. The Insolvency & Dispute Resolution team regularly appears before the Eastern Caribbean Court and the Privy Council for example.
On the transactional side, Walkers regularly acts on some of the most significant international instructions. For example, the corporate team acted for Pfizer on its US$11.7 billion acquisition of BioHaven, a BVI company listed on the New York Stock Exchange. This was the biggest ‘take private’ deal of a BVI company ever and a great testimonial for Walkers and the team. We also advised the award-winning Central America Bottling Corporation on its US$1.1 billion Sustainability-Linked Bond.
What are the ingredients to Walkers’ success?
Client service is king at Walkers. We strive to provide at least as good a service as the top international law firms we work alongside. This has been one of the foundations of Walkers success.
Another major factor is our commitment to our people and our culture of development and training. This ranges from our monthly birthday cakes – always a great hit - to nurturing and developing local BVI talent. We offer scholarships and a trainee programme that has been a real success. For example, in 2020, Walkers celebrated Omonike RobinsonPickering becoming its first BVI trainee to be promoted to partner. Omonike has been involved in some of our notable deals of last year including acting on Queen’s Gambit Growth Capital (the First Women-Led SPAC) in its Business Combination with Swvl Inc.
Lastly, we are committed to supporting the local community. In the aftermath of Hurricane Irma, Walkers worked with multiple agencies to assist the BVI relief efforts and we continue to play an active role.
The BVI is gathering a reputation as the place to be for digital assets which makes sense as the BVI has always appealed to early-stage and start-up businesses.
Where is growth coming from?
We have always had a strong pipeline of litigation business in the BVI, particularly around shareholder disputes. More recently, we have seen growth coming from the corporate advisory and M&A space and the firm has been involved in some significant work in the last 12-18 months as noted above.
In terms of geographies, we are seeing continued strong demand from Europe and Asia. As a firm, we are able to utilise our strong on-the-ground presence in the world’s major financial centres, for example in our offices in London, Hong Kong and Singapore. This allows us to provide clients with a truly global service and limit any time zone disruptions. In the BVI, due to the geographical proximity, we see increasing growth coming from the US, Canada and Latin America.
We’ve also seen increasing opportunities in the digital assets space. The BVI is gathering a reputation as the place to be for digital assets which makes sense as the BVI has always appealed to earlystage and start-up businesses. The VASP regulation is certainly adding to the attractiveness of the BVI as a hub and we will see more of this in 2024.
Where will Walkers BVI be in 10 years?
Much like the BVI itself, Walkers has been agile in adapting to the landscape over the last two decades. Looking ahead, I see more work coming from regulatory advice and I’m sure that will be an increasing important part of our offer in the years to come.
Will you still be in the BVI in 10 years?
I hope so. The team is one of the best I’ve ever worked with, and I’m invested in supporting their continued development and success.
How do you relax?
I like playing basketball and also enjoy boating – exploring and taking in the BVI’s beautiful islands.
One of the wonderful things about being in the BVI is that we work very hard in the week, then at the weekends it feels like you are on your holidays.
How do you see the future for BVI?
I see a positive future for the BVI. In the last two decades we have seen the benefits of globalisation and I don’t think we are ready to give up on that, despite recent challenges. The BVI (and BVI companies) has played a key role in that growth story, and I think it will continue to play an important part as we see a return to global economic growth. As a firm, Walkers plays an integral role in attracting top tier, international cross border business into the jurisdiction and we are committed to the ongoing success of the British Virgin Islands as an international financial centre.
