Silveroak Legal launches fixed fees for offshore aircraft deals
Silveroak Legal, the Cayman Islands, British Virgin Islands and Nevis law firm, has launched a fixed fee product for aircraft transactions.
“Offshore legal work lends itself very well to 100% fixed fees as it is possible to be relatively certain about what is involved,” says Owen Jones, managing director at Silveroak Legal. “But whilst some offshore firms will offer capped fees they typically include so many conditions that they are pretty meaningless. We can offer 100% certainty.”
Most aircraft transactions outside the US involve off-shore structures and the cost of setting these up is significantly less than other onshore legal advice. “Offshore fees may not be a major part of transactions but they add up,” says Jones. “Lenders, airlines, lessors and other market participants and their instructing lawyers should look back at their last few years of transactions on an aggregate basis and realise they can make big savings here.”
Clients can also pay by the hour if they prefer. Silveroak is also happy to offer success based fees where clients pay less if transactions do not close.
Jones says: “The new fixed fee offering will provide clients with greater certainty, clarity, transparency and added value when it comes to instructing firms in our jurisdictions.”
Silveroak was launched in 2013 by Jones, who is based in the Cayman Islands, and Sally Cox, who is now in BVI. The firm has around 10 professionals in Cayman, the British Virgin Islands and Nevis.