Harneys has hired a Regulatory & Tax partner from Walkers in the Cayman Islands, where competition for legal talent has ramped up in recent years due to higher salaries in the U.K.

Juan Pablo Urrutia spent the bulk of his career in London before taking on a senior counsel role at Walkers in the Cayman Islands, a tiny Caribbean archipelago south of Cuba with fewer than 70,000 inhabitants. 

He stayed at Walkers for less than a year.

“We are delighted to welcome JP. His experience and expertise in advising on complicated regulatory issues make him an obvious choice for this role,” Harneys’ global head of Regulatory & Tax,  Aki Corsoni-Husain, said in a statement. “We believe he will be a valuable addition to our growing global team who are experts in navigating international laws and regulations.” 

Law.com International has reached out to Walkers for comment on the departure.

Harneys said Urrutia has acted for buy and sell side clients, including a bulge bracket financial institution, an algorithmic financial technology broker and one of the world’s oldest sovereign wealth funds.

Urrutia’s LinkedIn profile shows stints early in his career as a London-based associate at both Allen & Overy and Weil, Gotshal & Manges, followed by positions as executive director at Goldman Sachs, European general counsel for ITG and head of legal and compliance at the Kuwait Investment Office. 

“Juan Pablo brings with him vast knowledge of global financial regulations and policies,” Harneys said, listing experience on Cayman Islands matters such as anti-money laundering provisions, due diligence and sanctions. 

The Cayman Islands is a British overseas territory whose laws are based largely on English common law. It’s also the fifth-largest banking center in the world, leading to demand for top legal talent.

Yet with rising salaries in the U.K., and the flexibility to work from home, offices in the Caymans have struggled to lure talent to the Caribbean—and to convince that talent to stay with their firms—amid a crush of work.

The Harneys website lists 12 partners in the Cayman Islands, including Urrutia.