Another offshore law firm has accepted private equity money, as the legal sector continues to prove attractive to external investors.

New York-based private equity house New Mountain will take a minority interest in a newly established company in the Cayman Islands that will indirectly control the various offices operating under the Appleby name.

Appleby will continue to be led by its existing management team and partners, who will retain majority ownership of the business, and Malcolm Moller will take on the title of chief executive of Appleby following the completion of the transaction. The worldwide law firm entities will remain owned and controlled by Appleby partners who are qualified in the relevant jurisdictions.

Moller said: ‘The decision to accept investment from New Mountain has been driven by our desire to enhance client experience, to develop opportunities for our colleagues, and to continue to develop a platform that is the first port of call for clients in each of the jurisdictions in which we operate.

‘New Mountain’s investment positions the firm to expand into new jurisdictions and service lines, further invest in technology and innovation, and enhance client service.'

Appleby has more than 500 people and over 200 lawyers across 11 offices worldwide. The firm was established by Major Reginald Appleby in Bermuda in the 1890s, and now has offices in the offshore financial centres of Bermuda, the British Virgin Islands, the Cayman Islands, Guernsey, Isle of Man, Jersey, Mauritius and the Seychelles, with offices that serve those centres in Hong Kong, Shanghai and Shenzhen.

Last month, private equity house MML bought a minority stake in specialist offshore professional services group Mourant, which employs around 1,000 people.

Appleby was the firm at the centre of the Paradise Papers episode in 2017, when millions of documents were leaked showing the tax and financial affairs of hundreds of people and their companies. The firm said it had done nothing unlawful or wrong in assisting wealthy and powerful clients to manage their tax affairs following.