The combined business will be known as Mourant Ozannes and will be run by a management committee comprising representatives of both firms: Jonathan Rigby, managing partner of Mourant, will be appointed group managing partner, Peter Ferbrache of Ozannes will become senior partner, and Ian James of Mourant will become chairman. Among other changes, Robert Shepherd, managing partner of Ozannes, will become managing partner of Mourant Ozannes’ Guernsey office.

Following the merger Mourant Ozannes will have 50 partners and 200 fee earners working out of offices in the Cayman Islands and London, as well as Guernsey and Jersey.

"We have always had enormous respect for Ozannes and we regard them as the leading law firm in Guernsey. The opportunity to combine premier practices in Jersey and Guernsey was too good to miss," Mr Rigby said in a statement.   

Mr Shepherd, meanwhile, emphasised the synergies between the two firms in terms of focus, structure, culture and personnel.

Mergers and acquisitions are coming thick and fast following the financial crisis, with heightened M&A activity an indication of both the reduced finances of some firms and the aggressive expansion plans of others moving to consolidate their position or snap up market share from embattled rivals.