Cayman law firm Walkers Global confirmed on Tuesday an unspecified number of redundancies in its Cayman office, as a result of a worldwide restructuring.
The restructuring measures had to be taken in response to the global economic crisis, a spokesman for the firm said.
The restructuring at Walkers is not restricted to individual practice areas and will affect all levels within the firm and all company locations, with the exception of the smaller office in Singapore.
The majority of Walkers staff affected by redundancies in Cayman are work permit holders, although some are Caymanian, Walkers confirmed.
The exact number of redundancies, which will take effect immediately, was not released for commercial reasons.
Walkers has been watching business flows very carefully in recent months, the company spokesman said. After a lag period offshore locations are now experiencing the full effect of the economic downturn, which could already be felt in onshore jurisdictions 12 months ago, he said.
Cayman and the British Virgin Islands in particular have also seen the diversion of some business following the more aggressive stance by the G20 toward offshore financial centres.
Recent budget revenue measures, effectively increasing the costs of doing business in Cayman, have not helped, the Walkers spokesman confirmed.
The restructuring measures will also include the streamlining of operational processes to meet client demands and needs.