Offshore giant Walkers has overhauled its management structure in a radical move that will see the firm adopt a global practice hierarchy.
Under the new regime two Cayman-based practices, criminal and real estate, are set to close with 15 people being made redundant.
Cayman managing partner Diarmad Murray said: “It’ll be an orderly wind down and we’ll cease to practise in those areas from September.”
Including the 15 in Cayman, Walkers is making a total of 35 redundancies.
“We’ve worked quite hard to reduce costs,” said clients managing partner Mark Lewis. “Unfortunately, we have to make redundancies as a direct result of the downturn.”
But Murray stressed that the cuts are as small as possible.
The firm will reorganise into five core global divisions: finance and corporate, headed by London-based Antonia Hardy; private equity, headed by Cayman-based Vicki Hazelden; hedge funds, headed by Dubai-based Rod Palmer; insolvency and restructuring, led by Cayman-based Guy Locke; and litigation, headed by Murray also in Cayman.
Jonathan Tonge will become global managing partner of practices and Ian Ashman managing partner of the regions. Both will be based in Cayman.