Lovells is set to shut down its Chicago office by the end of October following a strategic and financial review of its business.
The office, which has seven partners and 15 fee earners, has been under review since before the firm’s merger talks with Hogan & Hartson began.
Not everybody can benefit from the
something about synergy upside of the merger. But will these Chicago castoffs find new homes?
The bad news is that Lovells couldn’t make any money off the specialties of its Chicago lawyers:
Lovells opened in Chicago in 1995, targeting the insurance and reinsurance market with a heavy focus on arbitration. However, in recent years that practice has has seen a drop-off in work levels, while the office has also struggled with a number of major conflicts.
If Lovells couldn’t find enough business for these people in Chicago, will other firms be willing to take a chance with this practice group?
The good news is that we live in a world where relocation is relatively easy. The ABA Journal reports:
“Despite the best efforts of partners in Chicago and elsewhere, this has had an impact on the office’s overall performance in recent years, and the position is not expected to change,” [Lovells MP David Harris] continues.
It is possible that some of the lawyers in Chicago will be redeployed to other Lovells offices.
Whenever God closes a door, somewhere he opens a window. Let’s just hope it’s a window on the side of the building where the fire escapes are. Good luck, Lovells friends.
Lovells exits Chicago as firm shuts down seven-partner office [Legal Week]
Lovells to Shutter 20-Lawyer Chicago Office [ABA Journal]