Biglaw, Layoffs

Biglaw Firm Announces Hundreds Of Buyouts And Layoffs, Almost 500 Affected

What's the kindest way to tell an employee to pack up their crap and leave? With money!

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We’re about to enter the fourth quarter of the year, and those who are intimately familiar with the inner workings of Biglaw firms know what that means: management will soon start thinking about or announcing layoffs in the hope of meeting the bottom line. Some firms, of course, offer kinder, gentler ways of ousting their employees in the form of voluntary buyouts. In the news this week is a Biglaw firm that recently announced up to 500 buyouts and layoffs.

Which firm could it be?

That would be Hogan Lovells, which recently decided to offer “voluntary retirement” packages to about 400 of its senior business support staff members in the U.S. Those who have been with the firm for at least five years were offered an out, and it’s expected that 5 to 10 percent of those who received the offer will take it. HoLove obviously plans show love to those who leave in the only way a Biglaw firm knows how — with money. Legal Week has some additional details:

Hogan Lovells said the decision had been taken in part due to a number of early retirement requests that it had received from business services staffers. The firm noted that it would be offering “enhanced terms” for those involved and that the move would enable Hogan Lovells “to look again at our business services roles and where we deliver those services from.”

In addition to the hundreds of voluntary buyouts Hogan Lovells is offering to business staff members here in America, the firm is set to cut up to 90 jobs in London thanks to a recent restructuring. Here’s more, from Legal Week:

Hogan Lovells said in a statement that the decision had been taken as part of a move to “build on the firm’s increased use of advanced technologies and legal project management.”

“This is part of our strategy to evolve our firm so it continues to meet our business needs as well as those of our clients in a rapidly changing and highly competitive market,” said Hogan Lovells deputy CEO David Hudd, who earlier this month had his leadership term extended by two years. “We are fully committed to ensuring that our people are treated fairly and are fully supported throughout this process.”

We wish all of the legal professionals at Hogan Lovells the best of luck while they seek new job opportunities in the legal industry and beyond.

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If your firm or organization is closing its doors or reducing the ranks of its lawyers or staff, whether through open layoffs, stealth layoffs, or voluntary buyouts, please don’t hesitate to let us know. Our vast network of tipsters is part of what makes Above the Law thrive — we’ll never ignore you. You can email us or text us (646-820-8477). Thank you very much!

Hogan Lovells Offers Voluntary Retirement to 400 US Staffers [Legal Week]
Hogan Lovells Eyes 90 Job Redundancies in UK Restructuring [Legal Week]

Staci ZaretskyStaci Zaretsky has been an editor at Above the Law since 2011. She’d love to hear from you, so please feel free to email her with any tips, questions, or comments. You can follow her on Twitter or connect with her on LinkedIn.

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