Top Biglaw Firm Closing 3 Offices, Laying Off Attorneys And Staff
HoLove is shrinking.
Hogan Lovells, a firm that took in $2,682,000,000 gross revenue last year, making it 11th on the Am Law 100 ranking, is closing three of its offices. Yesterday, the firm confirmed that its Sydney, Australia; Johannesburg, South Africa; and Warsaw, Poland offices will be axed, but somehow insisted the move was not “economic driven.”
HoLove CEO Miguel Zaldivar told the American Lawyer, “We’re just following the market, the demand for our services at that high end, highly sophisticated level. It’s happening in other places. So I think it’s healthy for our organization to be honest with itself and see where the greatest opportunities are.”
In a statement, the firm said that it was a “difficult” decision but one that was “needed” to “achieve transformational growth and drive greater success” particularly in key markets both in the U.S. and abroad, including London, New York, California, Texas, Washington, D.C., among other international markets.
“We’re not retrenching. We’re committed to servicing the G20 economies,” Zaldivar said.
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Of course, this does mean layoffs. Approximately 65 attorneys, 11 of whom are partners, and 58 staff will be let go as the offices close their doors. Impacted employees were told the news by senior leadership in person over the last few days.
Despite the cuts, Zaldivar said the firm does not anticipate a dip in its 2024 financials, “I can tell you in general terms that we have seen demand continue to grow. We are seeing revenue continue to grow. This management is quite responsible when it comes to the expense side of the equation. So we are optimistic about our performance, but I don’t have any projections.”
If your firm or organization is slashing salaries, 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. You can email us or text us (646-820-8477).
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Kathryn Rubino is a Senior Editor at Above the Law, host of The Jabot podcast, and co-host of Thinking Like A Lawyer. AtL tipsters are the best, so please connect with her. Feel free to email her with any tips, questions, or comments and follow her on Twitter @Kathryn1 or Mastodon @[email protected].
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