Closing three of its locations is Hogan Lovells, a law firm that ranked 11th on the Am Law 100 rating with $2,682,000,000 in total revenue last year. Although the company stated yesterday that it was not “economic driven,” it did acknowledge yesterday that its offices in Sydney, Australia; Johannesburg, South Africa; and Warsaw, Poland will close.
Speaking with the American Lawyer, Miguel Zaldivar, CEO of HoLove, stated, “We’re just following the market, the demand for our services at that high end, highly sophisticated level.” Other places are experiencing it. Consequently, I believe it is beneficial for our company to be self-aware and identify its biggest opportunities.
The company said in a statement that while it was a “tough” choice, it was one that was “necessary” to “achieve transformational growth and drive greater success,” especially in important domestic and international markets like London, New York, California, Texas, and Washington, D.C.
“We’re not making cuts. Servicing the G20 economies is our commitment, Zaldivar stated.
Naturally, this entails job losses. When the offices close, about 65 lawyers—11 of whom are partners—and 58 employees will lose their jobs. Over the past three days, senior leadership has personally informed affected staff of the news.
Zaldivar stated that the company does not expect a decline in its 2024 financials despite the layoffs. “In general, we have observed that demand has continued to rise. The revenue is still increasing. When it comes to the expenditure side of things, this management is quite accountable. We therefore have high expectations for our success, but I cannot provide any estimates.
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