Big Law Firms Scaling Back to Focus on Key Markets

Big Law Firms Scaling Back to Focus on Key Markets

Bloomberg Law reports that global law firm Hogan Lovells will close its offices in Poland, Australia, and South Africa as part of a strategic shift to focus on key markets. The firm announced the closures will occur in the coming months, affecting 61 professionals in Warsaw, Sydney, and Johannesburg. Hogan Lovells has not specified whether all employees will face layoffs.

CEO Miguel Zaldivar explained that this decision is part of the firm’s broader strategy to concentrate resources on growing in key markets such as London, New York, California, Texas, and Washington, DC. This realignment aims to bolster Hogan Lovells’ position as a financially integrated global firm. Zaldivar expressed confidence in the firm’s global strategy and commitment to serving clients in the most critical markets.

The firm is working towards its goal of achieving $3 billion in annual revenue, reflecting a nearly 12% increase from the previous year. Hogan Lovells joins other major law firms like Dechert LLP, A&O Shearman, and Armstrong Teasdale, which have also scaled back their operations recently.

The closure will affect a significant number of Warsaw professionals, and Zaldivar has expressed gratitude for their contributions and pledged support throughout the transition.