Main world legislation agency Hogan Lovells will shut its solely workplace in Australia to concentrate on investments in different extra ‘strategic’ world markets.
Hogan Lovells has places of work in main cities on each continent and reported an eye-watering $2.68billion in world income final yr.
Nonetheless, the corporate introduced in a single day they’ll streamline their operations by winding down operations in Sydney, Johannesburg, and Warsaw.
CEO Miguel Zaldivar stated the choice was ‘troublesome’ however needed.
‘Closing these three places of work was a troublesome resolution, however one which was wanted in order that we will proceed our path to attain transformational progress and drive larger success – notably in London, New York, California, Texas, Washington, D.C., and key worldwide markets,’ the chief govt stated in an announcement.
‘That is a part of our formidable imaginative and prescient and strategic strategy to proceed to develop as a financially built-in world agency.’
The agency did not determine any particular person causes for the closure of the Sydney workplace.
Over 65 attorneys and 58 assist employees will likely be affected by the three closures, a Hogan Lovells spokesperson instructed Bloomberg Legislation.
CEO Miguel Zaldivar stated closing Sydney’s workplace would enable a concentrate on stronger markets
The corporations attorneys within the Sydney workplace (above) are among the many 123 employees affected by the closures
Its web site lists 19 attorneys in Sydney, 33 in Warsaw and 9 in Johannesburg with greater than 2,800 worldwide.
Mr Zaldivar stated Hogan Lovells had achieved document revenues and associate income in 2023 and that he foresaw an much more profitable finish to 2024.
‘We’re assured in our sturdy world technique and providing throughout our key observe teams and sectors, and can proceed to serve our purchasers within the markets which are most crucial to their success,’ he stated.
‘We’re deeply grateful to our colleagues in Johannesburg, Sydney and Warsaw for all their contributions to the agency and we’re dedicated to supporting them by this course of.’
