Oops! Too Many People Accepted This Biglaw Firm's Buyout Offer
How does the firm plan to handle this situation?
Last month, we reported that an international Biglaw firm had announced up to 500 buyouts and layoffs as part of a voluntary retirement program in the U.S. and a restructuring program in the U.K. The buyout period has since closed, and we’re hearing that support staff loved the idea so much that there was more interest than the firm previously expected. Oopsie!
Which firm is dealing with an oversupply of people a too eager to leave their jobs?
That would be Hogan Lovells, which offered voluntary retirement packages with “enhanced terms” to about 400 of its senior business support staff members (i.e., those who had been with the firm for at least five years) in the U.S., while at the same time planning for up to 90 job cuts in London. HoLove expected that 5 to 10 percent of those who received a buyout offer would take it, but at the end of the day, about 10-to-12 percent of its senior staffers accepted their buyouts. Around 45 employees are poised to head for the exits, but the firm expected that only 20 to 40 would be leaving.
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According to a report from Law.com, Hogan Lovells is going to be just fine:
[D]espite the additional retirements, some jobs will not be lost.
“We are looking at each role on a case-by-case basis,” the firm said. “Some we will replace in the relevant office or elsewhere, some will be moved to Louisville and some we will not replace.”
We wish all of the legal professionals at Hogan Lovells the best of luck in their retirement or should they seek new job opportunities in the legal industry.
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; this is a subject we cover quite closely. Please email us or text us (646-820-8477) with any information you might have. Thank you!
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Hogan Lovells Sheds Staffers, Confirms Financial Reporting Tweaks [Law.com]
Earlier: Biglaw Firm Announces Hundreds Of Buyouts And Layoffs, Almost 500 Affected
Staci 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, comments, or critiques. You can follow her on Twitter or connect with her on LinkedIn.
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