Top 10 Am Law Firm Lays Off 4 Percent Of Americas-Based Business Services Staff
The firm says the pandemic has 'played a role' in these cuts.
It’s long been a trend for Biglaw firms to reduce the amount of staff that is needed to support attorneys, but the economic upheaval of the coronavirus crisis seems to have supercharged the issue. This fall, many firms have restructured and rightsized their ranks, and the latest to slash its staff headcount is Hogan Lovells.
With $2,246,050,000 gross revenue in 2019, the firm came in 8th place on the most recent Am Law 100 ranking. But despite this huge sum, the firm is moving ahead with layoffs among its business services staff in the U.S. and Mexico, acknowledging that “the pandemic has played a role.” According to a memo from Richard Lorenzo, regional managing partner of the Americas, and Michael Davison, the firm’s deputy CEO, 43 employees will be impacted by the layoffs, “representing around 4% of Americas-based Business Services employees.” All those affected will receive severance packages that “recognize[] the realities of the current market.”
Lorenzo and Davison go on to note that there are “no plans for any further reductions at this point.” Best of luck to all those who are affected by the layoffs at Hogan Lovells.
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(Flip to the next page to read the Hogan Lovells memo in full.)
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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Staci Zaretsky is a senior editor at Above the Law, where she’s worked 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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What Do Millennials Think Of Law Firm Life?
