BigLaw firm lays off 43 business staffers
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Hogan Lovells has laid off 43 members of its business services staff in the United States and Mexico.
The cuts amount to about 4% of the law firm’s business services staff members in the Americas, report Above the Law, Law.com, Thomson Reuters Legal and Law360. Hogan Lovells is also offering a voluntary exit program for business services and secretarial staff members in the United Kingdom.
Hogan Lovells CEO Miguel Zaldivar said in a statement the law firm has performed well and exceeded revenues from this point last year.
“However, we see continuing uncertainties in the market for 2021 and need to be well positioned to weather what could be a more challenging period,” Zaldivar said.
“Even without the pandemic,” Zaldivar said, “we would have been making some changes to the structure of our business services teams as part of our continuing program of ensuring the shape of our business is right for the needs of our clients.”
Hogan Lovells has retroactively restored pay cuts during the pandemic for associates and some other nonpartners, according to Law360 and Law.com. But the firm will continue to reduce draws and bonus payments through 2020 for equity partners and will review pay cuts for nonequity partners and senior counsels later this year.