Major global law firm Hogan Lovells is to close its sole office in Australia to focus on investments in other, more “strategic” global markets.
Hogan Lovells has offices in major cities on every continent and last year reported impressive global revenues of $2.68 billion.
However, the company announced overnight that it will streamline its operations by closing its operations in Sydney, Johannesburg and Warsaw.
Director General Miguel Zaldívar said the decision was “difficult” but necessary.
“Closing these three offices was a difficult but necessary decision so that we can continue on our path to achieving transformational growth and driving further success, particularly in London, New York, California, Texas, Washington, DC and key international markets,” the CEO said in a statement.
“This is part of our ambitious vision and strategic approach to continue growing as a financially integrated global company.”
The firm did not identify any individual reason for the closure of the Sydney office.
More than 65 attorneys and 58 support staff members will be affected by the three closures, a Hogan Lovells spokesperson told Bloomberg Law.
CEO Miguel Zaldívar said the closure of the Sydney office would allow it to focus on stronger markets.
The firm’s lawyers in its Sydney office (above) are among 123 employees affected by the closures.
Its website lists 19 lawyers in Sydney, 33 in Warsaw and nine in Johannesburg, with more than 2,800 worldwide.
Mr Zaldivar said Hogan Lovells had achieved record revenue and profits for its partners in 2023 and was looking forward to an even more successful end to 2024.
“We are confident in our strong global strategy and offering across our key practice groups and sectors, and will continue to serve our clients in the markets that are most critical to their success,” he said.
“We are deeply grateful to our colleagues in Johannesburg, Sydney and Warsaw for all their contributions to the company and are committed to supporting them in this process.”