Shortly after the information broke that A&O Shearman can be shutting down its South Africa workplace, Hogan Lovells has introduced it’ll shut three international workplaces within the coming months.
The agency stated closing the Warsaw, Sydney and Johannesburg workplaces is a part of its strategic method to deal with key markets similar to London, New York, California, Texas, Washington DC, and different worldwide hubs.
CEO Miguel Zaldivar (pictured) commented: ‘Closing these three workplaces was a tough determination, however one which was wanted in order that we will proceed our path to realize transformational progress and drive higher success.’
‘As a number one international legislation agency, we’re centered on guaranteeing that we’re current in strategic markets the place our shoppers look to us for help and complex, high-end work,’ he continued.
The agency’s web site reveals 19 legal professionals in Sydney, together with seven companions. The workplace opened in 2015 alongside Hogan Lovells’ Perth workplace, which closed with the exit of worldwide mining cohead Matthew Johnson to then-A&O in 2022. Johnson is presently a mining sector lead at A&O Shearman. Among the many different Sydney companions is Asia-Pacific regional managing companion Lloyd Parker.
The Johannesburg workplace opened in 2014 and in keeping with the agency’s web site is dwelling to 9 legal professionals, together with three companions. The agency’s web site reveals 33 legal professionals in Warsaw, together with three companions.
Hogan Lovells’ newest monetary outcomes noticed a ten% improve in international income to $2.68bn, whereas revenue per fairness companion (PEP) rose 20% to $2.74m. In an interview with LB, Zaldivar attributed this success to the agency’s clear worldwide technique with a deal with increase within the US.
When requested beforehand concerning the potential of a merger with a US agency following the agency’s earlier talks with Shearman & Sterling, Zaldivar advised LB: ‘We should not have ongoing merger conversations with anybody, however we anticipate being fairly engaging in a market the place specialists are predicting consolidation. If a weaker model desires to be a part of a world powerhouse and profit from the success, we have now constantly skilled for the previous 4 years, then we’re open for enterprise, and we’ll take your name.’
In the identical interview Zaldivar additionally highlighted Europe as a key driver of progress. Latest exercise on the continent features a spate of personal fairness hires in Germany, with the agency bringing over Kirkland companion David Huthmacher in Munich and EY international transaction legislation follow head Jan Phillipp Feigen and companion Maximilian Menges in Hamburg. Additionally in Germany this month, Hogan Lovells employed Freshfields companion Mesut Korkmaz into its Düsseldorf M&A crew.
Zaldivar concluded: ‘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 way of this course of.’