Tampa-based firm Holland & Knight is to close nine of its regional US offices and lay-off about 40 fee-earners in a dramatic shake-up aimed at increasing profitability.
The firm, which ranked 27th in the AmLaw 100 in 2004 with gross revenue of $551m, has announced that it will merge several of its regional offices into its larger Washington DC, Chicago and Tampa presences.
The Annapolis, Maryland, will be combined with the Washington DC office, attorneys and staff in the Oakbrook Terrace, Illinois, office will relocate to Chicago, while the St Petersburg and Bradenton, Florida, presences will join the Tampa office.
The firm also plans to close its Providence, Rhode Island, Seattle, San Antonio and Rancho Santa Fe offices next year. About 60 lawyers will be affected by the closures, with only those resident in Providence to be offered positions elsewhere in the firm.
The shake-up follows a similar dramatic cost-saving attempt in 2002, when the firm cut 60 fee-earning positions and laid off 170 support staff. This followed a period of rapid expansion, including the firm’s merger in 2001 with New York practice Gilbert Segall and Young.
The latest consolidation bid will see the firm left with 18 offices in the US, and six full-scale offices or representative offices internationally.