First run fsadm -F vxfs -b smaller size then lvreduce. However, depending upon the version of HP-UX and the patches this may not be wise. While expanding an LVOL/filesystem "on the fly" has never been a problem there have been cases (especially on 10.20 but also on 11.0) where shrinking the filesystem led to corruption. In any event, I would take a backup before doing anything.
Man fsadm_vxfs and lvreduce for details.
If it ain't broke, I can fix that.