This study investigates via Lie symmetry analysis the Hunter-Saxton equation, an equation relevant to the theoretical analysis of nematic liquid crystals. We employ the multiplier method to obtain conservation laws of the equation derived from first-order multipliers. Conservation laws of the Hunter-Saxton equation, in combination with the Lie point symmetries of the equation, enable us to perform symmetry reductions through employment of the double reduction method. The method exploits the relationship between Lie point symmetries and conservation laws to effectively reduce both the number of variables and the order of the equation. Five nontrivial conservation laws of the Hunter-Saxton equation are derived, four of which are found to have associated Lie point symmetries. Applying the double reduction method to the Hunter-Saxton equation results in a set of first-order ordinary differential equations, the solutions of which represent invariant solutions for the equation.