Liposuction is a great tool to remove bulges but is totally ineffective at tightening skin. If your lateral thighs and buttock were loose before liposuction they will only be looser after liposuction.
A really great way to lift and shape the buttock is with a surgical buttock and lateral thigh lift. If there is deficiency of soft tissue in the buttock this can be augmented with fat grafting or local fat flap.
Check with a board certified Plastic Surgeon who has done a good number of these and look at some pictures before you make up your mind.

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