To a certain extent.
Whilst the liver has incredible regenerative potential, that is, it can rapidly replace cells lost to disease, toxins (including alcohol) and senescence, these cells need a connective tissue "scaffold" (known as the ECM - extracellular matrix) to cling to in order to preserve the normal architecture of the liver.
But if a region of the liver is removed then this scaffold goes too, meaning that there is nothing to guide regenerating cells to the correct locations and hence the regenerative capacity can be limited. Otherwise a liver damaged by cirrhosis ought to be able to grow a whole new liver alongside the shrunken damaged one, but this doesn't happen.
For this reason removing a lobe of the liver - to cure a cancer or as a donor organ for instance - does not result in the regrowth of the excised lobe. Destroying some liver cells during a drinking binge, however, is repaired because the inert extra-cellular matrix persists and so new liver cells generated from local stem cells can take up the correct positions to restore the normal structure and function.