Hogan Lovells, a global law firm, reported a revenue of $2.4 billion for 2021, a decrease of 6.6% after a record-breaking 2020. The decline in revenue is the second for the firm since its formation in 2010 through a merger between US law firm Hogan & Hartson and UK law firm Lovells.
According to data from The American Lawyer, Hogan Lovells’ revenue has been growing steadily for a decade, reaching over $2.6 billion in 2021. The firm was one of many large law firms to experience a boom in dealmaking in 2020, leading to a record year for the firm and the industry.
Despite the decrease in revenue, Hogan Lovells CEO, Miguel Zaldivar, said the firm had a strong year, attributing the success to the firm’s offices in Washington, D.C., London, Paris, and Germany. Zaldivar noted that these four markets account for a significant percentage of the firm’s revenue and clients.
Outside these markets, Zaldivar stated that Hogan Lovells wants to expand its presence in California, New York, and Texas. The firm is reportedly in early-stage merger discussions with Shearman & Sterling, a prominent New York-founded law firm. However, Zaldivar declined to confirm the reports, stating that it is an ongoing process with many components and that it would be prudent not to comment.
Hogan Lovells also reported a slight dip in its profits per equity partner, which decreased from $2.48 million in 2021 to $2.2 million.
In conclusion, Hogan Lovells, a global law firm, reported a decrease in revenue and profits per equity partner for 2021 after a record-breaking 2020. Despite this, the firm’s CEO attributed its success to its offices in key markets and expressed a desire to expand its presence in other regions. The legal industry, like many others, faced significant challenges due to the COVID-19 pandemic, and firms, including Hogan Lovells, adapted by expanding their digital capabilities and implementing remote working policies.
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Hogan Lovells sees revenue dip after record-breaking 2021
