Hogan Lovells, a global law firm, is set to extend its growth in New York following a strategic recruitment of approximately 70 partners and associates exodus from Stroock & Stroock & Lavan. The significant leap towards bolstering Hogan Lovell’s position as a top-tier firm is part of the deliberate growth strategy outlined by the firm’s CEO, Miguel Zaldivar.
Zaldivar’s ambitious growth plans aren’t confined to New York but extend to California, Texas, Washington, and London. In Zaldivar’s view, possessing a significant presence in New York is crucial for law firms. “In New York, you require critical mass and this is a very good step in the right direction,” he said, while making it clear that the firm’s growth plan for New York is far from over.
Boasting a roster of approximately 2,500 lawyers, Hogan Lovell’s recent earnings surpass $2.4 billion in gross revenue. Providing counsel for a diverse client base encompassing giants like Walmart, Lockheed Martin, and Apollo Global Management, Inc., the firm has firmly established its footprint among the world’s largest law firms.
The firm maintains aspirations of achieving $3 billion in revenue, a distinction held by only five law firms, according to the American Lawyer. Zaldivar insists that this goal is a question of ‘when’ not ‘if’. Bloomberg Law states that complicated economic conditions and longer bill collection periods could adversely impact the firm’s bottom line.
The firm has proven successful in building a robust presence in the Mergers and Acquisitions sector in New York and Europe, which has made M&A the largest practice area in the firm by headcount, revenue, and work origination, according to Bill Curtin, the firm’s global head of M&A.
Zaldivar’s aggressive plan envisions expanding the New York office’s finance and private equity rosters, along with the litigation practice. To successfully balance growth and resources, Zaldivar affirms he “leads by example,” and notably moved into a windowless office to accommodate the new members from the Stroock team.
Born in Venezuela, Zaldivar was appointed for a second term as CEO that will run until 2028. Before this role, he served as regional managing partner for the Asia, Pacific, and Middle East region, and co-head of the Latin American practice, among other positions. One of his stated goals as CEO is for the firm to be perceived as “deeply connected to the New York market”.
Despite its ambitious growth plans, Hogan Lovells currently does not intend to open additional offices. It operates offices in 18 US cities and another 30 in Europe, Asia, Australia, Africa, and the Middle East. “We’ve proven to the world we’re global,” Zaldivar affirmed regarding the firm’s extensive geographic footprint.
Though its 2022 revenue figure fell by 6.7% from the previous record set in 2021, Hogan Lovells has proven its capacity for growth and resilience in the past by posting a 26% increase in profits per equity partner in 2021, which was fueled by the undertaking of several key deals, particularly in Mergers and Acquisitions. Further reporting from Bloomberg Law mentions that the firm reported profits per equity partner of just under $2.3 million in 2022, and more than $2.3 billion in gross revenue that year.
The series of hires from Stroock predominantly comprise of partners located in New York but also feature those based in DC, Los Angeles and Miami. High-profile transfers include Jeff Keitelman, former co-managing partner of Stroock and co-chair of its real estate group, along with Joseph Giminaro, who led the tax certiorari group at the same firm.
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