Hogan Lovells has witnessed an impressive comeback in 2023, reporting record global revenue and equity partner profits. The firm has achieved gross revenue worth $2.68 billion, marking an increase of approximately 10.3%. The profits per equity partner have also witnessed a surge, rising by 20% to reach $2.7 million. This improvement comes in the wake of a challenging 2022 when several big law firms, like Hogan Lovells, experienced uncharacteristic declines on multiple metrics.
Hogan Lovells’ success in 2023 can be attributed, in part, to a burgeoning year for the firm’s mergers and acquisitions and associated operations. The firm, for instance, played a significant role in the merger worth $12.7 billion concerning self-storage titans, Extra Space Storage Inc. and Life Storage Inc. A separate major project involved the firm aiding Mercedes Benz in its joint venture aimed at manufacturing electric vehicle chargers. For more details, check here.
Hogan Lovells, led by its CEO Miguel Zaldivar, aims at establishing itself amongst the compact, exclusive group of law firms with over $3 billion annual revenues. As per data from 2022, only five firms, namely Kirkland & Ellis, Latham & Watkins, DLA Piper, Baker McKenzie, and Skadden, Arps, Slate, Meagher & Flom, have been putting up this revenue figure.
There have been critical personnel additions to Hogan Lovells over the past year, with over 50 partner additions witnessed worldwide. The additions included partners from the approximately 70-attorney group that moved to Hogan’s offices in New York, Miami, DC, and LA from Stroock & Stroock & Lavan in the October-November period last year.
Several firms report considerable growth from 2022 to 2023, similar to Hogan Lovells. For example, Paul Hastings has reported that its revenue rose by approximately 9% to cross $1.8 billion.
A more comprehensive account of Hogan Lovells’ success in 2023 can be found at Bloomberg Law.