American-British law firm Hogan Lovells global revenue has jumped nearly 10 per cent over the last financial year, which sees the firm surpassing £2bn for the first time.
Over 2023, the firm generated £2.15bn in revenue, which was up from the £1.97bn it posted over the previous year.
In terms of its practices, its corporate and finance group represented approximately 41 per cent of total billings, followed by global regulatory and intellectual property, media and technology at 31 per cent. While its disputes practice contributed 28 per cent to the total revenue.
The firm’s profit per equity partner (PEP) also increased by 22 per cent, from £1.8m to £2.2m as its revenue per lawyer also increased from £792,000 to £842,000.
Some of the work the firm has done includes representing Coinbase in the first cryptocurrency case ever heard at the Supreme Court.
The firm’s lawyers also represented the London Metal Exchange against judicial review and human rights claims by traders who sued over its decision to cancel nickel trades due to a crisis in the nickel markets.
We continue to invest in our firm through strategic growth, by nurturing and retaining our talent, and by strengthening our presence in important markets and key practices.
On investing into its firm, it said it added more than 50 partners globally last year, while it promoted 28 new partners in January.
In London, the firm new office is currently in the process of being built, as its City-headquarters is set to move to a new 36,000 square metres office space on Holborn Viaduct in 2026.
Last year, the firm was rumoured to be in merger talks with Shearman and Sterling which would result in one of the largest law firms in the world. Despite that rumour, Shearman went on to merge with magic circle firm Allen and Overy to forge a £2.7bn law firm.
Commenting on the results, Hogan Lovells CEO Miguel Zaldivar: “We have reported another year of record revenue and profitability growth. We can attribute these outstanding results to a number of factors, including our laser focus on providing exceptional legal services to clients, often in their most complex and challenging matters, across multiple jurisdictions.”
“We are a leading global law firm that is making a noticeable impact in the market—as one of only a few law firms with a truly integrated global offering. The culture qualities that define us represent a healthy balance between being ambitious and supportive. The last three years – 2021, 2022, and 2023 – have been the three top years of financial performance for our firm,” he added.