Hogan Lovells
Global law firm, now Hogan Lovells Cadwalader after a July 2026 merger, $3.9bn revenue.
On the record
Checkpoint: First post-merger Am Law/Global 200 rankings show whether the combined firm holds $3.9bn and closes the growth gap
The call
The merger created a bigger firm on paper, but early partner departures and a growth rate trailing Kirkland and Latham by half show the integration is still being tested.
Hogan Lovells is a global law firm that handles complex legal work like mergers, regulatory approval, and international deals. It is hard to replace because clients build deep trust with specific lawyers over decades, and the work requires a named partner to sign off and take legal responsibility, something no AI can do yet. AI can handle routine tasks like document review and first drafts, but not the judgment calls clients pay premium fees for. The main risk is the July 2026 merger with smaller firm Cadwalader: the combined company is growing at 11% while rivals Kirkland and Latham are growing at 18 to 20%, key lawyers have already left, and the integration is visibly messy. The next two years will show whether the firm holds onto its talent and catches up to bigger competitors, or continues falling behind.
Why
01
AI pressure: None apparent. AI tools like CRAIG handle document review and first drafts, but partner sign-off on regulatory and cross-border deals stays human and billable. Could AI do the core job? Unlikely.
02
Bigger players: Kirkland & Ellis and Latham & Watkins. Both firms are 2 to 3 times larger, growing at roughly double the rate, and pulling lateral partners away, including M&A head Bill Curtin to Davis Polk. Could a giant copy it? No, they are blocked.
03
What protects it. Regulatory work and named-partner liability keep clients tied to senior lawyers that no software or rival can simply poach or replicate overnight.
What would change this call
April 2027 Am Law/Global 200 rankings show combined firm's growth rate versus Kirkland and Latham. Reveals whether the merger closed the growth gap or fell further behind.
Additional senior partner departures from Hogan Lovells Cadwalader through 2026-2027. Would signal integration is bleeding talent rather than stabilizing.
Cadwalader legacy practice revenue and PEP trends reported in FY2026 results. Shows whether the weaker merger partner's decline has stopped or continued.
Additional senior partner departures from Hogan Lovells Cadwalader through 2026-2027. Would signal integration is bleeding talent rather than stabilizing.
Cadwalader legacy practice revenue and PEP trends reported in FY2026 results. Shows whether the weaker merger partner's decline has stopped or continued.
Key numbers
- FY2025 revenue $3.285bn, up 11%
- Combined firm revenue about $3.9bn post-merger
- Cadwalader PEP fell 6.4% to $3.47m pre-merger
Named risks
- Lateral partner attrition during post-merger integration (Curtin exit, Orrick poaching).
- Revenue growth trailing Kirkland and Latham by roughly 2x, risking prestige and recruiting.
- Cadwalader legacy PEP decline (-6.4%) and pre-merger defections weakening combined entity.
- Physical and cultural integration friction, e.g. London office delays from infrastructure failure.
Rivals, as read in July 2026
| Rival | Direction | Evidence |
|---|---|---|
| Kirkland & Ellis | losing to | Kirkland grew revenue +19.93% to $10.556bn vs HL's +11% to $3.285bn, as of 2026-04-15 |
| Latham & Watkins | losing to | Latham grew +18.57% to $8.3bn, roughly 2x HL's growth rate, as of 2026-04-15 |
| Davis Polk | losing to | Hired away Hogan Lovells' global M&A head Bill Curtin in early July 2026 |
| Orrick | losing to | Poached Cadwalader's 37-lawyer CLO team in October 2025 before merger closed |
| Freshfields | contesting | Retains Europe M&A crown per UK rankings dated 2026-01-09 |
Questions people ask
- Is Hogan Lovells profitable?
- Yes. Hogan Lovells reported record FY2025 profit per equity partner (PEP) of $3.522m, up 14.7% year over year, alongside global gross revenue of $3.285bn, as announced 4 March 2026, marking its third consecutive year of record results.
- Who owns Hogan Lovells now?
- Hogan Lovells is a privately held partnership (LLP), not publicly traded. On 1 July 2026 it merged with Cadwalader, Wickersham & Taft to form Hogan Lovells Cadwalader, a combined ~$3.9bn firm; Miguel Zaldivar continues as CEO of the merged entity.
- Could AI replace Hogan Lovells lawyers?
- Partially for commoditized work. Hogan Lovells' own AI subsidiary ELTEMATE (tool CRAIG) automates document review, e-discovery, and drafting, but liability-bearing partner sign-off on regulatory and M&A matters, like its PrivatBank $3bn judgment win reported 4 March 2026, remains AI-proof.
- Is Hogan Lovells Cadwalader losing partners after the merger?
- Yes, some. Cadwalader lost a 37-lawyer CLO team to Orrick in October 2025 pre-merger, and Hogan Lovells' global M&A head Bill Curtin departed to Davis Polk in early July 2026, days after the 1 July 2026 merger closed.
- Who is Hogan Lovells' biggest competitor?
- Kirkland & Ellis and Latham & Watkins, both far larger and faster-growing. Per the 2026 Am Law 100 (15 April 2026), Kirkland posted $10.556bn revenue (+19.93%) and Latham $8.3bn (+18.57%), versus Hogan Lovells' $3.285bn (+11%) in FY2025.
- What is Hogan Lovells Cadwalader's combined revenue?
- Roughly $3.9bn, based on legacy 2025 figures ($3.285bn Hogan Lovells plus $600-638m Cadwalader), per Global Legal Post's 1 July 2026 report on the merger that formed Hogan Lovells Cadwalader on that date.
Timeline
- 2026-07-17London office co-location delayed by air-conditioning failure during heatwave
- 2026-07-01Merger goes live, forming Hogan Lovells Cadwalader; M&A head Bill Curtin exits to Davis Polk
- 2026-04-13Partners approve Hogan Lovells-Cadwalader merger
- 2026-03-04Hogan Lovells reports FY2025 revenue $3.285bn, PEP $3.522m, third straight record year
- 2025-12-18Hogan Lovells and Cadwalader announce intent to merge
- 2025-10-01Cadwalader loses 37-lawyer CLO/asset-backed lending team to Orrick
- 2025-03-06Hogan Lovells reports FY2024 revenue $2.965bn, nearing $3bn milestone
- 2024-09-13Hogan Lovells closes Johannesburg, Sydney, Warsaw offices, ~120-123 affected
Revision history
23 July 2026
First assessed. Protection under test. The text above is fixed as of this date and is not edited afterwards.
In the same band
Sources
- Hogan Lovells reports record results for the third consecutive year (2026-03-04)
- Hogan Lovells reports strong, steady growth (2025-03-06)
- Hogan Lovells and Cadwalader Announce Intent to Combine (2025-12-17)
- Largest Law Firm Merger in History Approved (2026-04-15)
- Largest law firm merger in history creates Hogan Lovells Cadwalader (2026-07-01)
- Largest law firm merger in history creates Hogan Lovells Cadwalader (2026-07-01)
- Hogan Lovells Surpasses $3.2 Billion in Revenue Ahead of Merger with Cadwalader (2026-03-05)
- Hogan Lovells and Cadwalader cement $3.9bn merger (2026-07-01)
- Hogan Lovells tops €60 million in 2025 (2026-03-04)
- Hogan Lovells' bet on Europe: Italy and Spain as growth hubs (2025-10-09)
- Hogan Lovells to Close Three Offices in 'Strategic' Move (2024-09-12)
- Hogan Lovells rings in record results as turnover tops $3bn (2026-03-04)