Hogan Lovells and Cadwalader set for $3.6bn merger

Hogan Lovells and Cadwalader have announced their intention to merge in a surprise tie-up that will create a $3.6 billion law firm.

The combined firm will operate under the name Hogan Lovells Cadwalader, offering what leadership described as an "unmatched global platform and elite capabilities in finance, corporate, regulatory, and litigation", according to an internal memo seen by Non-Billable.

A deal few saw coming

The announcement will come as a surprise to much of the market. Cadwalader had been widely reported to be in merger talks with US firm Alston & Bird. Instead, Cadwalader has opted for a tie-up with Hogan Lovells that dramatically expands its global reach - and gives Hogan Lovells a much deeper foothold in New York.

Cadwalader is Wall Street’s oldest law firm and a heavyweight in finance and capital markets, while Hogan Lovells brings scale, international depth and a broad regulatory and disputes platform. The merger creates a firm with real heft on both sides of the Atlantic, particularly in areas where clients increasingly want joined-up global advice.

A turning point for Cadwalader

The deal caps a turbulent year for Cadwalader. The firm has faced elevated partner attrition, endured months of merger speculation and navigated controversy around a pro bono agreement agreed with the Trump administration to head off an executive order.

Against that backdrop, the Hogan Lovells deal offers strategic certainty and a clear long-term direction after months of noise around Cadwalader’s future.

What Hogan Lovells gets

For Hogan Lovells, the firm gains a far stronger presence in New York and a deeper bench in finance - areas where Cadwalader’s brand remains strong. While Hogan Lovells is already a global player, the merger sharpens its US offering and bolsters its credibility in the lucrative American market.

The merger is still subject to partner approval at both firms.