Hogan Lovells tops $3bn revenue in final results before Cadwalader merger

Hogan Lovells has topped $3 billion in annual revenue for the first time, posting a strong set of 2025 financial results ahead of its upcoming merger with Cadwalader.

The firm reported revenue of $3.28 billion for the year, up 10% from $2.96 billion in 2024. Profit per equity partner rose to $3.52 million, with the firm reporting particularly strong growth in the US where PEP increased by around 24%.

The results mark a milestone year for the firm and come just months before its planned merger with Cadwalader, which is expected to go live later this year after a partner vote.

Record year ahead of merger

Chief executive Miguel Zaldivar said the results were driven by rising demand from clients navigating regulatory complexity and geopolitical risk.

“This has been another year of strong growth for the firm, driven by our unique ability to meet the challenges our clients are facing globally - regulatory complexity, cross-border risk, and geopolitical change,” he said.

The firm said revenue growth was recorded across every practice group and region, with its corporate and finance practice accounting for around 42% of total billings. Regulatory and IP work made up 30%, while disputes contributed 28%.

Regionally, the Americas accounted for half of the firm’s revenue, contributing $1.6 billion, with US billings rising nearly 12% year-on-year. EMEA represented 46% of total revenue, with Asia-Pacific making up the remaining 4%.

The firm said it is also continuing to invest heavily in technology, committing around 5% of its revenue to innovation and digitalisation efforts, including its legal technology arm ELTEMATE.

Merger to create $4bn firm

The results are likely to be the final full-year numbers before Hogan Lovells completes its merger with Wall Street stalwart Cadwalader.

The firms announced the tie-up in December, with the combination expected to launch later this year under the name Hogan Lovells Cadwalader. Cadwalader’s revenue of more than $600 million should see the merged firm generate close to $4 billion in annual revenue.

The deal pairs Hogan Lovells’ global platform and regulatory strength with Cadwalader’s deep roots on Wall Street, particularly in finance and capital markets.

The combination is expected to create a firm with greater scale on both sides of the Atlantic, as clients increasingly look for law firms capable of delivering joined-up advice across major financial centres.