Elite Biglaw Firm Celebrates Its Most Successful Financial Year In History
Now *that* is a TON of money! Congratulations!
After completing 2022 with disappointing financials, 2023 turned into a real banner year for one of the most largest Biglaw firms in the country.
Hogan Lovells — a firm that brought in $2,432,000,000 gross revenue in 2022, putting it at No. 12 in the most recent Am Law 100 — is now celebrating a record financial performance. The American Lawyer has the details:
The global firm netted $986 million from revenues of $2.68 billion, which translated into $2.74 million in profits per equity partner. Year-over-year increases to these metrics of 17%, 10.2% and 20.3%, respectively, came after falling in 2022 by 13%, 6.6% and 8.2%.
CEO Miguel Zaldivar, who was reelected to another four-year term last year, attributed the firm’s reversal of fortune to elevation of Hogan Lovells’ brand awareness in highly commercial markets and “record” collections in the last two months of the year. (A representative of the firm declined to disclose its realization rate.)
“When you experience double-digit growth in revenue and you see a double-digit PEP increase, you know there’s something quite special going on at the firm because it’s not driven by contingency or alternative fee arrangements but by our proposition to the market,” Zaldivar told Am Law.
Congratulations to Hogan Lovells on all of its financial successes in 2023!
Hogan Lovells Rebounds in 2023 With Most Profitable Year in History [American Lawyer]
Staci Zaretsky is a senior editor at Above the Law, where she’s worked since 2011. She’d love to hear from you, so please feel free to email her with any tips, questions, comments, or critiques. You can follow her on Twitter and Threads or connect with her on LinkedIn.
