Cadwalader, Wall Street’s oldest firm, has had a rough go of things this year. In the wake of the firm’s deal with Donald Trump, the firm started losing lawyers left and right, with key partner groups lateraling out at a rapid pace. Rumors of the firm’s interest in a merger began to spread, and just one month ago, we reported that Cadwalader was in merger talks with Atlanta-based Alston & Bird. Cancel those plans, because the distressed firm today announced its partnership with Hogan Lovells.
The prospective tie-up is expected to be the largest law firm merger in history, and will close sometime in 2026.
The combined firm, Hogan Lovells Cadwalader, will have about 3,100 lawyers spread across the globe, with clientele in every major financial market. The new firm will become an absolute financial powerhouse — the world’s fifth-largest firm by revenue, in fact — with gross revenue of more than $3.6 billion. The American Lawyer has additional details on why this merger makes sense:
According to Am Law 100 data, Cadwalader and Hogan Lovells have moderately similar revenue per lawyer and average profits per equity partner. Hogan Lovells brought in $2.964 billion in revenue in 2024, more than quadruple the amount of revenue Cadwalader brought in at $638.2 million. In RPL, Hogan earned $1.097 million while Cadwalader generated $1.495 million, a $398,000 difference. Meanwhile, Hogan’s average PEP came in at $3.072 million, whereas Cadwalader generated $3.709 million, just over $600,000 in difference.
Miguel Zaldivar, who serves as CEO of Hogan Lovells, will retain his title to serve as CEO of the combined firm. Pat Quinn and Wes Misson, Cadwalader’s co-managing partners, will serve on the firm’s international management committee, with Quinn acting as global managing partner for client and practice integration, and Misson will acting as global managing partner for the firm’s finance practice.
“Together, Hogan Lovells Cadwalader will become one of the world’s most formidable legal platforms – built to advise clients on the most critical legal and business issues of the moment and transactions that will shape the future,” Quinn said in a statement.
Best wishes to Cadwalader and Hogan Lovells on their impending combination.
Cadwalader, Hogan Lovells Intend to Create $3.6B Merged Firm [American Lawyer]
Staci Zaretsky is the managing editor of 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 Bluesky, X/Twitter, and Threads, or connect with her on LinkedIn.