Hogan Lovells Cracks US$3.3 Billion As Regulated‑Market Play Pays Off

Hogan Lovells has pushed through the US$3.2 billion barrier with double‑digit growth, fatter partner profits and a clear bet on regulated markets, tech and AI – sending a pointed message to rivals still blaming “market conditions” for flat numbers. Key takeaways for lawyers Global revenue up 11% to US$3.285 billion (about £2.49 billion), marking a third consecutive year of record results and a six‑year growth run. Revenue: US$2.965b → US$3.285b. Revenue per lawyer: US$1.097m → US$1.210m. Profits per equity partner: US$3.072m → US$3.522m (PPEP up roughly 15%). The Americas now account for about half of total billings, generating roughly US$1.6 billion, with US revenue up nearly 12% and US PPEP jumping around 24% (even though the firm doesn’t formally publish regional PPEP). The firm is still very much a transatlantic animal: EMEA contributes roughly 46% of revenue, Asia‑Pacific just 4%, underlining that most of the money is still coming from the US and Europe, not the growth‑story rhetoric about Asia. Practice mix remains deliberately “balanced”: Corporate & Finance: 42% of global revenue. Global Regulatory & IP: 30%. Disputes: 28%. This is the “don’t be hostage to one practice” playbook – and it’s working when M&A cycles wobble. Why the numbers really moved Management is pinning the result on demand from highly regulated sectors and complex cross‑border work – think regulatory risk, sanctions, trade, national security, energy, life sciences and digital markets. Corporate & Finance posted double‑digit global growth despite a choppy transactional market, helped by deals in sectors where regulatory clearance is half the transaction. Global Regulatory & IP and Disputes also had strong years, with a notable contribution from one of the market’s more muscular trade practices. The geographic spread mirrors where regulation bites hardest – key G20 economies, a heavy US and European skew, and selective growth in places like Italy for private capital and credit work. People, laterals and the “next gen” story Promotions: 28 new partners and 53 counsel – the firm is selling this as proof that organic growth is still a thing, not just lateral musical chairs. Laterals: 49 new partners, including nine in Italy focused on M&A, private equity, capital markets, leveraged finance and private credit – a clear bet on one of Europe’s more active transactional markets. The message to associates and partners elsewhere: Hogan Lovells is still investing in headcount rather than using performance as a pretext to quietly shrink. Tech, AI and ELTEMATE The firm says it is putting about 5% of revenue into tech and digitalisation, including its legal tech and AI business ELTEMATE – a sizeable cheque at this scale. ELTEMATE acts as the hub for legal tech, AI, data and workflow tools – from regulatory intelligence and databases through to eDiscovery and contract automation – and is pitched as the engine for “industrial‑grade” legal work product. For clients, that translates into more tech‑enabled delivery in large regulatory, disputes and investigations mandates; for lawyers, it signals continued pressure to work comfortably alongside AI‑driven tools rather than compete with them. Mandates that matter Transactions in heavily regulated and strategic sectors: Advising the Government of Ukraine on a landmark mineral rights agreement with the US government. Acting for Oxford Ionics on its US$1.08 billion sale to IonQ in the quantum computing space. Supporting Sojitz Corporation on a healthcare acquisition in Singapore, and Azul S.A. on high‑stakes recapitalisation and Chapter 11‑linked capital markets work in Brazil. Litigation and international disputes: PrivatBank’s English High Court win for more than US$3 billion in damages and costs against former owners in one of the largest fraud recoveries in the English courts. Acting for major automakers in the Pan‑NOx emissions group litigation, one of the largest and most complex class actions before the English courts. An ICSID victory for Energía y Renovación Holding, securing an award of around US$74.5 million including interest against Guatemala, plus nearly US$3.9 million in fees and costs. Regulatory and IP: MSD’s landmark patent litigation win in Japan, keeping Januvia® (sitagliptin) safe from generic entry. Securing federal approval for the SPOT deep‑water crude oil terminal in the US – the first such license since the 1970s – against a dense web of agencies and shifting regulation. Advising Stonepeak on national security and government contracts issues in a US$3.1 billion aviation‑related acquisition. Cross‑border, energy and digital focus Cross‑border expansion: work includes ZEEKR’s moves into markets from Australia and Brazil to the UAE, Madison Pacific’s US$153 million LCIA award enforcement involving a Black Sea export terminal, and Seatrium’s Operation Car Wash‑related investigations and leniency deals. Capital markets and sovereign work: the firm advised the Republic of Ecuador on a multi‑billion‑dollar return to the international capital markets via new sovereign bonds and related tender offers. “Future of Digitalization” and “Future of Energy” are not just slogans: The Crown Estate on repurposing infrastructure for carbon capture and storage in the UK. Banks on a €640m securitisation backed by data centre leases – the first euro‑based data‑centre securitisation in continental Europe. DESNZ on defending the Bulb‑to‑Octopus energy transaction, cementing key subsidy control and fairness principles. FDA‑related wins for women’s health technologies in breast and cervical cancer. Pro bono and responsible business angle The firm clocked more than 256,000 Responsible Business hours, including more than 174,000 hours of pro bono work in the year. Highlights include: A US Supreme Court 9‑0 win in Barnes v Felix, reshaping the national standard for police use of force under the Fourth Amendment. A major French trafficking case that shifts the evidentiary burden to prosecutors once victims show sufficient evidence, plus practical support via a new walk‑in clinic in New York with Sanctuary for Families. A settlement for more than 150 inmates at Souza‑Baranowski in Massachusetts providing US$6.75 million plus systemic reforms, training and mandatory video recording of incident responses. Support for 85 social entrepreneurs through HL BaSE Catalyst and Training across multiple European jurisdictions and New York.

Hogan Lovells Cracks US$3.3 Billion As Regulated‑Market Play Pays Off

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