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February 18, 2011 11:14 AM

The Am Law 100: Dip in Revenue, Bump Up in Profits for Hogan Lovells

Posted by Ed Shanahan

From The National Law Journal

Hogan Lovells--the product of last year's combination of Washington, D.C.-based Hogan & Hartson and U.K. firm Lovells--reported Thursday that postmerger revenue declined slightly, but profits rose as the new firm cut costs.

The separate firms grossed $1.68 billion in 2009. This year, Hogan Lovells is reporting a gross of $1.66 billion. Meanwhile, profits per partner were $1.14 million in 2010--up from the $1.11 million at Hogan and $1.01 million at Lovells in 2009.

Hogan Lovells said revenue per lawyer came in at $704,000. That figure is down 8.5 percent from the $770,000 Hogan & Hartson reported last year, but it's 21 percent higher than the $580,000 that Lovells reported for the 2010 Global 100, The American Lawyer's ranking of global firms by gross revenue.

J. Warren Gorrell, Jr., co-CEO of Hogan Lovells, said he and his counterpart David Harris were pleased with the figures for Hogan Lovells first year, considering, Gorrell said, "the work it took to bring these two firms together. It's not surprising that our revenues were down slightly, given what is happening in the global economy. Being flat in light of that fact wasn’t a surprise and was consistent with what we expected."

A trimmer team may have helped. In all, the firm reported that it has 2,363 lawyers worldwide, down 8 percent from the 2,569 the two legacy firms had in 2009. The combined partnership includes 512 members, which is also down 16 partners from the number the two legacy firms reported for 2009.

Click here to continue reading the NLJ's full report.

 

Click here for all our ongoing coverage.


This report is part of The Am Law Daily's ongoing Web coverage of 2010 financial results of The Am Law 100/200. Results are preliminary. Final rankings and full results for The Am Law 100 will be published in The American Lawyer's May 2011 issue and on AmericanLawyer.com. The Am Law Second Hundred will be published in the June issue.

Results for the 2010 fiscal year reflect a change in the survey methodology. Per-lawyer and per-partner results for 2010 are based on a full calendar year average FTE head count, while published results for previous years were, in most cases, based on an August 31 FTE head count. When possible, we have recalculated fiscal year 2009 numbers to reflect the change in head count and based percentages on those adjusted numbers.

The final published results of last year's Am Law 100 rankings are available here; Second Hundred results are available here.

 

 

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