Source: Reuters
By David Thomas
International law firm Hogan Lovells said on Tuesday that its partners have voted to appoint Miguel Zaldivar to a second four-year term as CEO, as it looks to join the tiny club of law firms boasting annual revenues over $3 billion.
The firm’s revenue had grown steadily for a decade, reaching more than $2.6 billion in 2021, a record year for Hogan Lovells and many other large firms amid a global dealmaking boom. But it dropped by 6.6% to $2.4 billion last year, as global dealmaking shrank in response to rising interest rates, high inflation and recession fears.
Zaldivar said he believes the 2,700-lawyer firm’s current strategy has it on a path to grow both revenue and profitability. He declined to predict exactly when but said “I really believe that we are in a trajectory to cross the $3 billion line.”…
Read full article: https://www.reuters.com/legal/legalindustry/eyeing-3-bln-milestone-law-firm-hogan-lovells-reelects-ceo-2023-09-05/
