Hogan Lovells results for calendar year 2017

Item US$ - FY2017 US$ - FY2016 US$ % change GBP FY2017 GBP FY2016 GBP % change
Total global revenue 2,036m 1,925m 5.8% 1,581m 1,420m 11.4%
Profit per equity partner 1,283,244 1,252,790 2.4% 996,000 924,000 7.9%
Revenue per lawyer 758,539 737,961 2.8% 589,000 544,000 8.2%





   

  • Across the regions, the Americas represented approximately 52% of total billings, London and Continental Europe together 41%, and Asia and the Middle East 7%.
  • In terms of our five global practice groups, Corporate represented approximately 32% of total billings, LAE 29%, Government Regulatory 16%, Finance 14%, and IPMT 9%.

According to Hogan Lovells CEO Steve Immelt:

"In 2017 we delivered a robust overall performance and hit the US$2 billion global revenue mark for the first time, which is a very encouraging achievement in light of on-going global political and economic uncertainties."

"Clients see significant value in the combination of our exceptional trans-Atlantic strength, industry sector knowledge, and market-leading regulatory capabilities. We see them turning to us when faced with complex cross-border disputes, transactions, or commercial matters in highly-regulated sectors."

"We are in the midst of a seismic shift in the legal market and are being challenged in ways we have never seen before. Clients face challenging regulatory, political, and business changes and rely on our experience more than ever."

"We have a particular focus on tracking emerging or rapidly changing business issues, often at the cutting edge of technology or market convergence. We have seen interest in areas including mobile payments, connected cars, digital health, global supply chains, data privacy, the internet of things, and fintech alongside our more traditional areas of practice. For instance, we advised CNN in securing a precedent-setting waiver to operate drones safely over people; guided the Cook County, Illinois Recorder’s Office pilot to allow blockchain-based real estate transfers; advised Paysafe in its possible £2.9bn sale to a private equity consortium led by Blackstone and CVC; and advised Oracle on its acquisition of cloud-based solutions company Aconex. All of these examples helped our clients become disruptive market changers‎.”

"We are not afraid to try new approaches as reflected in our very high rankings in the Financial Times’ Innovative Lawyers survey. We have invested in our business services to create a sophisticated and committed team that will properly support our business and allow it to thrive and grow."

"During the year, we announced the combination with Collora, an outstanding Boston law firm recognized for its high-quality partners and made a significant investment in Northern California with the recruitment of a high-performance M&A team from Weil Gotshal."

“As we look ahead at 2018 our focus is on client service, building market profile, managing our own business performance, and creating innovative solutions for clients. 2018 will offer us fantastic opportunities and we are well-placed in the market with our clients and against our competitors."

Key developments in 2017:

The firm combined with Collora, an outstanding Boston law firm recognized for its high-quality partners. That office officially opened in September and is now a fully-integrated part of our business. We also made a significant investment in our M&A technology practice with the hire of M&A partners Richard Climan, Keith Flaum and Jane Ross, and IP and Technology Transactions partner John Brockland to our Northern California offices.

In September, our partners agreed to extend Steve Immelt’s and David Hudd’s terms of office as CEO and Deputy CEO respectively by another two years, taking them through to 30 June 2020. The two took up their posts on 1 July 2014.

The firm’s Constitutional Change Taskforce and Government Regulatory practices continued to be at the forefront of political developments advising clients on the possible implications and outcomes of the UK Brexit vote and change in the U.S. administration. There was also a particular emphasis on the impact of new technologies and market issues including fintech, drones, cyber risk, data privacy, connected cars and digital health.

During the year the firm also developed its non-legal services, launching a financial services regulatory consulting group and a strategic communications service.

The firm also made 31 partner promotions on 1 January 2018 and 37 lateral partner hires globally during 2017.

Examples of major client engagements handled during the course of the year include:

For CPG:

  • Advising on the £3 billion takeover of Paysafe Group Limited: largest takeover by a PE-backed consortium of a London-listed target since the financial crisis in 2008
  • RLJ Lodging Trust on its US$7bn merger with FelCor Lodging Trust – creating the third largest pure play lodging REIT
  • Orbital ATK, on its approximately US$9.2bn sale to Northrop Grumman
  • Advised Marvell Technology Group Ltd. in its approximately US$6 billion acquisition of computer chip maker Cavium, Inc.
  • PerkinElmer on the €1.2bn acquisition of EUROIMMUN Medizinische Labordiagnostika AG

For IPMT:

  • Successfully acting for Eli Lilly in UK Supreme Court Patent Ruling
  • Secured a major victory for Tencent (China's largest and most used Internet service portal) under the Uniform Domain Name Dispute Resolution Policy to win back the Chinese domain name behind WeChat
  • Achieving a ground-breaking settlement for the Hard Rock Group in Germany
  • Advised uPI Semiconductor in a successful defense of an ITC enforcement proceeding brought by Richtek Technology

For LAE:

  • Neal Katyal (and the team’s) seven arguments before the U.S. Supreme Court last term, as well as our ongoing representation of the state of Hawaii as it challenges the constitutionality of President Donald Trump’s travel ban.
  • Winning a landmark High Court judgment in favor of the Deposit Insurance Agency (DIA) against Russian businessman, Sergei Pugachev.
  • A unanimous Connecticut Supreme Court decision affirming a class action trial win for Anthem.
  • Our unanimous U.S. Supreme Court victory for the Republic of Venezuela, limiting the scope of the Foreign Sovereign Immunities Act.
  • Successfully defending TÜV Rheinland in the International European Court of Human Rights against liability claims resulting from allegedly inappropriate certification of breast implant manufacturer P.I.P.

For Gov Reg:

  • Our International Trade practice is advising ZTE, China’s second-largest telecommunications company, to help the Company comply with the terms of the U.S. Government settlement agreements, work with the Court-appointed corporate Monitor, and enhance its internal trade compliance program. This is the largest U.S. export controls enforcement case ever, with monetary penalties four times larger than the next biggest penalty case.
  • We provided advice on a wide range of regulatory, reimbursement, commercial, and compliance issues to Spark Therapeutics in connection with their development and product launch preparation of the groundbreaking gene therapy to cure a rare form of a genetic base childhood blindness.

For Finance:

  • Advised Barings on its first ever Australian unitranche/super senior structured financing; Barings' unitranche financing was used by The Riverside Company to acquire Energy Exemplar, one of the world's leading providers of optimization-based modelling and simulation software primarily serving the energy market
  • Achieved a superb result for the Official Committees of Unsecured Creditors in the Missouri case of Abengoa’s U.S. bioenergy business debt restructuring. Abengoa is a multinational renewable energy company with over US$9bn in debt.
  • Advised Banco do Brasil SA in issuing US$1bn in senior debt. This issue represented the return of Brazilian majority state-owned financial institution Banco do Brasil to the international debt market after three years

For Citizenship/Pro Bono/Diversity:

  • For more than a year, our lawyers have fought to protect immigrants, refugees, dual citizens, and others whose lives remain in the balance while the U.S. travel ban is fiercely litigated and frequently revised. We sprang to action shortly after the first executive order was issued in January 2017. More than 20 of our people were on the ground during that first weekend at international airports in New York, Virginia, and California.
  • Through our longstanding partnership with Victim Support, the firm is representing victims at the coroner’s inquests into the 2017 London terrorist attacks. We are also applying for survivor compensation through the Criminal Injuries Compensation Authority, a program that provides financial support to innocent victims of violent crime. We are also supporting organizations proactively working to reduce the risk of terrorism in the United Kingdom and abroad, particularly through social media and other online forums.
  • 2017 was one of the worst years in living memory for catastrophic weather in the Americas. And the strongest earthquake in a century rocked southern Mexico. Across the entire region, we leveraged longstanding relationships with local charities to collect critical supplies, raise funds, and mobilize people. Beyond the outpouring of time and donations – more than US$260,000 with the firm’s match – our lawyers put their legal skills to use.
  • To expand Hogan Lovells existing networks and initiatives, we launched Pride +, which provides support for and inclusion of LGBT+ communities, and offers education and support. Pride+ is the first global LGBT+ and Ally network to be established by a firm that is accessible to employees, even in countries where it is illegal to be gay.


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