Hogan Lovells Appoints Steve Immelt as new CEO
17 December 2013
LONDON / WASHINGTON D.C., 17 December 2013 - Litigation partner Steve Immelt has been appointed CEO of global law firm Hogan Lovells. Steve's appointment was confirmed by a partner vote which closed on 16 December. Steve will take over from current Co-CEOs Warren Gorrell and David Harris on 1 July 2014 and be supported by London Finance partner David Hudd as deputy CEO. Their terms of office are four years.
Warren Gorrell and David Harris decided earlier this year not to stand again and concluded that the middle of next year would be the right time for a new management team to take the reins. David will be retiring from the firm while Warren will be continuing to focus on clients after 30 June 2014.
Steve Immelt has a long track record in the management of the firm, including having played a role in its international expansion and the creation of Hogan Lovells in 2010. He is currently a member of the firm’s International Management Committee and global co-head of its Litigation, Arbitration and Employment practice with London partner Michael Davison.
David Hudd currently heads the global Finance practice and helped develop the firm’s leading structured finance practice. Before joining the firm as a partner in 1994, he spent almost ten years in investment banking both as a lawyer and as head of structured finance.
Hogan Lovells had revenues of US$1.6bn/£1.03bn in financial year 2012 and has approximately 800 partners and 1,700 other qualified lawyers operating in 25 countries and 45 offices around the world. Across the regions, the Americas represent approximately 45% of total billings, London and Continental Europe 48%, and Asia and Middle East 7%.
Recent major client work includes acting for BTA Bank on a US$10bn fraud claim; the sale of Russia's largest mobile phone company; Equity Residential on its US$16bn acquisition of Archstone along with AvalonBay; JKC Australia on its US$34bn landmark "Ichthys" liquid natural gas project; assisted Second Sight and Novocure on FDA approvals of their revolutionary medical devices for the restoration of sight to the blind and the treatment of brain tumors; and Sino-Forest's US$1.8bn global bond restructuring.
The firm has also recently expanded its presence in a number of emerging and major markets, including Brazil, Indonesia, Mongolia, Luxembourg and South Africa. This follows expansion in other markets which are becoming hubs for their regions, including Dubai and Singapore.
Nicholas Cheffings, Hogan Lovells' Chair said: "Steve is the obvious choice. He is a clear and strategic thinker with a wide knowledge of the firm. His approach to leadership is based on teamwork and inclusion. He is committed to the firm’s focus on client service and on good citizenship. He was a key part of the management team involved in the creation of Hogan Lovells and has a very good sense of what it takes to manage a law firm of this size and scope. The Board was unanimous in recommending him to the partnership for the role.
"David Hudd has the experience and qualities to be an excellent Deputy. He is very focused on results and client service and has a strong reputation for getting things done.
"Both David Harris and Warren will remain active in their roles up to the end of June and we are immensely grateful to them both for all that they have done for the firm."
Steve Immelt said:
"The firm is in a very strong position, our best ever. It will be a privilege to succeed David and Warren. We are recognized as one of the world's leading law firms with unique strengths in many practices and industry sectors, a focus on understanding our clients’ business needs; and providing creative insight and practical solutions across our geographic reach. We have delivered a strong track record of winning client work across many of our markets under tough conditions. I am looking forward very much to continuing to work with David and Warren as we move towards 1 July."
Note to editors:
Biographies below for Steve Immelt and David Hudd.
Stephen Immelt, identified as the new CEO for Hogan Lovells, is now Global Co-Head of Hogan Lovells' Litigation and Arbitration practice and a member of the International Management Committee. He previously served as the head of Hogan & Hartson’s international offices and as managing partner of the firm's Baltimore office. Steve was a key participant in the combination of Lovells and Hogan & Hartson, resulting in the creation of the leading law firm Hogan Lovells.
Steve focuses on complex enforcement litigation primarily in the healthcare industry sector. For more than 20 years, he has represented pharmaceutical companies, medical device companies, academic health centers and medical schools, clinical laboratories, and other providers of healthcare in connection with a wide variety of governmental investigations, both civil and criminal in nature, involving issues arising under federal and state laws that govern healthcare providers. These matters have included a wide range of issues arising under the Anti-Kickback Act, the Food Drug and Cosmetics Act, the Foreign Corrupt Practices Act, and the False Claims Act.
Steve served as an Assistant U.S. Attorney for the District of Maryland from 1979 through 1983.
David Hudd, who will be Deputy CEO of Hogan Lovells from 1 July 2014, is currently the global head of the firm's Finance practice group which covers Banking, Business Restructuring and Insolvency, Debt Capital Markets and Project Finance. He trained and worked at another City law firm, specializing in capital markets, before spending almost ten years in investment banking both as an in-house lawyer and as head of structured finance.
David joined Hogan Lovells in 1994 as a partner and has run the global finance practice for almost nine years, since David Harris became Managing Partner of Lovells in 2005, including three years as co-head until being appointed as sole head earlier this year.
David advises on all types of debt capital markets and structured finance transactions, including derivatives and securitizations. He is listed as a leading individual in Chambers' Guide for securitization and for structured finance & derivatives and in The Legal 500 for derivatives & structured products and for securitization. David is also client relationship partner for BNP Paribas.
As Deputy CEO, David will assist the CEO in implementing his ambitions and strategy for the firm. David's primary responsibilities will include overseeing the firm's finances and its operational and business support functions and working with the respective practice heads to develop further the firm's Corporate and Finance practices.