Hogan Lovells results for Calendar Year / Financial Year 2020

Key global figures:




% change 2019-2020

GBP FY  2020

GBP FY 2019

GBP % change 2020 v 2019

Total global revenue







Profit per equity partner







Revenue per lawyer







  • Across our regions, the Americas represented approximately 49% of total billings, EMEA 45%, and Asia-Pacific 6%.
  • In terms of our three global practice groups, Corporate & Finance represented approximately 41% of total billings, Global Regulatory & IPMT 31%, and LAE 28%.
  • By way of comparison, in FY2019 our revenue increase was 6%, our PEP increase was 9.1% and our RPL increase was 5.8%.

According to Hogan Lovells CEO Miguel Zaldivar:

"We have achieved steady financial growth with a revenue increase of 2.8% in 2020, as well as 4% increase in revenue per lawyer and 30.8% increase in profits per equity partner, against a global pandemic that has impacted our people, businesses and communities around the world."

"Key drivers of our performance include our focus on highly regulated sectors, and a strong emphasis on complex multi-jurisdictional transactions and disputes work. The sectors that continued to demonstrate a robust performance include financial institutions, life sciences, technology, media, and telecoms, and automotive. At the same time we saw a strong performance in transactions, regulatory work, and disputes."

"Our strategy to invest in strategic markets and lawyer talent while maintaining financial discipline and delivering excellent client service, will continue to be our focus as a fully-integrated global firm."

"We also successfully transitioned almost the entire firm to remote working over a one week period last year and incorporated a staged ramp up of our technology infrastructure."

"Delivering on our commitments to diversity and inclusion and responsible business is a strategic priority, on par with putting clients at the center of everything we do and enhancing profitability. At the start of 2021 we made 25 promotions to partner level, with 44% women, 16% racial and ethnic minority and 5% LGBT+, which reflects the continued growth and progression of our diverse talent around the world."

"Our global reach and our unique ability to advise on the most complex issues, particularly at the intersection of business and government, continues to be highly valued by our clients and lateral hires."

Examples of major client matters handled during the course of the 2020 include:

Corporate & Finance

  • Marvell Technology on its approximately US$9bn pending acquisition of Inphi Corporation.
  • Republic of Ecuador in one of the first-ever tests of "collective action clauses" in capital markets transactions, helping the country complete one of the largest international restructurings for approximately US$20bn.
  • Valneva on its partnership with the UK Government for its inactivated adjuvanted COVID-19 vaccine, VLA2001.
  • Advised Arm Limited, the UK-headquartered multinational semiconductor and software design company of SoftBank Group Corp. and SoftBank Vision Fund, in the US$40bn pending sale of Arm to NVIDIA.
  • Acted as lead transaction counsel to Dell Technologies in its sale of RSA to a consortium led by Symphony Technology Group, the Ontario Teachers’ Pension Plan Board and AlpInvest Partners in an all-cash transaction for US$2.075bn.
  • Advised Flipkart Private Limited on its US$700 million fundraising for PhonePe from existing Flipkart investors led by Walmart. The Singapore-led team acted as the main transaction counsel on the deal, which resulted in a post money valuation of US$5.5 billion for PhonePe.
  • The Bundesrepublik Deutschland – Finanzagentur GmbH on the granting of stabilisation measures by the Economic Stabilisation Fund (WSF) to Deutsche Lufthansa AG under the German Economic Stabilisation Act.
  • The Shah Deniz consortium, led by BP and SOCAR, on the completion of the US$40bn Shah Deniz 2 gas project and Southern Gas Corridor.
  • Special Committee of Carey Watermark Investors Inc. on its all-stock merger with Carey Watermark Investors 2 to form Watermark Lodging Trust (WLT), a US$4.6bn non-traded REIT with increased scale and operating efficiencies.
  • Advised the U.S. International Development Finance Corporation (DFC) on a complex financing for the expansion of an African telecom provider across the Democratic Republic of the Congo, Sierra Leone, Uganda and The Gambia.
  • Advised the Official Committee of Unsecured Creditors Chapter 11 cases of Speedcast International Limited, the largest provider of remote and offshore satellite communications in the world, an organization that spans 40 countries and with approximately US$1bn in liabilities.

Litigation, Arbitration & Employment

  • ENRC on its high-profile claims against the Serious Fraud Office and its former legal advisers Dechert and Neil Gerrard.
  • PrivatBank in a US$1.9bn fraud case against its former shareholders, Igor Kolomoisky and Gennadiy Bogolyubov.
  • Kazakhstan Kagazy Group to bring multi-jurisdictional enforcement action to satisfy its US$300+ million judgment debt. The case concerns one of Central Asia’s largest paper and packaging manufacturers.
  • Albert Einstein Healthcare Network — a health system with US$1.5bn in annual revenues — overcome an FTC challenge to its proposed merger with Jefferson Health, a merger that would create an 18-hospital system in the Philadelphia area with about US$7bn in revenues.
  • Winning on a major motion to dismiss in the United States District Court for the Southern District of New York (SDNY) in an action filed by a New York hedge fund and European investors against clients CPI Property Group (CPIPG) and its majority shareholder, Radovan Vitek.
  • Secured a historic win for JSC Georgian Oil and Gas Corporation, and LEPL State Agency of Oil and Gas of Georgia, in a high profile, US$3.5 billion ad-hoc arbitration.
  • Secured a unanimous victory before the Supreme Court in Rodriguez v. Federal Deposit Insurance Corporation, an important case concerning the rules for determining who owns a tax refund.

Global Regulatory & IPMT

  • Secured a major win for Uber on regaining its London license and right to continue operating in London
  • Advising EnergySolutions on its acquisition of the Three Mile Island Unit 2 nuclear power plant for decommissioning, which is expected to be the most complex nuclear plant decommissioning project in the United States
  • Representing Puerto Rico Electric Power Authority (PREPA) before the U.S. Department of Justice and U.S. Environmental Protection Agency in multiple, inter-related, high-profile environmental matters.
  • Secured a series of patent litigation wins for client Eli Lilly in France, Germany and the Netherlands regarding the client’s cancer product pemetrexed.
  • Secured two important trademark victories for Caterpillar Inc. before China's highest court, the Supreme People's Court ("SPC"). The two cases concern Caterpillar's trademark invalidation and opposition procedures against a competitor, and also represented Caterpillar in a trademark infringement case before Belgium’s Supreme Court.
  • Advised Lucira Health in obtaining the first FDA Emergency Use Authorization for an at-home COVID-19 testing kit.
  • Represented enrichment services supplier Urenco USA Inc. in its effort to extend the Agreement Suspending the Antidumping Investigation on Uranium from the Russian Federation, which has governed trade between the United States and Russia in uranium products since 1992.

Diversity & Inclusion (D&I) and Responsible Business


  • The introduction of global goals for racial and ethnic minority and LGBT+ partners*, which we will work diligently to achieve by 2025. The firm's existing goal of 30% women partners globally by 2022 remains unchanged. The firm met its goal for women to occupy 30% of senior management roles two years early in 2015.
  • The introduction D&I billable hour credit for U.S. and EMEA lawyers, an initiative being implemented globally, to incentivize our people to undertake activities that enhance diversity, equity, inclusion and belonging at the firm.
  • Becoming a member of The Valuable 500 – the largest network of global CEOs dedicated to embed disability inclusion throughout the business.
  • Ranking as one of Stonewall's 17 Top Global Employers 2020, one of only 17 organizations around the world to achieve this honor.
  • Gold Standard Certification by the Women in Law Empowerment Forum in the U.S. for eight consecutive years and the UK for two consecutive years.
  • Winner of the Intel China D&I Award pilot designed to promote D&I interest in APAC, Intel | 2020.
  • 100% Score on the Human Rights Campaign Corporate Equality Index for 11 consecutive years.

* Global minority and LGBT+ goals comprise the U.S. and UK only owing to legal restrictions.

Responsible Business (operating sustainably, pro bono, community investment, fundraising partnerships)

Operating sustainably

  • Our work supports the achievement of the UN Sustainable Development Goals (SDGs) a global framework for sustainable development which mobilizes efforts to ends all forms of poverty, fight inequalities and tackle climate change by 2030.
  • Actively participate in the most respected responsible business initiatives and are a signatory to the United Nation's Global Compact (UNGC) which is the world's largest corporate sustainability initiative, as well as the Race to Zero, and Business Ambition for 1.5°C.
  • Founder members of the Legal Sustainability Alliance on Climate Change in the UK and in the United States we are members of the Law Firm Sustainability Network.
  • Achieved Leadership in Energy & Environmental Design (LEED), BREEAM, or country-equivalent sustainability certification for 22 of our offices, representing 65% of our global footprint. This includes a Silver certification for our New York office refurbishment and a Gold certification for our Beijing office refurbishment.

Pro Bono

  • Hogan Lovells made a formal pledge as part of its advancing racial justice initiative to devote at least 65,000 pro bono hours through 2023 to breaking down the deeply rooted, systemic barriers in society that profoundly impact people of color.
  • Representing Curtis Flowers, an innocent man who endured an unprecedented six trials and spent more than two decades on Mississippi’s death row, and successfully securing the reversal of his conviction and dismissal of all charges against him.
  • Advising terrorism victims and their families at home and abroad, including those affected by attacks in Manchester Arena.
  • Working alongside two Irish non-profits, the Adoption Rights Alliance and Justice for Magdalenes Research, on The Clann Project. This three-year investigation into Ireland’s Mother and Baby Homes, where for many years unmarried mothers and their children were sent, gave hope to many women and children harmed by these historical abuses.
  • Representing Yazidi women subjected to violence by an Australian national and member of Islamic State. Hogan Lovells acts pro bono for Lotus Flower, a UK charity led by genocide survivor Taban Shoresh, and six Yazidi survivors who were victims of sexual violence and enslaved by identified ISIS foreign fighters.

Community investment and fundraising partnerships

  • Our three-year global Citizenship partnership with PeaceTech Lab includes a global "hate speech" pro bono project; a global COVID-19 violence tracker citizenship project; and a significant new Road to Equal Justice project which aligns with the firm's commitment to Advancing Racial Justice.
  • Advising social enterprises across EMEA and supporting organizations that encourage female entrepreneurship in the Americas and Asia.
  • Appointed The Wildlife Trusts – a grassroots movement of people, who believe that we need nature and nature needs us – as the firm’s dedicated UK charity partner for three years.

Promotions and lateral hires

The firm also made 25 partner promotions and 60 promotions to counsel on 1 January 2021, and 26 lateral partner hires globally during 2020.

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