Hogan Lovells breaks £2 billion revenue barrier as global outfits release latest financial results

Positive figures

Hogan Lovells has recorded its highest ever revenue, posting a figure of £2.2 billion for the 2023 financial year.

This marks a 9.5% increase from the £1.97 billion recorded in 2022, or, in US dollars, a 10.3% boost from $2.4 billion to $2.7 bullion.

Profit per equity partner (PEP) saw further growth rising from £1.9 million to £2.2 million, an increase of almost 20%, whilst the firm’s London and Birmingham offices pulled their weight taking revenue from £368 million to £427 million.

Commenting on the results, firm CEO Miguel Zaldivar said: “We have reported another year of record revenue and profitability growth. We can attribute these outstanding results to a number of factors, including our laser focus on providing exceptional legal services to clients, often in their most complex and challenging matters, across multiple jurisdictions.”

“We are a leading global law firm that is making a noticeable impact in the market—as one of only a few law firms with a truly integrated global offering, he continued. “The culture qualities that define us represent a healthy balance between being ambitious and supportive. The last three years — 2021, 2022, and 2023 — have been the three top years of financial performance for our firm.”

Last year Magic Circle outfit Clifford Chance announced that it had surpassed the £2 billion revenue mark in the financial year up to 30 April for the first time in it’s history.

Elsewhere, the UK subsidiary of DLA Piper boosted its revenue by 14% up to a total of £678 million. Whilst the offshoot has offices in Germany, Belgium, and China, the UK is by far its biggest market with the outfit’s seven offices in England and Scotland recording £489.5 million turnover.

Eversheds Sutherland has also confirmed that the average renumeration for its members was £648,000, the highest earner taking home an estimated £3.1 million. This comes after financial results published last year saw revenue grow 8% to £730.9 million, with profits up 17% to £175.2 million.

Pinsent Masons also saw its top earner trouser £3.1 million following a successful year which saw turnover climb 15% to £483 million and pre-tax profits rise to £162.6 million.