No Stopping Hogan Lovells Joining $3B Club With Strategic Plays Lawyers Should Watch
Let’s cut through the corporate jargon: Hogan Lovells isn’t just “growing” – it’s latest results show the firm is scaling with surgical precision having just posted a $2.965B revenue haul for 2024, a near 9 percent jump that brings it within spitting distance of the elusive $3B mark.
The news was dropped by the firm in their March 6 release that we have here.
For context, that’s up 23 percent from 2023’s $2.7B. More telling? PEP hit $3.07M (up 12 percent while RPL nudged to $1.097M.
Coming in a shade under the $3 billion is a bit like missing a three-foot putt at Augusta. Annoying, but still looking good.
As of 2024’s latest filings, six law firms have firmly planted their flag in the $3B+ revenue terrain—with a few stragglers waving from the on-deck circle.
At $7.2 billion in 2023 revenue, Latham & Watkins are the undisputed BigLaw heavyweight, billing like they’ve got a direct line to the Federal Reserve.
The real drama starts at third place. DLA Piper’s $3.8B USD)haul in 2024 isn’t just a UK record, but it’s a middle finger to the Magic Circle traditionalists who thought verein structures couldn’t scale.
White & Case ($3.3B) and Baker McKenzie ($3.1B) round out the “comfortably elite” tier, while Skadden’s $3.02B squeaks past the velvet rope to join the inner circle.
Where’s the money flowing?
The Americas delivered nearly half the firm’s billings ($1.47B), with U.S. work spiking 14 percent – no shock given last year’s 25-partner New York hiring blitz.
Corporate & Finance led practice groups (41 percent), but Regulatory/IP and Disputes held strong at 30 percent and 29 percent, respectively.
CEO Miguel Zaldivar’s (pictured) “Balance, Balance, Balance” mantra isn’t just PR fluff; it’s a revenue diversification playbook.
Talent wars ≠ desperation hires
The firm promoted 28 partners in 2024 (60 over two years) while strategically poaching specialists: 55+ corporate lawyers in Italy, Singapore tech regulators, London antitrust litigators.
They’re not collecting resumes – they’re assembling sector-specific SWAT teams. Energy transition and digital transformation dominated 2024’s client work, with fusion reactor deals, Ethereum blockchain bonds, and AI patent battles showing where the puck’s moving.
Betting on regulated sectors
The firm’s 15-sector focus (life sciences, fintech, energy) paid dividends. See: Gucci’s $84.5M counterfeit win in China, Vodafone’s Phones4U litigation victory, or Danco’s SCOTUS Mifeprex triumph. These aren’t “case studies” – they’re blueprints for monetizing complexity.
AI isn’t coming – it’s billing hours now
While rivals tinker with ChatGPT, Hogan’s ELTEMATE legal tech arm already deploys AI platforms. Their work for Salesforce on AI-driven M&A and Supponor’s Unified Patent Court battle over broadcast ad tech proves the tools aren’t just internal.
Clients will pay premium rates for your AI fluency.
Pro bono as talent retention tool
The Refugee Paralympic Team and Afghan asylum cases aren’t just feel-good PR. With associates craving purpose, 161 lawyers volunteering on social entrepreneurship projects (HL BaSE Catalyst) is a cheaper retention play than another round of bonuses.
Coming up from Hogan Lovells we need to watch their energy transition pipeline (Ukraine wind farms, X-energy’s nuclear reactor) and digital asset regulation work (Bahamas’ DARE Act).
If they crack $3B next year – and with PEP nearing Magic Circle territory – the “global elite” club notices.
For lawyers, the lesson’s clear: regulated sectors + strategic laterals + tech adoption equals major escape velocity from mid-tier purgatory.
And Hogan Lovells will be loving the enticement of entering the bigger-than-big league of the major firms globally. It’s just a little while off.
