Two major global law firms are inching closer to a landmark union, and their latest financial disclosures offer a preview of the combined force they aim to become.
Hogan Lovells reported a robust financial year, pushing its revenue beyond $3.2 billion and recording a double-digit rise in partner profits in 2025. The performance comes as the firm prepares to merge with Cadwalader, Wickersham & Taft in a deal expected to reshape both firms’ international reach.
The tie-up, valued at roughly $3.6 billion, is targeting completion later this year, pending partner approval from both sides.
A Strong Year for Hogan Lovells
The international firm’s revenue climbed 10.8% to about $3.285 billion, while profits per equity partner rose 14.6% to roughly $3.52 million. Its operations in the Americas accounted for about half of total revenue, with another 46% coming from Europe, the Middle East and Africa.
One notable cross-border engagement saw the firm advising the Ukrainian government on an agreement that grants the United States preferential access to future minerals projects while channeling investment toward Ukraine’s reconstruction.
Cadwalader Faces a Tougher Year
For Cadwalader, 2025 told a more complicated story. Revenue slipped 3.3% to $616 million following a year marked by several high-profile partner exits. Even so, the firm described the result as its second-highest annual revenue in more than two centuries of operation.
Profits per equity partner dropped 6.4% to about $3.47 million. The firm also lost a sizable debt-finance team—37 lawyers who departed for rival firm Orrick, Herrington & Sutcliffe.
Despite the turbulence, Cadwalader expanded its ranks by hiring more than 100 lawyers during the year.
Filling a Strategic Gap
The merger is designed to combine Hogan Lovells’ broad global network—spanning more than 35 cities—with Cadwalader’s finance-heavy practice in New York. The addition is expected to strengthen the larger firm’s presence in U.S. finance work, an area seen as critical to competing with elite international firms.
If the partnership votes go through as planned this spring, the merged firm—expected to operate as Hogan Lovells Cadwalader—would bring together roughly 3,100 lawyers worldwide.
Part of a Wider Consolidation Wave
The deal reflects a wider surge in consolidation across the legal sector. Consultancy data indicates law firm mergers jumped 18% in 2025, with 59 completed combinations compared with 50 the year before.
Several other major alliances are already in motion, including a planned merger between Winston & Strawn and Taylor Wessing, as well as a separate tie-up announced by Ashurst and Perkins Coie.
As firms scale up to compete globally, the Hogan Lovells–Cadwalader union could become one of the most closely watched combinations in the legal industry this year.
