Hogan Lovells Cadwalader targets private capital growth after landmark merger

Ellie Nicholl (she/her) is senior content and engagement coordinator at LawCareers.Net

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Global law firm Hogan Lovells Cadwalader is aiming to strengthen its position in the private capital market and capitalise on rising transatlantic dealmaking following Hogan Lovells’ merger with Cadwalader, Wickersham & Taft – the oldest law firm on Wall Street.

UK managing partner Penny Angell told City AM that the merger gives the combined firm “a stronger bench” as it looks to expand its share of the buoyant private capital market, one of the legal sector’s most lucrative areas.

Want to know what it's really like to work in capital markets? Read our Practice Area Profile and watch our video interview with Izzy Bull, a senior associate in Hogan Lovells Cadwalader's debt capital markets team.

The merger, which completed on 1 July, is the largest transatlantic legal tie-up in history, creating a law firm with more than $3.6 billion in revenue and more than 3,200 lawyers. Angell said the combined firm is well placed to capitalise on growing private capital activity, particularly as US private equity investors continue to pursue acquisitions in the UK.

Angell noted that CEO Miguel Zaldivar has been clear about the opportunities created by the firm’s combined UK and US footprint. She commented: “The UK is an attractive investment opportunity for the US, and we’ve seen some fantastic transactions […] But I think there could be even more.”

Angell added: “Success is not about pure size, it’s about strengthening the New York-London corridor.”

US buyers have fuelled a surge in London takeovers this year, with the value of agreed deals involving London-listed companies reaching $34.8 billion, according to London Stock Exchange Group data – almost double last year's total.

Recent deals include Apollo's takeover of EasyJet, FirstCash's acquisition of Ramsdens, and a £12.6 billion approach from California-based Prologis for FTSE 100 property group Segro, which was rejected.

Angell said: “In London last year, our largest sector by billings was financial institutions, followed by private capital […] Finance is at the heart of so many different transactions and financial institutions are so phenomenally important to the global economy.”