Hogan Lovells to merge with Cadwalader in record breaking transatlantic deal

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Hogan Lovells has announced plans to merge with US law firm Cadwalader, Wickersham & Taft, in what the firms describe as the “largest law firm combination in history”.

Announced on 18 December, the union is set to create a combined firm – Hogan Lovells Cadwalader – with annual revenues exceeding £2.7 billion. The new organisation would employ around 3,100 lawyers globally, positioning it as the world’s fifth‑largest law firm by revenue. The timing is notable for Cadwalader, which has experienced a series of partner departures this year and has lost at least 116 attorneys since the start of 2025.

Hogan Lovells is significantly larger, with 35 offices worldwide and a trainee cohort of 50 in London each year. Meanwhile, Cadwalader has a strong focus on finance and Wall Street work. It has five offices and takes on a much smaller cohort of trainees. Financially, the firms also look quite different: although Cadwalader reported a much smaller 2024 turnover of $638 million compared with Hogan Lovells’ $2.97 billion, its profit per equity partner still outpaced Hogan Lovells’, at $3.7 million versus $3.07 million.

The firms said the merger aims to balance their strengths across Europe and the USA, with particular emphasis on the “New York–London corridor”. The deal offers Hogan Lovells an opportunity to grow its presence in New York – a market that is often challenging for non‑native firms, according to The Global Legal Post. Cadwalader brings the advantage of being the oldest law firm on Wall Street. Meanwhile, in the UK, the combined outfit would rank among the top 10 in London by size. The merger is subject to a partner vote, which Hogan Lovells CEO Miguel Zaldivar told Law.com is scheduled for the spring.

Commenting on the rationale behind the tie-up, Zaldivar said: “Clients are increasingly looking for law firms with deep sector expertise and broad global reach to advise on their most complex mandates around the world. Cadwalader, a premier Wall Street institution, brings top of the market finance capabilities, which combined with Hogan Lovells’ powerful global platform, expands our abilities to comprehensively advise clients at a time when cross-border investment is increasingly driving growth in key sectors – including finance, energy, technology, life sciences and others.”

Zaldivar, who is set to serve as CEO of the consolidated firms, also highlighted the strategic value of the combined firm’s Charlotte, North Carolina, office, noting its growing importance as a major US financial hub. He said: “With Charlotte now being the second strongest financial market in America, it’s a deal that makes sense. Our people in London are incredibly excited about this.”

In recent weeks, the pace of transatlantic consolidation has surged. UK-based Ashurst LLP has agreed to merge with Perkins Coie, while Winston & Strawn London LLP has struck a deal with Taylor Wessing’s UK practice. Two earlier deals played a major role in shaping the current landscape: Herbert Smith Freehills’ 2024 merger with Kramer Levin, and the landmark 2023 tie‑up between Allen & Overy and Shearman & Sterling to create A&O Shearman.

Historically, Hogan Lovells was created through the 2010 merger of Hogan & Hartson and Lovells. Managing director in the partner practice group at Major Lindsey & Africa, Filippo Falchi, commented: “The fact that one party to this deal has already been through a similar merger before... bodes well for its outcome. From a talent standpoint, blending two different firm cultures can be somewhat of a challenge, particularly when a firm has a very distinct ethos. Having an established track record of successfully merging US and UK firms is a positive sign in that regard.”

Interested in reading more about law firm mergers? Check out our guide, which features insights from Jessica Kolhorn, counsel in the corporate and securities group at Mayer Brown International LLP.