"Cadwalader, Wall Street's oldest firm, has had a rough go of things this year. In the wake of the firm's deal with Donald Trump, the firm started losing lawyers left and right, with key partner groups lateraling out at a rapid pace. Rumors of the firm's interest in a merger began to spread, and just one month ago, we reported that Cadwalader was in merger talks with Atlanta-based Alston & Bird. Cancel those plans, because the distressed firm today announced its partnership with Hogan Lovells."
"The prospective tie-up is expected to be the largest law firm merger in history, and will close sometime in 2026. The combined firm, Hogan Lovells Cadwalader, will have about 3,100 lawyers spread across the globe, with clientele in every major financial market. The new firm will become an absolute financial powerhouse - the world's fifth-largest firm by revenue, in fact - with gross revenue of more than $3.6 billion."
"According to Am Law 100 data, Cadwalader and Hogan Lovells have moderately similar revenue per lawyer and average profits per equity partner. Hogan Lovells brought in $2.964 billion in revenue in 2024, more than quadruple the amount of revenue Cadwalader brought in at $638.2 million. In RPL, Hogan earned $1.097 million while Cadwalader generated $1.495 million, a $398,000 difference. Meanwhile, Hogan's average PEP came in at $3.072 million, whereas Cadwalader generated $3.709 million, just over $600,000 in difference."
Cadwalader and Hogan Lovells will merge to form Hogan Lovells Cadwalader, a combined firm of about 3,100 lawyers with global clientele and more than $3.6 billion in gross revenue. The merger is expected to be the largest law firm tie-up in history and is slated to close in 2026. Hogan Lovells reported $2.964 billion revenue in 2024 versus Cadwalader's $638.2 million. Revenue per lawyer and average profits per equity partner are moderately similar across the firms. Miguel Zaldivar will remain CEO of the combined firm; Pat Quinn and Wes Misson will join the international management committee.
Read at Above the Law
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