Hogan Lovells is looking to continue growth in New York after poaching roughly 70 partners and associates from failing Stroock & Stroock & Lavan, according to the global law firm’s leader.
The acquisition of the Stroock team, a group that includes 28 partners, highlights CEO Miguel Zaldivar’s efforts to burnish Hogan Lovells’ brand as a top-tier firm. He’s planning further investments in New York, California, Texas, Washington and London, Zaldivar said in an interview.
“In New York, you require critical mass and this is a very good step in the right direction,” Zaldivar said of the Stroock hires, many of which are based in Manhattan. “But it’s definitely not the end of our growth plan for New York.”
Hogan Lovells is already among the largest firms in the world, employing roughly 2,500 lawyers and raking in more than $2.4 billion in gross revenue last year. Its attorneys have advised Walmart, Lockheed Martin, and Apollo Global Management, Inc., among a wide range of other companies.
The firm’s branding “is still a little bit behind,” said Zaldivar, who was first elected CEO in 2000. “So I’m putting in a lot of time to close the gap because that drives revenue up.”
Hogan still aims to reach $3 billion in revenue—a height only the top five law firms have reached, as ranked by the American Lawyer. It’s a matter of “when” and not “if,” Zaldivar said.
Murky economic conditions that have slowed demand across the industry poses a hurdle. Longer bill collection times for Hogan and its competitors also could take a bite out of the firm’s bottom line
Source: Bloomberglaw
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