Legal sector crisis: Did all law firms see their profits fall in 2020?
Many law firms have seen their profits reduced because of the pandemic. This is a fact that has been repeated in many legal media outlets
It is rarer to see other firms that have nevertheless increased their annual turnover. This is the case of Hogan Lovells.
The international British firm increased its worldwide turnover by 2.8% in 2020. The sector that has increased its profits the most has been the Corporate & Finance department (by 6%), being the area with the highest turnover in the firm, representing 41% of total profits.
In total figures, the turnover obtained by Hogan Lovells is divided by territory:
- 49% in the Americas
- 45% in Europe, Middle East and Africa (EMEA)
- 6% Asia Pacific.
"Among the main factors driving our results are our focus on highly regulated sectors and a strong emphasis on complex multi-jurisdictional transactions and litigation," says Miguel Zaldivar, CEO of Hogan Lovells.
In turn, Zaldivar set the firm's goal for the present: "Our strategy of investing in strategic markets and lawyer talent, while maintaining financial discipline and providing excellent service to clients, will continue to be our focus as a fully integrated global firm".
The firm ended last year's balance sheet with 25 partner promotions and 60 promotions to counsel. They also recruited 26 new partners.