Lovells’ partners vote for US merger
Partners in Lovells, the City law firm, and Hogan & Hartson, a leading American firm, have approved plans for a merger that will create the world’s ninth-biggest legal group by revenue.
The new firm, which will be known as Hogan Lovells, will have turnover of $1.8 billion (£1.1 billion) and around 2,500 lawyers, ranking it just behind Allen & Overy, the “magic circle” London firm in size.
Merger talks between the two firms were first revealed in October but required the approval of their respective partners, which was given yesterday. The combined firm will begin operating in May next year.
It is the biggest tie-up yet between a US and a British firm of comparable size but senior figures in the legal market said that several other big mergers are under discussion.
David Harris, Lovell’s managing partner, said: “Hogan Lovells presents a compelling proposition to our clients and to the market more generally.”
Lovells had fallen behind its “magic circle” rivals in recent years, with its turnover of £531 million last year less than half that of rivals such as Linklaters and Clifford Chance.
Hogan & Hartson, headquartered in Washington, is the 22nd-largest law firm in the US with revenue in 2008-09 of $922 million.
Source : The Times
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