Cadwalader and Hogan Lovells have confirmed plans to merge, a move that will create one of the largest law firms in the world by revenue. The combination, expected to close in 2026, brings together two long established firms with deep roots in global financial and commercial markets.
The merged firm will operate under the name Hogan Lovells Cadwalader and is set to employ around 3,100 lawyers worldwide. With offices spanning major financial centres across North America, Europe, Asia, and the Middle East, the new organisation will serve clients across banking, capital markets, corporate transactions, litigation, and regulatory advisory work.
By revenue, the combined firm is expected to rank as the fifth largest law firm globally. Total annual revenue is projected to exceed $3.6 billion, based on the most recent reported figures from both firms. Hogan Lovells generated close to $3 billion in revenue in 2024, while Cadwalader reported revenue of more than $600 million during the same period.
Financial alignment and scale
Industry data suggests the two firms show relatively close alignment in key performance metrics. Revenue per lawyer and profits per equity partner are broadly comparable, which is often viewed as an important factor in large law firm mergers. Hogan Lovells reported revenue per lawyer slightly above $1 million, while Cadwalader’s figure was higher, reflecting its more concentrated practice mix. Average profits per equity partner at both firms also sit within a similar range.
The merger is expected to provide greater scale across practice areas that serve complex global clients. Leaders from both firms have indicated that the expanded platform will strengthen their ability to support multinational transactions, cross-border disputes, and regulatory matters that require coordination across jurisdictions.
Leadership structure of the combined firm
Under the agreed structure, Hogan Lovells’ current chief executive officer will continue in that role for the combined firm. Cadwalader’s co-managing partners will take senior positions within the international management framework, focusing on practice integration, client strategy, and financial operations.
The leadership model is designed to blend governance systems from both firms while maintaining continuity for clients and internal teams. Management representatives have emphasized that integration planning will be a priority during the transition period leading up to the formal completion of the merger.
Implications for clients and the market
For clients, the merger creates a single firm with expanded geographic reach and broader sector coverage. Entrepreneurs, financial institutions, and multinational companies are expected to benefit from consolidated advisory services across corporate, finance, and dispute resolution practices.
Within the legal services market, the deal stands out for its size and global scope. Large-scale mergers among international law firms have been relatively rare, particularly those that significantly alter global revenue rankings. This combination reflects a continued trend toward consolidation as firms seek scale to support complex client needs and compete across multiple regions.
The firms have stated that client service continuity and operational stability will guide the integration process. Both organizations are expected to continue operating independently until the merger formally completes.
Once finalized, Hogan Lovells Cadwalader will represent a major presence in the global professional services landscape, combining long-standing institutional experience with expanded international scale.
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