Positive figures
Hogan Lovells has recorded its highest ever revenue, posting a figure of £2.2 billion for the 2023 financial year.
This marks a 9.5% increase from the £1.97 billion recorded in 2022, or, in US dollars, a 10.3% boost from $2.4 billion to $2.7 bullion.
Profit per equity partner (PEP) saw further growth rising from £1.9 million to £2.2 million, an increase of almost 20%, whilst the firm’s London and Birmingham offices pulled their weight taking revenue from £368 million to £427 million.
Commenting on the results, firm CEO Miguel Zaldivar said: “We have reported another year of record revenue and profitability growth. We can attribute these outstanding results to a number of factors, including our laser focus on providing exceptional legal services to clients, often in their most complex and challenging matters, across multiple jurisdictions.”
“We are a leading global law firm that is making a noticeable impact in the market—as one of only a few law firms with a truly integrated global offering, he continued. “The culture qualities that define us represent a healthy balance between being ambitious and supportive. The last three years — 2021, 2022, and 2023 — have been the three top years of financial performance for our firm.”
Last year Magic Circle outfit Clifford Chance announced that it had surpassed the £2 billion revenue mark in the financial year up to 30 April for the first time in it’s history.
Eversheds Sutherland has also confirmed that the average renumeration for its members was £648,000, the highest earner taking home an estimated £3.1 million. This comes after financial results published last year saw revenue grow 8% to £730.9 million, with profits up 17% to £175.2 million.
Pinsent Masons also saw its top earner trouser £3.1 million following a successful year which saw turnover climb 15% to £483 million and pre-tax profits rise to £162.6 million.