Special Relationship – Lovells and Hogan managements back merger
In political terms the cross-Atlantic Special Relationship might not be so special anymore but why leave it to the politicians. So many reasons to keep it sweet. The fathers have given their approval now it’s down to the rest of the family. Management teams at Lovells and Hogan & Hartson have unanimously backed the firms’ proposed merger and will recommend that their respective partnerships back the union to create a new top 10 global law firm. Details of the terms …
In political terms the cross-Atlantic Special Relationship might not be so special anymore but why leave it to the politicians. So many reasons to keep it sweet.
The fathers have given their approval now it’s down to the rest of the family. Management teams at Lovells and Hogan & Hartson have unanimously backed the firms’ proposed merger and will recommend that their respective partnerships back the union to create a new top 10 global law firm. Details of the terms of the proposal will be sent to partners at both firms during the second half of next week. A series of partner meetings will follow in which managers will recommend going ahead with the union.
How does it add up? During the 2008-09 financial year, top 10 UK firm Lovells increased revenues by 10.9% to £531m but PEP fell over the same period by 11.3% to £586,000. Hogan was the 22nd largest practice in the US in 2008 in revenue terms, with fee income rising 4.9% to $922.5m (£576m), while PEP fell 1.7% to $1.16m (£725,000). It is understood that Lovells will make changes to its remuneration system to bring it in line with Hogan as part of the deal.
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