PEP rises 2.7% at Hogan Lovells
Annual income at global firm Hogan Lovells rose 2.3% in calendar 2015, to $1.82bn (£1.27bn).
Profit per equity partner rose 2.7% on 2014 to $1,250,486 (£870,000). However, revenue per lawyer in 2015 fell by 4%, to $723,698.
The firm blamed the weaker euro and pound for the modest growth in its overall revenue. It said that without these factors revenue would have risen by 8.2%.
London and continental Europe accounted for 43% of billings at the firm, while the Americas generated 50%, and Asia and Middle East 7%.
Across practice groups, corporate generated about 32% of total billings; litigation, arbitration and Employment 28%; government regulatory 16%; finance 14%; and intellectual property, media and technology 10%.
Hogan Lovells CEO Steve Immelt said: ‘Our solid financial results reflect our clear focus in 2015 on a number of key industry sectors - such as financial services, energy and life sciences - and on providing innovative solutions to our clients.
‘Clients value our exceptional transatlantic strength and regulatory capabilities. Hogan Lovells is uniquely placed to advise on multi-jurisdictional matters in highly-regulated sectors and our track record on those types of matters in 2015 speaks for itself.’
He added: ‘We invested heavily in our talent in 2015, with 24 promoted on 1 January 2015 (and another 24 promoted in 2016) and 35 lateral partner hires globally in 2015. Asia remains a key focus for us. Almost a third of our lateral hires last year were in the region and we will be making further significant investments there in 2016.’