Hogan Lovells reports record results for the third consecutive year, announcing nearly US$3.3 billion in gross revenue for FY2025, consolidating its 6-year drive of sustainable growth

Global law firm Hogan Lovells is today reporting record revenue of US$3.285 billion, driven by growing client demand in highly regulated industries. The firm attributed these results to coordinated strength across its practice groups, sectors, and regions.

According to CEO Miguel Zaldivar: 

"This has been another year of strong growth for the firm, driven by our unique ability to meet the challenges our clients are facing globally - regulatory complexity, cross-border risk, and geopolitical change."

"Our market-leading strength in highly regulated sectors remains a core differentiator and integral to our client service. With our deep sector expertise and global reach, we advised clients on their most complex mandates around the world, resulting in revenue growth in 2025 across every practice group and every region."

Across our global footprint, gross revenue increased 11%.

*Although the firm doesn’t report PPEP figures by region, PPEP in the U.S. grew by approximately 24%.

Regions (approximate percentage of revenue in total billings)

• Americas: 50%, contributing US$1.6 billion in the Americas; billings in the U.S. were up nearly 12% from the previous year.
• EMEA: 46%
• Asia-Pacific: 4%

Global practice groups (approximate percentage of revenue in total billings)

• Corporate & Finance: 42%
• Global Regulatory & Intellectual Property (IP): 30%
• Disputes: 28%

Balanced global platform fuels record client demand

The firm’s results reflect the strength of our fully integrated platform across key G20 markets.

Zaldivar noted, "Clients continue to choose us because we bring world-leading corporate and finance, regulatory, and disputes capabilities together in a global platform that is balanced, resilient, and built for today’s demands."

"Many of the most complex transactions are happening in highly regulated industries where the ability to navigate regulatory risk is critical to the deal. Our strength advising clients across these industries fueled double-digit global growth for our Corporate & Finance group even as the transactional market navigated disruption in 2025."

The firm’s Global Regulatory and IP group and Global Disputes practices also experienced increases in client demand, driven by the firm’s ability to advise in complex, multijurisdictional matters.

"Having one of the strongest trade practices in the legal industry was a key driver of our success," Zaldivar stated.

Investments in people and technology fuel growth

People are the foundation of the firm’s business. The firm continued to strengthen its talent pipeline by investing in organic growth, announcing the promotion of 28 new partners and 53 counsel earlier this year. This next generation of lawyers is playing a vital role in the firm’s ability to deliver outstanding service wherever its clients operate.

Hogan Lovells also added 49 new lateral partners last year across the globe, including nine partners in Italy, such as those focused on M&A, private equity, capital markets, leveraged finance, and private credit. This significant investment positions the firm to meet rising client demand in one of Europe's fastest-growing transactional markets.

Long recognized as an industry leader in innovation, the firm continues to invest in technology and AI. With an eye toward the evolving needs of clients, the firm is investing approximately 5% of its revenue in technological innovation and digitalization efforts, including its legal technology company, ELTEMATE.

Client work highlights

We served as trusted advisers to clients navigating matters in highly regulated industries:

Transactional

• The Government of Ukraine on its landmark mineral rights agreement with the U.S. government.
• Oxford Ionics on its sale to IonQ at a US$1.08 billion transaction value.
• Sojitz Corporation on its acquisition of ownership of Royal Healthcare Pte. Ltd., a specialist health care and medical services provider in Singapore.
• TowerBrook Capital Partners, an international investment management firm, on its acquisition of RYDGE Conseil, formerly the Chartered Accountancy division of KPMG France and a leading provider of essential business services to French small and medium-sized enterprises.
• Azul S.A., the largest airline in Brazil by number of cities served, in a series of groundbreaking recapitalization and restructuring transactions supported by an ad hoc group of holders of existing secured bonds and convertible debentures, as well as advising Azul on capital markets transactions relating to the implementation of its Chapter 11 plan of reorganization including its exit notes financing.

Litigation

• PrivatBank, on a landmark English High Court judgment ordering former owners to pay over US$3 billion in damages and costs, following findings of large-scale fraud perpetrated against the bank in one of the most significant fraud recoveries obtained through the English courts.
• Major automotive manufacturers in the Pan-NOx Emissions Group Litigation, the largest and most complex class action ever brought before the English courts, involving more than 1.8 million claimants.
• Energía y Renovación Holding on securing a major ICSID arbitration victory, with the tribunal ordering Guatemala to pay US$64.5 million in damages plus interest (approximately US$74.5 million as of 1 April 2025), along with US$3.9 million in attorneys’ fees and costs.

Global Regulatory & IP

• MSD (Merck & Co., Inc. and MSD K.K.) on a landmark patent litigation victory in Japan protecting its Januvia® (sitagliptin) oral medicine for diabetes against generic market entry.
• Enterprise Products Partners on securing federal approval for the Sea Port Oil Terminal (SPOT) project - the first U.S. crude oil deepwater port licensed since the 1970s - navigating a five-year Maritime Administration process, coordinating more than 15 federal and state agencies, and successfully defending the license in court amid a shifting regulatory environment.
• Stonepeak Partners LP, a leading alternative investment firm specializing in infrastructure and real assets, on the U.S. government contracts, national security, and aviation regulatory issues in connection with the US$3.1 billion acquisition of Air Transport Services Group, Inc.

The firm advised on complex cross-border matters, leveraging the firm’s integrated global platform:

• ZEEKR on its global expansion into global markets, including Australia, Brazil, Mexico, Thailand, UAE and other APAC, EU, and South America markets, navigating complex market entry regulations, licensing, trade compliance, and commercial structuring to establish operations across five new markets.
• Madison Pacific on a US$153 million LCIA award in a high-stakes dispute as part of a wider enforcement process involving a Black Sea export terminal in Odessa, Ukraine.
• Seatrium on a cross-border investigation linked to Brazil’s Operation Car Wash, resulting in leniency agreements in Brazil and Singapore’s first deferred prosecution agreement.
• The Republic of Ecuador on its historic and successful multi-billion dollar return to the international capital markets consisting of a new benchmark offering of sovereign bonds and a related tender offer for certain outstanding sovereign bonds of the Republic.

Hogan Lovells is focused on transformative trends that continue to rapidly reshape our global economies and societies, including the Future of Digitalization and the Future of Energy:

• The Crown Estate on a landmark agreement with global energy company Eni, the UK’s first project to repurpose existing infrastructure for carbon capture and storage, cutting costs and construction impact.
• Barclays and Deutsche Bank on a €640 million securitization backed by data center leases in Germany for Vantage Data Centers. The first ever Euro-based securitization of data center assets in Continental Europe.
• Department for Energy Security and Net Zero (DESNZ) in the UK on its successful defense of the Bulb-to-Octopus transaction, defeating judicial review challenges and securing a landmark win on subsidy control and the fairness of the Bulb administration sale process.
• IceCure Medical, Clairity, and Teal Health on achieving landmark FDA authorizations for breakthrough women’s health technologies addressing critical needs in breast and cervical cancer care.

Additionally, the firm advised on a range of matters throughout the year that reflected the breadth and depth of the firm’s global platform:

• Playa Hotels & Resorts N.V. in connection with its agreement with Hyatt Hotels Corporation under which an indirect wholly owned subsidiary of Hyatt will acquire all outstanding shares of Playa for approximately US$2.6 billion.
• Resorts World New York City as the state’s Gaming Commission grants final approval for a historic commercial casino license.

Pro Bono and Responsible Business

Our commitment to the communities in which we live and work is unwavering. Last year, the firm dedicated 256,000+ Responsible Business hours, of which 174,000+ hours were dedicated to Pro Bono:

• The Republic of Ecuador in connection with the “International Housing Financing in Ecuador” financing, a sovereign credit facility of US$500 million structured to expand access to affordable and climate-resilient housing for low- and middle-income households.
• Barnes v Felix, winning a unanimous 9-0 victory at the Supreme Court of the United States on behalf of Janice Barnes, whose son was fatally shot by a police officer during a traffic stop, where the Court rejected the Fifth Circuit’s "moment of threat" doctrine and adopted a broader "totality of the circumstances" standard under the Fourth Amendment, setting a national standard for police conduct, reshaping law enforcement practices across the country, and reinforcing individual constitutional protections.
• Victims of human trafficking who have been trafficked across multiple European jurisdictions on a landmark French Court of Appeal victory, following five years of litigation to the Supreme Court, establishing that once victims present sufficient evidence of trafficking on French territory the burden shifts to the Public Prosecutor or Guarantee Fund, resulting in compensation being awarded. We also helped Sanctuary for Families stand-up a new walk-in legal-support clinic for human trafficking victims in New York City.
• More than 150 inmates at the Souza-Baranowski Correctional Center in Massachusetts, who suffered systemic and racially motivated physical and mental abuse. We obtained a settlement that provides US$6.75M in compensation to victims and, more importantly, reforms prison policy to prohibit abusive tactics and require new training and enhanced procedures, as well as video recording of incident responses.
• 85 innovative social entrepreneurs across the UK, Germany, Spain, Italy, France, The Netherlands and New York through our HL BaSE Catalyst and Training programs, which engaged over 305 volunteers from Hogan Lovells and our corporate clients. The program supported ventures within an accelerator that connects land and ocean farmers, aiming to build a community dedicated to accelerating the agriculture sector’s transition to a more nature-positive and sustainable future.