Hogan Lovells’ NY Earnings Will Rival DC, London With Cadwalader

Hogan Lovells’ upcoming merger with Cadwalader will nearly double its New York-based revenue, putting that office nearly on par with its highest-grossing centers.

The nearly $500 million in combined New York revenue will bring it close to what Hogan Lovells considers its profit “hubs” of Washington DC and London, which generate about $600 million and $500 million respectively, said Miguel Zaldivar, the firm’s CEO, in an interview.

“I assure you we could attract private capital lending practitioners to New York because we will have a credible finance practice,” he said.

Hogan Lovells’ financial trajectory shows the importance of the Cadwalader merger for Zaldivar’s strategic vision for the transatlantic firm, which he has led since 2020. When he took over, Zaldivar told his firm’s partners he would raise Hogan’s profile in New York, which bore fruit in earlier acquisitions from Linklaters and Stroock & Stroock & Lavan.

Cadwalader Wickersham & Taft, Wall Street’s oldest firm, and Hogan Lovells in December announced what leaders say is the largest combination between law firms in history. The transaction, which the firms expect to finalize by the middle of the year, will create one of the top five law operations globally with revenue approaching $4 billion.

The merger isn’t the end of the line for the firm’s growth in New York, Zaldivar said. Cadwalader’s leading finance practices will unlock doors to major players in banks and private lending markets, he said.

“Cadwalader brings the leading structured finance practice, but we could get more scale in that area,” Zaldivar said. “They’re super strong in bank lending and strong in private lending, but everyone recognizes that the sky is the limit in private lending.”

Financial Edge

As Hogan Lovells heads into the merger, it touts double-digit gains in revenue to $3.2 billion and profits per equity partner of $3.5 million in 2025. As a globally integrated firm that doesn’t separate profits by geographic region like other global legal operations, the firm’s financial gains are a “remarkable achievement,” he said.

Half of the firm’s revenue came from work in the Americas, up from 48% in 2023, according to Hogan Lovells. Profits per equity partner in the Americas grew 24%, according to Zaldivar.

Hogan Lovells targeted US business sectors with timely regulatory needs: pharma companies adapting to the Trump administration’s “Make America Healthy Again” regulatory changes, and international companies coming to grips with the Trump administration’s ever-shifting tariffs regime, Zaldivar said.

One of the firm’s major wins in 2025 was helping Mind Medicine Inc., a company developing psychiatric remedies, with a $259 million initial public offering.

Cadwalader Partners

In Cadwalader, Zaldivar said he sees the potential to unlock access to major financial institutions and private lenders that comprise the firm’s client base. Cadwalader is a leading advisor in banking and asset management circles, advising Citibank and Ares on deals over the past 12 months.

“It was clear they were trying to diversify more,” Zaldivar said of Cadwalader, “and moving strategically from such a narrow, narrow, narrow offering to something broader.”

Cadwalader’s departures in 2026—14 partners, including those from litigation and fund finance practices—haven’t discouraged him because Cadwalader’s relationships with its most lucrative banking and private lending clients remain undisturbed, Zaldivar said.

“The core partners that we identified as key to this deal have not left,” he said. Wes Misson, the firm’s co-managing partner and former fund finance head, and Stuart Goldstein, capital markets co-chair, were core to the transaction, he said.

Partners at both firms are scheduled to vote for the merger this spring with firm leaders aiming to finalize the merger by summer. Zaldivar said he’s confident it will go through if the partners “continue to be as excited as I am.”