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Hogan Lovells Revenue, Profit Jump in CEO’s Final Year

Feb. 21, 2020, 1:25 PM

Hogan Lovells CEO Stephen Immelt will end his six-year tenure as the firm’s leader on a high note as the global firm said that revenue in 2019 rose 6% from the prior year to $2.25 billion and profits per partner jumped 9% to $1.5 million.

RPL Rose, Too: The transatlantic firm formed by the merger of Hogan & Hartson and Lovells a decade ago saw revenue per lawyer, often considered the most telling metric of a firm’s financial health, rise nearly 6% from 2018 to $850,000 last year.

Trends: Immelt said the firm is “constantly” thinking about how to deliver more efficient services, which is an industry-wide pressure he expects to increase after he retires from the firm midyear. Roy Strom has the story.

DAILY BRIEF


Law Firms

Treasury Attorney Who Shaped Nonprofit Rules Heads to Steptoe
A Treasury attorney-adviser who focused on some of the most high-profile nonprofit components of the 2017 tax law has returned to Steptoe & Johnson LLP.

Ethics

Ex-Arkansas Judge Suspended for Not Filing State Taxes
A former Arkansas judge who didn’t file state taxes for several years, including while he was a judge, was suspended for nine months by the state supreme court.

Minnesota Lawyer Gets Stayed Disbarment for Trust Account Abuses
A Minnesota attorney with “significant disciplinary history” received a stayed disbarment from the state’s highest court for trust account and advertising rule violations.

Judiciary

Reinhardt Clerks Call for ‘Bold Steps’ to Prevent Sex Harassment
Dozens of individuals who clerked for late Ninth Circuit Judge Stephen Reinhardt signed a letter in support of a fellow former clerk who told a congressional committee that he sexually harassed her.

Government

White House to Unveil Equal Employment Agency, Labor Board Picks
President Donald Trump in the coming weeks will announce that he plans to nominate Gibson Dunn lawyer Andrea Lucas for a seat on the Equal Employment Opportunity Commission, part of a package of picks to fill openings at the EEOC and National Labor Relations Board.

WAKE-UP CALL

Simpson Thacher Poaches Linklaters Head of Tax in London
In today’s column, Davis Polk is advising on two big deals: Morgan Stanley’s $13 billion acquisition of E*Trade, and L Brands’ sale of a controlling stake in Victoria’s Secret to Sycamore Partners; Carlton Fields grabbed a former Baker McKenzie insurance chair to co-lead a fintech and insurance practice; and Hogan Lovells, White & Case, and merger-bound Troutman Sanders joined the parade of big firms reporting revenue and profit gains for 2019.

PRACTITIONER INSIGHTS

INSIGHT: Are There Attorney Ethics Implications for Trump’s Lawyer?
When does zealous advocacy become questionable or violative of legal ethics? Cameron Tousi, managing partner at IP Law Leaders PLLC, examines potential ethical issue in regard to Trump’s impeachment trial, notably forceful arguments made before the Senate by his lead trial counsel, while contradictory evidence comes to light about meetings held with John Bolton and others.

INSIGHT: Second Circuit Expands Scope of Insider-Trading Liability
The Second Circuit substantially expanded the scope of insider-trade liability in tipping cases and gave prosecutors a way around the personal-benefit requirement. O’Melveny attorneys detail significant consequences of the ruling, including hindering efficient market operation, rendering prosecutions under certain rules irrelevant, and exposing individuals who can’t be held civilly liable to criminal liability.

INSIGHT: Brexit and the Workforce – The Year Ahead for HR
HR professionals should expect to start seeing the effects of Brexit on business travel and immigration starting in 2020. GQ Littler attorneys give advice on which are the most pressing issues HR needs to prepare for during the year.

WORKFLOWS

Davis Wright Tremaine brings partners Stacie Neroni and Hope Levy-Biehl to the national healthcare industry team in Los Angeles from Nelson Hardiman | Snell & Wilmer added Molly J. Kjartanson as an associate in its Bankruptcy Practice group in Phoenix, and Brenna L. Wolcott as an associate in the Commercial Litigation group in Denver | Nexsen Pruet hired environmental law attorney Michael Traynham in Columbia, S.C. | Nixon Peabody has appointed Matthew A. Richards as the firm’s new pro bono partner | Butler Snow recently added Andre B. Mathis to the Commercial Litigation group in Memphis | Akerman announced that Grasford Smith has joined the Litigation Practice Group in West Palm Beach from Jones Foster P.A. | Crowell & Moring hired former U.S. Department of the Treasury attorney Caroline Brown, as a partner in the International Trade and White Collar & Enforcement groups in Washington | Squire Patton Boggs added attorney Ben Glassman as a partner in its Government Investigations and White Collar Practice Group in Ohio; he will split time between the Cincinnati and Columbus offices | Carlton Fields added real estate and commercial finance lawyer Paul E. Kisselburg as of counsel in Washington from Fox Rothschild | Mintz grabbed Orrick capital markets attorney Andrew Thorpe as a member in its corporate group in San Francisco | Brown Rudnick added three partners to the Corporate Practice in London; Neil Foster (who will serve as Global Co-Chair and European Head of Technology), Tim Davison and Sarah Melaney all join from Baker Botts | Venable’s Real Estate practice hired J. Michael Pickett and Thomas C. Klanderman from Morgan Lewis; Pickett will split his time between the Washington and Tysons, Va., offices, while Klanderman (along with counsel Bryan J. Hoynak and associate Noah M. Tischler) will be based in the D.C. office.

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To contact the reporter on this story: Bruce Kaufman in Washington at bkaufman@bloomberglaw.com

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