Hogan Lovells Tops $3 Million in Partner Profits as Tier Shrinks

Hogan Lovells surpassed $3 million in profits per equity partner for the first time last year by shrinking the number of lawyers eligible for a share of proceeds.

The firm reduced the number of equity partners to 325 from 361, firm chief executive Miguel Zaldivar said in an interview. That enabled an average 12% gain in profit distributions for the firm’s equity tier. The number of non-equity partners ballooned to 487 from 418.

“We managed our two-tier structure by persuading talent who were not meeting performance standards or looking at succession to move into the non-equity partner ...