Hogan Lovells and Cadwalader, Wickersham & Taft have announced plans to merge, setting the stage for the largest merger in the history of law firms. This strategic alliance will create a colossal legal entity, Hogan Lovells Cadwalader, with projected combined revenues exceeding $3.6 billion. Once finalized, this merger will position the new firm as the fifth-largest law practice in the world by revenue, consolidating over 3,000 lawyers across various global offices.
Hogan Lovells, formed through a merger between the U.S.-based Hogan & Hartson and the UK firm Lovells in 2010, currently dominates the deal, boasting more than six times the number of lawyers and offices compared to New York-based Cadwalader. Under the merger agreement, Miguel Zaldivar, the CEO of Hogan Lovells, will lead the newly formed entity.
The merger’s advancement rests upon a partner vote anticipated for the spring, with the merger becoming effective as early as June 2026. Zaldivar described the merger as a historic event, emphasizing its purpose in meeting evolving client needs in a legal landscape where smaller firm collaborations are becoming less common. He noted that the firms’ strong financial positions, including a substantial balance sheet and absence of debt, will enable them to thrive in a competitive environment.
Current financial figures reveal average earnings for equity partners at Hogan Lovells at approximately $3.07 million, while Cadwalader reports a slightly higher average profit per equity partner of $3.7 million. However, Hogan Lovells will comprise a greater share of the equity partners within the merged firm and will significantly contribute to the overall income.
This merger comes at a time when Cadwalader is experiencing challenges, having lost several partners, including from its senior management, over the past year. The firm has also faced public scrutiny for a significant commitment to provide at least $100 million in pro bono legal services to former President Donald Trump’s administration, which some viewed as a protective measure against potential scrutiny from the White House.
Despite these challenges, Cadwalader co-managing partner Pat Quinn reported that the firm is on track for its second-best financial year, anticipating revenues of around $625 million after hiring over 95 new lawyers in the past year, including 10 partners.
Initial discussions regarding the merger began in November 2024, paused in March 2025, and resumed in the autumn of 2025. Zaldivar has indicated that major layoffs are not anticipated despite the presence of overlapping offices in significant cities such as London, New York, and Washington, D.C.
This merger forms part of a broader trend in the legal industry, characterized by a series of consolidations aimed at enhancing competitiveness in a landscape that increasingly demands investments in technology and artificial intelligence. Recent mergers have included agreements between UK law firm Ashurst and U.S. firm Perkins Coie, as well as a tie-up between Winston & Strawn and Taylor Wessing. Additionally, in 2024, Allen & Overy combined with Shearman & Sterling to create a firm that generated revenues of $3.7 billion.
