After several consecutive years of growth, Hogan Lovells saw both revenue and profits decline in 2022, but leaders at the global firm expressed contentment with the second strongest year in the firm’s history given a transactional environment that didn’t match the previous year’s heights.
The firm’s global revenue of $2.43 billion during the 2022 fiscal year marks a 6% drop from the previous year, contributing to an 8% decline in profits per equity partner (PEP) to $2.27 million. Behind the financial shortfalls were a downturn in deal work, closure of Russian and Asian offices and unfavorable currency exchange rates, according to an interview with firm leadership.
