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Hogan Lovells has reported a slight dip in revenue in the first set of financial figures the firm has released since its merger in May 2010.
Combined fee income in 2010 was $1.664bn compared with $1.675bn in 2009, a drop of 0.7 per cent. Average profit per equity partner (PEP) was up 10 per cent from $1.042m to $1.144m, while average revenue per lawyer (RPL) rose 8 per cent from $652,147 to $704,425.
The US makes up 46 per cent of global turnover, followed by Continental Europe and London, which both contribute 24 per cent. The remaining 6 per cent was contributed by the firm’s Asian practice. Corporate was the biggest billing practice at 33 per cent, followed by litigation, arbitration and employment (29 per cent), regulatory (15 per cent), finance (12 per cent) and IP (11 per cent).
In compiling the figures the firm looked at the average monthly breakdown for legacy firms Hogan & Hartson and Lovells since 2009 and annualised the figures.
In a statement released by the firm today, Hogan Lovells co-CEO David Harris said: “We see this as a strong performance given the market conditions. Our priority since the combination has been to focus on our clients, demonstrating to them the increased strengths we have across our practice areas and markets.
“Our transatlantic capabilities and international strength, coupled with our depth of practice, are unique in the market. This positions us well to work with multinational companies with complex needs that require their lawyers to look at the issues they face from all angles across different markets.
“We have already achieved a lot through our combination and we are pleased with our progress to date.”
The exchange rates the firm used for compiling the results were £1 to $1.54 for 2009 and £1 to $1.56 for 2010.