Hogan Lovells’ 2010-11 financial year accounts for the firm’s international LLP show growth in turnover and profit, while partners were asked to put more money into the business.
Hogan Lovells International comprises all of Hogan Lovells’ business outside America.
In 2010-11, members’ capital introduced was £12.95m, up from £2.13m in the previous year. As a result, members capital increased by £9.5m, to £42.6m. Net cash at the firm also grew, from £14.3m to £46.1m over the same period.
Revenue at the firm grew from £520.4m in 2009-10 to £582.2m in 2010-11, while profit before tax grew from £164.5m to £211.4m over the same period. Profit for division among equity partners was £184.1m, up from £126.8m in 2009-10.
Average profit per equity partner was £829,000, up from £622,000 in 2009-10. The average number of partners at the firm grew from 262 to 316, while the average number of equity partners rose from 204 to 222.
Staff costs also rose, from £225.4m to £238.4m, though the number of fee earners across the international group fell from 1521 to 1473.
According to the firm, most of the growth, as well as the increase in staff costs and movement in staff numbers, came from people moving from legacy firm Hogan & Hartson to Hogan Lovells in Europe and Asia in May 2010; though, there was also some organic growth.
Hogan Lovells International’s key management team received £8.1m in 2011, down from £8.3m in 2010. The key management team has 13 members, though some are also remunerated for work on the US side of the business.