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Hogan Lovells' Washington, D.C., offices. Photo: Diego M. Radzinschi/ALM Hogan Lovells’ Washington, D.C., offices. Photo: Diego M. Radzinschi/ALM

Hogan Lovells’ diversified practice mix and geographic balance led to a 2.8% increase in gross revenue to $2.31 billion, while a change in the firm’s partner pay system helped its profits surge.

Profits per equity partner climbed by 30.8% in U.S. dollars to reach $1.97 million, a consequence of a focus on more efficient business practices, pandemic-related spending cuts and an adjustment to the firm’s compensation system that saw roughly 125 partners move from the firm’s equity to nonequity tier.

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Dan Packel

Dan Packel covers change and innovation in the legal services market, and writes a weekly briefing for Law.com, "The Law Firm Disrupted," on these subjects. He is based in Philadelphia. Contact him at [email protected] On Twitter at @packeld

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