Hogan Lovells — the product of last year’s combination of Washington’s Hogan & Hartson and the U.K.’s Lovells — reported Thursday that post-merger revenue declined slightly, but profits rose as the new firm cut costs.

The separate firms grossed $1.68 billion in 2009. This year, Hogan Lovells is reporting a gross of $1.66 billion. Meanwhile, profits per partner were $1.14 million in 2010 — up from the $1.11 million at Hogan and $1.01 million at Lovells in 2009.

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