Assuming they merge as one partnership, the new entity would immediately become one of the ten largest firms in the world, both in terms of head count and revenue. It would offer remarkable global reach with roughly 1,400 lawyers based outside the two firms’ historic home regions–the seventh largest contingent of overseas lawyers in our Global 100. In one stroke, Hogells would be bigger abroad than White & Case, the globally oriented giant that has spent most of a century building its worldwide network.
The new firm would be in an enviable position, but one that would not automatically catapult it out of its relative position. Based on past performance, unless the merger allowed the firm to move up the client food chain or sharply improve its margins, it would rank with Clifford Chance and White & Case, a long stride behind the most financially successful firms, but many levels ahead of most of the pack.
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