Hogan Lovells has built up a war chest to help it cope with the impact of a potential recession later this year or next, its limited liability partnership accounts have shown.

Filed in the U.K.’s Companies House, the 2021 accounts for the firm’s non-U.S. operations showed it increased cash and cash equivalents on its balance sheet increased by 23.5% to £236.8 million by the end of 2021.