Partnership Vote Clears the Way for ‘Truly a Different Kind of Firm’
Posted Dec 15, 2009 10:02 AM CDT
By Debra Cassens Weiss
A partnership vote has cleared the way for the transatlantic merger of the British firm Lovells and U.S.-based Hogan & Hartson.
When the merger takes effect next May, the new Hogan Lovells will enter the global top 10 with 2,500 lawyers and revenues of about $1.8 billion, Legal Week reports.
The firms will maintain operational centers in both London and Washington, D.C., and will operate as two different partnership entities, according to the story. Profits will not be shared between the two partnerships, but there will be changes in partnership pay.
Lovells will move away from lockstep compensation and closer to Hogan & Hartson’s contribution-based model, the story says. But that doesn’t mean the firm will be trimming partners, according to Lovells managing partner David Harris, who will be running the new firm with Hogan chairman Warren Gorrell.
Instead, the focus will be on growth, particularly in Asia, the Middle East, Latin America and New York, Harris said.
Gorrell applauded the business model for the merged firm. “We are putting together a new kind of firm—not a Washington or U.K.-based firm but truly a different kind of firm," he told Legal Week.
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