Hogan Lovells And Cadwalader Unveil $3.6bn Merger Deal, Creating World’s Fifth-Largest Law Firm
Hogan Lovells and Cadwalader Unveil $3.6bn Merger Deal, Creating World’s Fifth-Largest Law Firm
The global law firms Hogan Lovells and Cadwalader Wickersham & Taft have agreed to merge in what the firms are calling the “largest law firm combination in history”. The deal, expected to go to a partners’ vote in spring 2026, will create the world’s fifth-largest law firm by revenue, with a combined turnover of more than $3.6 billion based on 2024 performance and a total of 3,100 lawyers. The newly combined firm will be known as Hogan Lovells Cadwalader.
The merger ends months of speculation regarding the future of New York-based Cadwalader, the smaller of the two firms, following a series of high-profile departures in 2025 and reports earlier in November that it was exploring merger talks with Alston & Bird.
This deal continues a trend of large law firm mergers emphasizing transatlantic capabilities, following the $3.5 billion tie-up between UK Magic Circle firm Allen & Overy and New York’s Shearman & Sterling announced in May 2023. Other notable mergers include HSF Kramer in June 2025, UK-based Ashurst with Perkins Coie, and Winston & Strawn with Taylor Wessing’s UK practice.
For Hogan Lovells—the product of a 2010 merger between Washington DC-based Hogan & Hartson and London-based Lovells—the deal provides significant additional strength in New York, where out-of-town firms have traditionally struggled to build capacity. Cadwalader enjoys the distinction of being Wall Street’s oldest law firm, and the merger also expands Hogan Lovells’ capabilities in the private capital sector, leveraging Cadwalader’s historic expertise in fund finance, securitisation, derivatives, and its presence in Charlotte, the second-largest US banking hub after New York.
Miguel Zaldivar, Chief Executive of Hogan Lovells, who will retain his role at the head of Hogan Lovells Cadwalader, said,
“Cadwalader, a premier Wall Street institution, brings top-of-the-market finance capabilities, which, combined with Hogan Lovells’ powerful global platform, expands our ability to comprehensively advise clients at a time when cross-border investment is increasingly driving growth in key sectors—including finance, energy, technology, life sciences, and others.”
The merger is also backed by the firm’s experience in integrating transatlantic practices. Filippo Falchi, Managing Director in the Partner Practice Group at Major Lindsey & Africa, noted that Hogan Lovells’ prior experience merging US and UK firms provides confidence in a smooth integration of Cadwalader’s operations.
Pat Quinn of Cadwalader said,
“Throughout our discussions, it has been clear that we are driven by the same core values—excellence, ambition, collaboration and an unwavering commitment to our clients, people, and society. This alignment gives us confidence that our cultures will complement one another and help us thrive.”
The deal is also aimed at stabilising Cadwalader, which faced a series of senior departures in 2025, including the defection of a 37-lawyer CLO and asset-backed lending team to Orrick in October. Despite these losses, Cadwalader reported adding over 75 lawyers in 2025 and increasing client engagements, with a 13% rise in new client relationships and 20% more new matters in the first three quarters compared with 2024.
The merger is expected to create a powerhouse law firm with complementary strengths across finance, corporate, litigation, and cross-border practices, positioning it to advise clients on increasingly complex, high-value matters globally.
Hogan Lovells is a prominent global law firm co-headquartered in London and Washington, D.C. Known for its strong presence in highly regulated sectors and its transatlantic reach, the firm has recently announced a historic expansion.
Cadwalader, Wickersham & Taft LLP (Cadwalader) is the oldest law firm in New York City, founded in 1792. Historically recognized as a premier “Wall Street” institution, the firm is a leading global advisor to financial institutions and corporations.
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