Global elite: Hogan Lovells Cadwalader’s moment
MAG meets Miguel Zaldivar, Hogan Lovells’ CEO, together with Fernando Calancha and Patrizio Messina, who lead the firm’s Spanish and Italian offices respectively, to discuss the merger with Cadwalader and the role of the FRIS region in the new global platform
by nicola di molfetta and ilaria iaquinta
In the international legal market, the mergers that make headlines are those that shift the competitive balance. The combination between Hogan Lovells and Cadwalader, Wickersham & Taft is one of them. The deal will create Hogan Lovells Cadwalader: a global platform of more than 3,100 lawyers, annual revenue in excess of US$3.6 billion based on 2024 performance, and a presence across the main G20 markets. By revenue, the new firm will rank among the largest law firms in the world.
But the merger is not only a matter of scale. It follows a clear strategic logic, built around the complementarity of the two firms. Hogan Lovells brings its established global strength in highly regulated sectors, corporate and M&A, regulatory, IP, litigation and disputes. Cadwalader adds market-leading capabilities in finance, structured products and capital markets — a profile that fits naturally with its transatlantic partner. As Miguel Zaldivar explains, the combination will create “a scaled global finance platform with deep, globally integrated regulatory and disputes capabilities serving key G20 markets, including New York and London”.
THE LOGIC OF THE DEAL
Understanding why this merger matters now means looking at some of the structural trends reshaping the international legal market. Demand for integrated cross-border advice is growing, driven by increasingly complex national and supranational regulatory frameworks, the intensification of capital flows across G20 markets and the pressure from global banks, multinationals, funds and private capital players for more complete and coordinated legal solutions. In this context, bringing together Cadwalader’s historic strength in structured finance and capital markets with Hogan Lovells’ regulatory, corporate and disputes capabilities is not simply a competitive advantage. It is increasingly a requirement for firms that want to compete for the most sophisticated mandates. Zaldivar is clear on this point: “From a market perspective, the combination positions us to capture growing demand for integrated crossborder advice by bringing together complementary strengths across finance, regulatory, corporate and disputes in the world’s leading financial centres”. The view was reinforced during the process leading up to the deal: “Our conversations with clients, partners, alumni, associates, and business teams over the last several months have fuelled our belief in this combination”.
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