Hogan Lovells’ bet on Europe: Italy and Spain as growth hubs
CEO Miguel Zaldivar tells MAG about the firm’s Southern Europe (FRIS) strategy—spanning record numbers, investment in Italy and Spain, and technological innovation
by nicola di molfetta
To mark the 25th anniversary of Hogan Lovells in Italy, Miguel Zaldivar, CEO of the $3 billion global law firm, flew to Milan (also) to meet the editorial team of MAG. A lawyer with a background as a cross-border dealmaker, Zaldivar has been at the helm of the firm for the past five years. Under his leadership, Hogan Lovells has achieved record financial results, expanded its international footprint, and strengthened its presence in highly regulated sectors. According to the latest edition of Law.com’s Global 200, Hogan Lovells counts over 2,700 lawyers worldwide, with 2024 revenues of $2.965 billion, revenue per lawyer of $1.097 million, and profits per equity partner of $3.072 million.
At the core of this growth in Europe is FRIS―an acronym bringing together France, Italy, and Spain: the second, third, and fourth largest economies of the European Union. “FRIS was conceived to capture the growing flow of cross-border work toward Southern Europe, which today surpasses traditional markets like Germany”, Zaldivar explains. “It is one of our main global growth engines, alongside the United States, the United Kingdom, and Germany”. FRIS is a genuine pillar of the firm’s current strategy. It is treated as a single entity: “A large firm with approximately 460 lawyers”, says Zaldivar. “Our approach is global reach and local depth. We know we can activate important synergies between our offices and build an offering that has no precedent in the area”. The idea of a pan-European law firm is making a comeback, and Hogan Lovells may well be the first major international firm determined to make it a reality―leveraging its existing assetsand an extensive network of professionals already present in the area. “Our target”, Zaldivar continues, “is Forbes 500 companies. France, Italy, and Spain are markets of great interest to our clients and therefore to us”.
MADRID, TWENTY YEARS AS A PROTAGONIST
Alongside Italy, Spain represents the other pillar of the FRIS strategy. In 2024 Hogan Lovells in Spain recorded €58.9 million in revenues, with 24 partners and more than 100 lawyers. In 2023, it had already closed a record year, nearly hitting the €60 million mark. Having begun in 2004 with a small team, the Madrid office crowned last year—its 20th anniversary—with a move to its new headquarters at Paseo de la Castellana 77: five floors certified LEED Platinum and WELL Gold.
“Spain is a natural hub connecting Europe with Latin America and North Africa, thanks to its commercial and linguistic ties”, Zaldivar explains. Recent labor reforms, tax incentives, and EU-funded projects in digital infrastructure and renewable energy make Madrid an increasingly attractive hub for investment. It’s no coincidence that at the beginning of 2025 Fernando Calancha took over leadership of the Madrid office,while his predecessor José Luis Vázquez joined the firm’s EMEA regional leadership. The firm’s EMEA Regional Managing Partner José María Balañá is also based in Madrid.
ITALY, THE FASTEST-GROWING MARKET
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