Hogan Lovells (London)
Six years on from the merger in May 2010 between Lovells and US firm Hogan & Hartson and the firm is doing ok, thank you. The work is generally seen as top drawer, and the firm has a sizeable presence with around 50 offices across the globe, including a launch in Australia in 2015.
The firm managed to post cracking results during the worst of the recession and in the following few years, partly due to its strong litigation and business restructuring teams. However the figures have flattened somewhat now. In 2015 revenue was $1.82bn, a modest rise of just 2.3% from the previous year. PEP went up just 2.7% to $1.250m. The Americas make up roughly half of all revenue, while London and
Continental Europe count for 43% and Asia and the Middle East 7%.
From a pure profitability point of view the firm is unlikely to challenge the Magic Circle – however well it pays its partners, they only make about half what they’d get at Linklaters. But it doesn’t need to. According to one associate, this “reflects a good work life balance for associates and a lower leverage that allows real prospects of partnership”. It's hard to argue with that.
That said, HogLove has had to look over its shoulder at the firms challenging the silver circle, who can offer lower cost for some deals. Partly in reaction to this, HogLove opened its legal service centre in Birmingham in 2014.
This firm also takes enormous pride in marketing its “friendliness”. And by and large the evidence supports this. A trainee says that "we are expected to have a life outside of work and whilst friends in
other firms cancel their dinner plans we can generally make ours every
time". One lawyer gushes about the "low twat:legend ratio".
However, there were some voices of discontent from the business service staff, with one complaining that "the firm always had a great reputation for being 'friendly'. Not any more. When support staff are referred to as 'overheads' by a partner that is pretty sad". There were other grumbles among support staff with one saying there needed to be "an improvement in salaries".
There still seems to be a mixed reaction to how the integration has gone post-merger (or post-combination as some insist on calling it). One lawyer believes that the "merger seems, essentially, to have been a major success". However, others complain of the "increasing Americanisation of the firm" as "initiatives like 'Project Redefine' and 'Step up' feel a little forced in London". Another said, "We were all presented with a HL branded Mindful Colouring Book ... The worst thing was that that they had used the American spelling of 'Coloring'. Outrageous".
The firm's London office is the swanky Atlantic House in the handy Holborn Viaduct location. It's now "accidentally trendy (now Amazon have moved in next door)". Although there were complaints that the separation of 3 buildings results in some "support staff being separated from fee-earners".
Although the pay is pretty good, be warned, the bonus system - or apparent lack of it - is a serious bone of contention amongst associates. It is, says one, "a cruel joke" since, according to another, it is "based on hours worked over target (which is high - 1700) so is basically an overtime payment. And no-one seems to get the "discretionary" bonus”. And if you’re a trainee, forget it, you don’t even get the option of getting one.
There were also grumbles about the qualification process, with one lawyer complaining that the process "forces trainees to fight each other, Hunger Games-style, for vacancies".
On the upside the firm has an alternative to partnership that actually works, by way of its counsel role, and associates are put through various papers at Cass Business School which can amount to a full MBA.
The combination of good pay, good quality work, a supportive environment and a well-developed international network makes HogLove a serious alternative to the Magic Circle. One HogLover says, "We get paid the same as our Magic Circle friends but don't have to put up with working for sociopaths or have to suffer the same relentless working schedule".
For more information on HogLove click here