Hogan Lovells got off to a strong start in 2010 following the transatlantic merger between legacy Lovells and Hogan & Hartson that went live in May last year.

Turnover at the combined firm – which maintains two separate profit pools – stood at £1.08bn for the 2010 calendar year, with profit per equity partner (PEP) rising by more than 10% to approximately £740,000.

The firm's operations outside North and South America, which are housed within the Hogan Lovells International LLP, took in revenues of £582m for the 12-month period, with both arms of the firm now reporting to a calendar year.

According to co-chief executive David Harris, reaction from clients to the merger was better than expected, with the firm winning panel appointments including Bank of America, Barclays, China Development Bank, Axa and Prudential. Harris commented: "The market has been challenging, but we are seeing real opportunities and are making good progress. There is an inevitable time lag until the benefit becomes apparent."

Practice areas cited as strong performers included litigation and restructuring, with intellectual property also showing continued growth. Broken down by region, Asia and the Middle East was identified as strong performers, accounting for approximately 10% of Hogan Lovells International's revenue combined.

During the year the firm absorbed around £12.4m in costs as a result of the closure of legacy Lovells' Chicago office as well as the integration related to its merger.

Despite seeing a number of departures in the wake of its merger, particularly from Hogan & Hartson's European practice, the firm has maintained expansive form, recruiting 31 partners since 1 March 2010. Looking ahead, Harris said the firm would focus on improving financial performance over the next three years.

He added: "We will continue to focus on growing revenues and on improving revenue per lawyer and PEP. But we're not seeking to manage profitability for the short-term. We're focused on developing client opportunities which we are confident will lead to greater profitability."

For more, see: