Hogan Lovells’ partners have voted in the firm’s new management team with incoming CEO Miguel Zaldivar lined up to take over from Steve Immelt in July next year. Hong Kong-based Zaldivar, who heads up the firm’s Asia, Pacific and Middle East arm, will be supported by incoming deputy CEO, London-based head of litigation arbitration and employment Michael Davison, who will replace David Hudd.
Both Zaldivar and Hudd will serve initial four-year terms. Zaldivar, who is a Venezuelan energy and infrastructure specialist, was recommended to partners in November by the firm’s 12-partner board following a consultation process.
The partnership vote to formally approve the appointment closed yesterday.
“I see my priorities as focusing on client service, investment in our key markets, incentivizing collaboration across the partnership, managing our profitability and supporting diversity & inclusion,” said Zaldivar, who will move to Washington, DC on taking up his post.
Immelt and Hudd will have both served six years at the top 10 global law firm when they step down.
The firm pointed out that the pair had overseen a 23% increase in revenue from US$1,717m in 2013 to US$2,119m in 2018 against a 15% rise in profits per equity partner.
Hogan Lovells is currently the eleventh-largest law firm in the world, ranked by revenue.
Last week, Herbert Smith Freehills announced the appointment of a new CEO while it emerged that Allen & Overy would be holding contested elections for its leaders.