Hogan Lovells and Cadwalader partners approve merger launching July 1, combining a major transatlantic platform with a Wall Street-rooted structured finance powerhouse
Partners at Hogan Lovells and Cadwalader, Wickersham & Taft have voted in favour of their merger, with the combined firm scheduled to launch on 1 July 2026. The combination brings together Hogan Lovells — one of the largest transatlantic law firms by headcount, with a strong presence across London, continental Europe, the US, and Asia — with Cadwalader, a Wall Street-founded firm renowned internationally for its structured finance (the practice of creating complex financial instruments backed by pools of assets, such as mortgage-backed securities and CLOs — collateralised loan obligations) and capital markets practices. The merger is a significant structural event in the global legal market, reflecting the continued pressure on large law firms to build platform scale to compete for the most complex cross-border mandates. For Hogan Lovells, the merger adds Cadwalader's deep bench in financial products — particularly its leading CLO and securitisation practice — to what is already a broad-based global platform. For Cadwalader, the combination provides access to the geographic reach and sector diversity of a truly global firm at a time when single-practice or single-geography firms face margin compression. The combined entity will compete directly with Magic Circle and Silver Circle firms and the leading US firms for cross-border M&A, structured finance, and regulatory mandates. The merged firm is set to operate under a unified brand from July.
Why this matters
The Hogan Lovells–Cadwalader merger consolidates two established brands into a firm with genuine global structured finance credentials alongside a broad transatlantic platform — creating a new competitive force in the markets most relevant to City trainees. For clients, the merger means a single firm can now cover US and English law CLO structuring, European regulatory capital work, and transatlantic M&A without the friction of instructing separate firms. The 'why now' reflects a consistent trend: global firms are seeking to lock in structured finance and private credit expertise at a time when those practices are generating outsized revenue as direct lending and securitisation volumes grow. The merger also intensifies competitive pressure on Silver Circle firms with less developed structured finance capabilities, potentially accelerating further consolidation in the mid-market transatlantic space.
On the Ground
A trainee in the international practice group would assist with cross-border legal opinion coordination between UK and US counsel teams as the merged entity establishes unified engagement terms, and would help draft choice-of-law summaries for client matters that now span both English and New York law governance.
Interview prep
Soundbite
Hogan-Cadwalader is a structured finance bet — the combined firm is positioning for the CLO and private credit mandate wave, not just M&A volume.
Question you might get
“What are the key integration challenges law firms face when merging across jurisdictions, and how might the Hogan Lovells–Cadwalader combination affect client conflicts and partner retention?”
Full answer
Hogan Lovells and Cadwalader have confirmed their merger, launching as a combined firm on 1 July 2026. The strategic rationale is clear: Hogan Lovells gains Cadwalader's elite structured finance and CLO practice, while Cadwalader gains global reach across jurisdictions where its standalone platform was limited. This matters for law students because the merged firm will immediately compete for the capital markets and structured finance mandates that currently flow to Magic Circle and top US firms. The wider trend is that law firm consolidation is being driven by client demand for single-platform global advisory capability — particularly in areas like structured credit where English law and New York law co-govern the same transactions. My view is that this merger will pressure Silver Circle firms to either deepen their own structured finance practices or seek their own combination partners.
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