[1] He graduated from the Western Polytechnic in Akranes in 1985 and received a law degree from the University of Iceland (HÍ) in 1991.
[1] In December 2009 Lúðvík, Sigurvin Ólafsson and Þóra Gunnarsdóttir started the Bonafide legal firm in Reykjavík.
[5][6] In April 2020 the Viðskiptablaðið newspaper published an anonymous opinion piece in the Óðinn column which claimed that Lúðvík had been paid ISK 33 million (US$230,000) by the Icelandic Competition Authority [is] (SE) for his role as an independent expert in the merger of Festi and N1.
[7][8] The piece insinuated that the high figure had been as a result of the friendship between Lúðvík and Ásgeir Einarsson, the deputy director of the Competition Authority.
[7][8] Lúðvík sued the paper's editor Trausta Hafliðason and its publisher Myllusetri ehf for defamation.