Paul Hastings has bucked the slowdown in the US legal market by posting record profits, with profits per partner crossing the $2.5m barrier.
Revenue at the Los Angeles-based firm rose 6% from $1bn in 2014 to $1.06bn last year. It comes as part of a return to form for Paul Hastings, with the firm crossing the $1bn barrier for the first time in 2014 to end a period of slow growth. Back to back years of strong growth means that revenue at the firm has risen 20% between 2011 and 2015.
Paul Hastings’ intellectual property, finance, white-collar and real estate departments performed strongly last year. The white-collar practice was reinvigorated by the arrival of Squire Patton Boggs rainmaker Robert Luskin, who represented Alstom in the largest-ever foreign bribery settlement with the US Justice Department in 2014 for $772m.
The firm also landed a number of large M&A mandates, acting for investment firm Kayne Anderson on its mega merger with Ares Management to create an $113bn investment manager last year.
Profits per partner increased 6% last year to hit $2.51m, while revenue per lawyer was slightly up. Its 912 lawyers generated 1% more on average at $1.16m each than in 2014.
The firm has been making an aggressive push in London over the last 12 months, bringing in restructuring heavyweight David Ereira from Magic Circle firm Linklaters and Berwin Leighton Paisner’s head of structured debt and capital markets Paul Severs. The firm also hired Duncan Woollard from King & Wood Mallesons to spearhead its private equity play in London and Ashurst banking partner Luke McDougall to expand its leveraged finance team in the City.
tom.moore@legalease.co.uk