Paul Hastings recorded another year of double-digit growth in its City office to surpass $100m, amid a more muted performance globally.
The firm grew turnover 16% in London to $107.2m, an improvement on last year’s 14% rise. Globally, revenue hit $1.26bn following a steadier 4% uptick, compared to a 9% rise over 2018. Profit per equity partner, meanwhile, rose 5% to $3.41m across the firm.
‘I think it’s reaping the rewards of the investments we have made in the corporate and finance teams,’ London office chair Arun Birla (pictured) told Legal Business. ‘We’ve been doing great deals over the year and clients continue to trust us with their matters and premium deals. Our strategy has always been to build on the strengths which resonate with our global practices.’
Such deals include advising Investindustrial on raising over €3.75bn in commitments for private equity investment in Europe, and the arrangers of a $3bn financing package for Bain Capital’s acquisition of Kantar from WPP. The firm also advised City Football Group on its $500m investment from Silver Lake Partners.
Meanwhile, lateral investments over the year included infrastructure and energy M&A partner Steven Bryan and private equity partners Ed Harris and Leanne Moezi, all from Hogan Lovells. The firm upped its fee earner headcount 10% to 115 and promoted three lawyers to partner in London during its last round.
Though it was not all expansion in Europe over 2019. The firm was also forced to shut up shop in Milan after its office head Bruno Cova left for Studio Legale Delfino e Associati Willkie Farr & Gallagher.
Meanwhile, with European businesses adjusting to the new realities as coronavirus continues to spread, Birla added: ‘It’s definitely a headwind, but it’s completely unpredictable. We’re used to working in an agile way, through working at home, so we will be able to continue providing client services wherever we are. Because of our strategy across practices, we feel we are well hedged. It’s all about the future.’