Paul Hastings sign at NYC offices
Paul Hastings sign at NYC offices (Matt Furman)

Paul Hastings, riding high from several consecutive years of financial success, saw its performance continue to rise across all metrics in 2016.

“Clients have been demanding more value, which meant we needed to invest more in the fastest-growing practices and industry areas,” said Paul Hastings chair Seth Zachary. “In turn, they helped us to have our fifth record-setting year by partnering with them on their biggest challenges and most successful new ventures and resolutions.”

Paul Hastings, whose gross revenue last fell in 2011, saw that number increase 1.7 percent last year, to $1.074 billion. Profits per partner jumped 4 percent, to $2.6 million, while revenue per lawyer held steady, rising 0.4 percent from the year before, to $1.165 million.

Zachary credits Paul Hastings’ performance to strong demand for the firm’s finance, intellectual property and investigations and white-collar practices.

“They’ve just been growing aggressively to the delight of the whole firm,” said Zachary, noting that all three groups have gotten off to a strong start in 2017.

The firm’s white-collar group advised on several global investigations last year, including advising pharmaceutical giant GlaxoSmithKline plc on its $20 million settlement with the U.S. Securities and Exchange Commission following a five-year probe. Paul Hastings also represented Brazil’s Braskem SA on its part of a massive $2.6 billion settlement stemming from the petrochemical company’s role in the country’s “Operation Car Wash” corruption scandal.

Paul Hastings’ IP group successfully represented Helsinn Healthcare SA in patent challenges to its antinausea drug Aloxi and Internet security company Trend Micro Inc. in a $150 million patent assertion case brought by Intellectual Ventures LLC. Paul Hastings’ finance group also picked up roles on several multibillion-dollar deals, counseling Wells Fargo & Co. on its purchase of a portion of General Electric Co.’s financial unit, part of a $26.5 billion asset sale by GE.

The firm’s Houston office, which opened in 2012, had a strong year in the energy M&A arena. Paul Hastings advised longtime client Samsung Electronics Co. Ltd. on its $8 billion buy late last year of Stamford, Connecticut-based automotive technology company Harman International Industries Inc., the largest-ever acquisition by a South Korean company.

Paul Hastings’ head count also rose slightly last year, to 921, thanks in part to some lateral partner hires in its top-performing practice areas. In July, Paul Hastings brought back former litigation chair Thomas Zaccaro by bolting on his six-lawyer securities enforcement boutique Zaccaro Morgan in Los Angeles. Paul Hastings’ IP practice, itself led by Yar Chaikovsky, a former star lateral hire, reeled in Ropes & Gray partners Hiroyuki “Hiro” Hagiwara in Tokyo and Hassen Sayeed in New York, as well as Patterson Belknap Webb & Tyler’s Chad Peterman.

The firm’s corporate practice, which earlier this month absorbed a team of lawyers from Boies Schiller Flexner in New York, made a high-profile lateral raid on Shearman & Sterling in San Francisco last summer by bringing on M&A partners Steve Camahort, Michael Kennedy and Dana Kromm.

And in London, a key region of expansion for Paul Hastings in recent years, the firm added Allen & Overy counsel James Taylor for its finance practice, as well as a three-partner finance team from Ashurst led by Diala Minott, Cameron Saylor and Michael Smith. Paul Hastings did see Ashurst partner Nigel Ward, one of the U.K.’s top leveraged finance lawyers, balk against a potential move to the firm.

Despite those additions, the total number of equity partners at Paul Hastings fell 2.6 percent last year, to 190. The firm saw banking and payment systems chair V. Gerard “Jerry” Comizio leave its office in Washington, D.C., for Fried, Frank, Harris, Shriver & Jacobson, while Allen & Overy enacted a measure of lateral revenge by recruiting a three-partner Paul Hastings finance team in New York.

Zachary said that Paul Hastings is committed to expanding its M&A and private equity practices, as well as its presence in the Bay Area, where the firm has offices in San Francisco and Silicon Valley. Real estate, a crucial component of any large firms’ bottom line, has been a crucial cog of Paul Hastings’ recent run of success.

In January, Paul Hastings inked a new lease in Washington, D.C., a move that came only a few months after the firm debuted its new 200,000-square-foot office in New York. That move saw Paul Hastings—and Zachary—use glass office walls and communal workspaces to significantly downsize its real estate footprint.

“We think it’s a much more efficient and much more financially impressive use of space,” said Zachary, noting that the firm has already updated its Houston office with similar changes with plans on doing the same in San Francisco later this year. “It gives us much more room to grow [and] enables us to add technology that is cutting edge and stay ahead of the technological needs of our clients.”

Paul Hastings is also one of several Am Law 100 firms dabbling in the legal analytics movement, as well as adopting flexible work-from-home policies for some of its employees.

Copyright The American Lawyer. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

Paul Hastings , riding high from several consecutive years of financial success, saw its performance continue to rise across all metrics in 2016.

“Clients have been demanding more value, which meant we needed to invest more in the fastest-growing practices and industry areas,” said Paul Hastings chair Seth Zachary. “In turn, they helped us to have our fifth record-setting year by partnering with them on their biggest challenges and most successful new ventures and resolutions.”

Paul Hastings , whose gross revenue last fell in 2011, saw that number increase 1.7 percent last year, to $1.074 billion. Profits per partner jumped 4 percent, to $2.6 million, while revenue per lawyer held steady, rising 0.4 percent from the year before, to $1.165 million.

Zachary credits Paul Hastings ’ performance to strong demand for the firm’s finance, intellectual property and investigations and white-collar practices.

“They’ve just been growing aggressively to the delight of the whole firm,” said Zachary, noting that all three groups have gotten off to a strong start in 2017.

The firm’s white-collar group advised on several global investigations last year, including advising pharmaceutical giant GlaxoSmithKline plc on its $20 million settlement with the U.S. Securities and Exchange Commission following a five-year probe. Paul Hastings also represented Brazil’s Braskem SA on its part of a massive $2.6 billion settlement stemming from the petrochemical company’s role in the country’s “Operation Car Wash” corruption scandal.

Paul Hastings ’ IP group successfully represented Helsinn Healthcare SA in patent challenges to its antinausea drug Aloxi and Internet security company Trend Micro Inc. in a $150 million patent assertion case brought by Intellectual Ventures LLC. Paul Hastings ’ finance group also picked up roles on several multibillion-dollar deals, counseling Wells Fargo & Co. on its purchase of a portion of General Electric Co. ’s financial unit, part of a $26.5 billion asset sale by GE.

The firm’s Houston office, which opened in 2012, had a strong year in the energy M&A arena. Paul Hastings advised longtime client Samsung Electronics Co. Ltd. on its $8 billion buy late last year of Stamford, Connecticut-based automotive technology company Harman International Industries Inc. , the largest-ever acquisition by a South Korean company.

Paul Hastings ’ head count also rose slightly last year, to 921, thanks in part to some lateral partner hires in its top-performing practice areas. In July, Paul Hastings brought back former litigation chair Thomas Zaccaro by bolting on his six-lawyer securities enforcement boutique Zaccaro Morgan in Los Angeles. Paul Hastings ’ IP practice, itself led by Yar Chaikovsky, a former star lateral hire, reeled in Ropes & Gray partners Hiroyuki “Hiro” Hagiwara in Tokyo and Hassen Sayeed in New York , as well as Patterson Belknap Webb & Tyler ’s Chad Peterman.

The firm’s corporate practice, which earlier this month absorbed a team of lawyers from Boies Schiller Flexner in New York , made a high-profile lateral raid on Shearman & Sterling in San Francisco last summer by bringing on M&A partners Steve Camahort, Michael Kennedy and Dana Kromm.

And in London, a key region of expansion for Paul Hastings in recent years, the firm added Allen & Overy counsel James Taylor for its finance practice, as well as a three-partner finance team from Ashurst led by Diala Minott, Cameron Saylor and Michael Smith. Paul Hastings did see Ashurst partner Nigel Ward, one of the U.K.’s top leveraged finance lawyers, balk against a potential move to the firm.

Despite those additions, the total number of equity partners at Paul Hastings fell 2.6 percent last year, to 190. The firm saw banking and payment systems chair V. Gerard “Jerry” Comizio leave its office in Washington, D.C., for Fried, Frank, Harris, Shriver & Jacobson , while Allen & Overy enacted a measure of lateral revenge by recruiting a three-partner Paul Hastings finance team in New York .

Zachary said that Paul Hastings is committed to expanding its M&A and private equity practices, as well as its presence in the Bay Area, where the firm has offices in San Francisco and Silicon Valley. Real estate, a crucial component of any large firms’ bottom line, has been a crucial cog of Paul Hastings ’ recent run of success.

In January, Paul Hastings inked a new lease in Washington, D.C., a move that came only a few months after the firm debuted its new 200,000-square-foot office in New York . That move saw Paul Hastings —and Zachary—use glass office walls and communal workspaces to significantly downsize its real estate footprint.

“We think it’s a much more efficient and much more financially impressive use of space,” said Zachary, noting that the firm has already updated its Houston office with similar changes with plans on doing the same in San Francisco later this year. “It gives us much more room to grow [and] enables us to add technology that is cutting edge and stay ahead of the technological needs of our clients.”

Paul Hastings is also one of several Am Law 100 firms dabbling in the legal analytics movement, as well as adopting flexible work-from-home policies for some of its employees.

Copyright The American Lawyer. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.