Paul Hastings saw its strong revenue growth in London tempered slightly to 14% in 2018 in what remained a strong year for the US outfit.
The double-digit revenue increase in London is lower than last year’s 25% rise, however it outstrips the firm’s global growth figure of 9%, itself up from 4% last year. Profit per equity partner (PEP) meanwhile broke the $3m mark, rising 12% to $3.25m.
‘The figures in London exceed the growth figures globally and is better than many of our competitors,’ Paul Hastings’ London chair Arun Birla told Legal Business. ‘In London we’re focusing on the practices we are strong in globally and it’s proving successful.’
The figures mean Paul Hastings has seen a 25% increase in PEP over the last two years while both London headcount and revenue has doubled over the last five. Global equity partner numbers meanwhile remained fairly static over the last year, falling by three from 190 to 187. The results also come as the firm made aggressive hires in the City last year, with former DLA Piper private equity partner Anu Balasubramanian and ex-Linklaters M&A partner Roger Barron proving the most defining hires for Paul Hastings in 2018.
‘We are proud to have our PEP break $3m,’ Birla added. ‘We are one of the few firms who can say we’ve reached that figure and its come as we continue to strengthen our team and practices.’
Meanwhile, nine successive years of revenue growth means Milbank has passed the $1bn mark in gross revenue for the first time, reaching $1.034bn after a 13% increase during 2018. This adds to the previously reported 25% hike in Milbank’s City turnover to $156m, matching the 25% growth the firm saw in continental Europe. The figures are a considerable increase on last year’s 9% growth in the City, when revenues reached $125m.
‘The stellar year in London reflects a number of things,’ Milbank’s London co-manager Julian Stait told Legal Business. ‘All our practice areas have had a spectacular year, in addition we started 2018 with two blockbuster hires with the four-partner team from Cadwalader combining with our existing restructuring practice to give us the pre-eminent restructuring practice in the City.’
The story of US firms in London this year has widely been one of further success, with White & Case, King & Spalding, Reed Smith and Akin Gump all producing strong City performances.
For more on Paul Hastings’ London ambitions, see ‘Still more promise than delivery but Paul Hastings shows signs of progress‘