Paul Hastings posts robust growth for 2007

Paul Hastings has posted results that show a second consecutive year of revenue and profit growth at 20 per cent or above.

Both total revenue and average profit per equity partner (PEP) at the west coast firm grew 20 per cent in 2007, to $976m (£487m) and $1.92m (£958,000) respectively.

The results follow a 22 per cent and 21 per cent rise in revenue and PEP respectively in 2006.

Paul Hastings chairman Seth Zachary said the figures illustrated his firm’s growth in the US and globally, particularly in New York, London and Asia.

“It is a tremendous story that also represents the our increased market share in high-value, quality M&A transactions,” Zachary added.

Higlights for Paul Hastings’ corporate group last year include representing Dubai World in its $5.4bn (£2.7bn) joint venture with MGM Mirage, Wal-Mart in its $875m (£436.5m) acquisition of Japanese department store Seiyu, and Cosco in its $4.6bn (£2.3bn) acquisition of the world’s largest bulk carrier fleet, China Ocean Shipping, last year’s largest M&A deal in Asia.

Paul Hastings’ strong results mean the firm has now consolidated its position as the second-largest and most-profitable California-originated firm behind Latham & Watkins and ahead of O’Melveny & Myers and Gibson Dunn & Crutcher.