Paul Hastings Janofsky & Walker has joined the ranks of US firms reporting double-digit growth for 2005, having seen turnover rise 10 per cent.
The firm’s gross revenue reached $667m (£384m) last year, up from $609m (£350m) in 2004. The firm also scored a 13 per cent rise in average profit per partner (PEP) to reach $1.33m (£763m), up from $1.17m (£676m) in 2004.
The strong results followed a year of growth for the firm, which added 16 lateral partners and opened new offices in Milan and Palo Alto during 2005.
However, Paul Hastings’ London office has not started 2006 well, having lost property ace Jeffrey Bailey to DLA Piper Rudnick Gray Cary (as first reported in The Lawyer, 13 February).
Cadwalader Wickersham & Taft, O’Melveny & Myers and Dechert have also reported double-digit growth in both turnover and PEP for 2005.
But as also first revealed in The Lawyer (13 February) DLA Piper Rudnick Gray Cary has trumped them all announcing a global revenue of $1.5bn (£847.3m) for 2005.
On current estimates, this figure puts DLA Piper second only in world rankings on turnover to Clifford Chance, which had a turnover of £914m in 2004-05.