Paul Hastings’ London revenue rockets 84 per cent

Paul Hastings Janofsky & Walker has reported a staggering 84 per cent increase in London revenues, conclusively surpassing the results of many of its US rivals.

The London office reaped in gross revenues of $21.4m (£11.6m) in 2006 up from $11.6m (£6.4m) the previous year.

Chairman Seth Zachary said the office was the firm’s “busiest” during 2006, with the office’s 40 lawyers recording an average of 1,900 billable hours – 5 per cent higher than the firm’s global average.

He said the London capital markets, real estate, tax and employment practices had all performed exceptionally well. In particular, he noted the firm’s instruction on Pirelli’s listing on the London Stock Exchange.

The firm, meanwhile, reported gross global revenues of $813.5m (£442m) up 22 per cent from $667m (£366.5m) in 2005. Profit per equity partner was also up 21 per cent to $1.605m (£872,000), from $1.325m (£728,000) in 2005.

Zachary said that all 18 of the firm’s offices revenues were up in 2006, 15 of which reported double-digit growth.

The firm’s largest office in New York saw turnover nudge $250m (£136m) for the first time in 2006, while its Hong Kong presence increased revenue by 40 per cent to $35m (£19m) up from $25m (£14m).

Zachary said London would continue to be a key focus for the firm in 2007, with a target of 30 per cent growth in revenues in the City.