Paul Hastings has posted a 3 per cent increase in revenue for 2012, pushing average profit per equity partner (PEP) up 6 per cent to $2.08m.
The increase in PEP ends two effectively static years at the US firm, which has seen its PEP hover just below the $2m mark at $1.99m in 2010 and $1.97m in 2011. Global revenue also bounced back, to $908m compared to $884m the year before.
Meanwhile, revenue per lawyer (RPL) stayed relatively flat, coming in at $1.01m compared to $1.003m the year before.
Firm chairman Seth Zachary credited the firm’s Latin America practice in a statement about the results. He also praised last year’s performance in leveraged finance, securities litigation, intellectual property, employment, global compliance and antitrust.
“We’re poised for continued growth in 2013, with increased client demand across all practice areas and geographies, including our newest offices in Houston and Seoul,” he added.
Earlier this year the firm said it was to hire former Dewey & LeBoeuf Italian energy star Lorenzo Parola in a boost for its corporate energy practice in Milan (10 January 2013), an appointment that followed last year’s launch of a Houston office with an energy focus (24 April 2012).
Paul Hastings has also been expanding its European transactional practice, bringing on board London partners Neil Hamilton from Clifford Chance in October (17 September 2012) and Ashurst finance partner Ugo Giordano in the summer (3 July 2012).