Paul Hastings PEP hits $2.5m mark in year-end results

Paul Hastings’ average profit per equity partner (PEP) has hit the $2.5m (£1.8m) mark in its year-end results for 2015.

The firm reported a 6 per cent increase in PEP to $2.51m, rising from $2.36m the previous year.

In addition, global revenue at Paul Hastings continued to grow, jumping 5.6 per cent from $1bn to $1.06bn (£760m).

Despite its headcount falling 1.6 per cent over 2014, Paul Hastings saw a 4.5 per cent rise in personnel last year from 873 to 912. Revenue per lawyer nudged up 1.3 per cent from $1.14m to $1.16m.

Paul Hastings took two partners from Fried Frank Shriver Harris & Jacobson’s closing Hong Kong base in April, and also opened in Brazil with a trio from Allen & Overy.

In London, key partner hires in 2015 included Linklaters partner David Ereira, Ashurst partner Luke McDougall and Berwin Leighton Paisner’s structured debt and capital markets head Paul Severs.

King & Wood Mallesons corporate partner Duncan Woollard was also hired to set up the firm’s private funds practice.