Paul Hastings PEP rises to $2.6m as revenue growth slows

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Paul Hastings’ average profit per equity partner (PEP) increased by 4 per cent over 2016 to $2.6m.

The rise came alongside a slight uplift in turnover of nearly 2 per cent from $1.06bn to $1.07bn.

The revenue growth was slower compared to the firm’s financial year in 2015 in which turnover surged nearly 6 per cent above the $1bn mark.

Lawyer headcount rose for the second year in a row from 912 to 921 – a rise of 1 per cent.

This meant revenue per lawyer nudged up nearly 1 per cent from $1.16m to $1.17m.

Paul Hastings has seen a number of big hitters leave and join in the last year. In London, the firm was boosted by the arrival of three Ashurst finance partners – Michael Smith, Diala Minott and Cameron Saylor.

It had also intended to hire Ashurst banking partner Nigel Ward but he back-tracked on the move last September.

In the US, Paul Hastings lost a three-partner team to Allen & Overy, as the magic circle firm continued to build its finance team in New York.

It did, however, hire a bunch of corporate lawyers from Boies Schiller & Flexner this month.

The post Paul Hastings PEP rises to $2.6m as revenue growth slows appeared first on The Lawyer | Legal News and Jobs | Advancing the business of law.



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