Big Law’s Big Fee Growth Continues

Paul Hastings has seen a major growth spurt post-COVID but other firms are seeing healthy returns too

LA-based Paul Hastings has hits its financial straps big time with a global revenue growth figure of 20 per cent hitting USD1.57bn in revenues.

The firm’s London office achieved a fee income growth rate of over 40 per cent with profits per equity partner (PEP) rising to $4.7 million.

The growth at Paul Hastings has come across the board in M&A, securities, capital markets and private equity and other areas.

Other leading US firms to post their 2020 results include Latham & Watkins, also based in LA,  which added more than $1bn to its topline after recording a 27 per cent increase in revenue to $5.49bn. Hogan Lovells’ saw a revenue increase of 13 per cent to $2.6bn and White & Case grew by 20 per cent to $2.87bn, while Sidley Austin grew by over 13 per cent to almost $2.8bn.

The growth of major law firms has been partly due to those who have invested in the latest technology as well as those who have been able to participate in the major deal flows that have permitted high legal fees globally, the so-called ‘pandemic profits’ that we have previously reported.