Paul Hastings has hired 30 lawyers from King & Spalding as the firm intensifies ts moves to build up its finance and restructuring practices, which has seen the firm acquire teams from competitors such as Stroock & Stroock & Lavan, Vinson & Elkins, and Cahill Gordon & Reindel over the past two years.
The team recently recruited by the firm, led by Jennifer Daly, the former co-head of K&S’s global finance and restructuring practice, includes at least eight former K&S partners, with a total of up to 20 lawyers joining Paul Hastings across its offices in New York, Washington DC, Chicago, and Houston.
This move is part of Paul Hastings’ ongoing effort to strengthen its Frank Lopez, the firm’s chair, emphasized that the incoming team’s experience aligns well with the firm’s existing practices and will help them gain market share at the top end of the market.
The newly hired group represents a diverse range of clients, including private credit funds, business development companies, financial institutions, CLOs, and banks. Jennifer Daly, the team’s leader, specializes in direct lending transactions and has worked with clients that overlap with Paul Hastings, such as KKR and Blackstone.
The team members will be based in various offices in New York; Chicago and Houston and Washington DC.
Paul Hastings’ finance and restructuring practices have been significant revenue drivers, contributing to a record 20 percent increase in turnover in the first quarter of 2024 compared to the previous year. The firm’s hiring spree has also helped secure high-profile cases, such as creditor-side work in the FTX bankruptcy.
In addition to the restructuring and finance hires, Paul Hastings has been actively expanding its private equity practice, including the hiring of Alexander Temel, the former co-head of Sidley Austin’s international private equity practice, along with a team of lawyers to establish an office in Boston.
The firm’s growth strategy seems to be effective, with Bloomberg reporting an approximate 9 percent increase in revenue last year, surpassing $1.8 billion, and a nearly 50 percent rise in the value of a single share for Paul Hastings’ equity partners over the past three years.
