As eight new corporate finance partners settle into their new Houston and Dallas digs at Paul Hastings this week, the law firm’s leader told The Texas Lawbook that “we are not going to stop there.”
“There are other practice areas we are exploring,” Paul Hastings chair Frank Lopez said in an interview, citing merger and acquisitions, private equity and corporate restructuring as potential practices for future growth in the state. “There’s a ton of opportunity in Texas. Texas may be our No. 1 priority. It is fertile ground for us.”
Just six months ago, Paul Hastings operated a sleepy Houston outpost of 22 lawyers that had become the target of poachers from Gibson, Dunn & Crutcher and A&O Shearman.
Since September 2023, however, the law firm has been on a hiring spree in Texas, nearly doubling their numbers in the state with including lateral hires from Weil, Gotshal & Manges, Akin Gump and Vinson & Elkins. And firm leaders believe they could be at 60 lawyers in Texas by summer and possibly 100 attorneys within a year.
The Texas Lawbook estimates that the Texas lawyers for Paul Hastings generated $37.8 million of the firm’s $1.8 billion in revenues in 2023. If those estimates on headcount growth prove to be true, the firm’s Texas revenues could reach $75 million in 2024, which would make it one of the 50 largest law firms for revenue generation operating in the state.
The firm’s revenue per lawyer in 2023 was $1.7 million and its profit per equity partner was nearly $5.4 million — both 10 percent increases over the prior year.
“We’ve done some great things in New York, London and California, and now we are focused on Texas as the center of gravity,” Lopez said. “The upward trajectory has enabled us to bring in the best talent in the world. We know we want to continue the momentum.”
Founded in 1951 by Los Angeles lawyers Lee Paul and Robert Hastings, the firm now has about 1,050 lawyers in 22 offices worldwide. Lawyers in Paul Hastings’ New York and Washington, D.C., offices this week made news representing the SPAC Digital World Acquisition Corp. in its merger with Trump Media and Technology Group, which is mostly owned by former President Donald Trump.
With the addition this week of eight corporate finance partners from V&E, the firm will officially have a Dallas office. It opened in Houston in 2012.
“Over the last six months, we have added incredible talent to our corporate, finance, capital markets and litigation practices here,” said Paul Genender, a litigation partner with Paul Hastings and co-chair of the firm’s Texas operations. “With the addition of this premier team of finance lawyers, our Houston office will be further strengthened, and our new Dallas office will have a great foundation upon which to build out.”
Genender joined the firm from Weil Gotshal in September and has since hired six lawyers in the firm’s litigation practice.
In February, the firm added three securities and capital market partners from Akin Gump led by David Elder, Chris Centrich and Patrick Hurley. As many as four additional lawyers may join that team in the next month or two.
And this week, eight corporate finance lawyers started at Paul Hastings: Brian Moss, Guy Gribov, James Longhofer, Alex Cross, Erec Winandy, Christopher Dewar, Bailey Pham and Rafael Alvarado. Another dozen finance lawyers may join the firm over the next few months.
In an interview, Moss and Winandy said the group was not looking to leave V&E, which both agreed is “a great law firm that will continue to grow.” However, Paul Hastings presented “a very compelling offer” that was difficult to refuse.
“This move allows us to grow our practice with our existing clients,” Moss said. “With our expertise in energy, it will help grow our practice with the firm’s existing clients.”
“We’ve seen strong demand for capital in the traditional energy sector and in infrastructure in the energy transition because of the [Inflation Reduction Act].”
Winandy said he is impressed by Paul Hastings’ clear commitment to grow in Texas.
“Paul Hastings is the right firm for the next part of my career,” Winandy said. “We have already received a lot of outreach from other lawyers about what’s happening here.”