Paul Hastings Sees Profits Rise, Despite Tightening Market

Profits were up at Paul Hastings last year, even as an economic downturn slowed work and prompted major law firms to cut costs.

“We expect to exceed our record 2021 financial results,” Paul Hastings chairman Frank Lopez, who became the law firm’s leader in October, said in an interview.

The firm, like several of its competitors, saw revenue and profits soar amid a spike in demand for legal services in 2021. Paul Hastings reported gross revenue of $1.57 billion and profits per equity partner of $4.7 million during fiscal 2021.

Several major firms are expected to report profit dips for ...