Group lateral moves continue to reshape the landscape in Biglaw, with Paul Hastings making headlines by acquiring an 11-partner team from King & Spalding. This move significantly bolsters Paul Hastings’ finance and restructuring practice across multiple offices in the United States.
Leading the group is Jennifer Daly, formerly the co-head of King & Spalding’s finance and restructuring practice. She will now be based in Paul Hastings’ New York office alongside several other new colleagues. Other notable partners in the lateral move include Roger Schwartz, Matthew Warren, Christopher Boies, and Zachary Cochran, among others. This strategic acquisition is expected to enhance Paul Hastings’ offerings in New York, Chicago, Houston, and Washington, D.C.
Paul Hastings’ chair, Frank Lopez, described the team as potentially the most transformative to join the firm, stating that it moves the firm from a prominent platform in finance and restructuring to the leading platform. According to American Lawyer, the firm’s work in finance has seen a 30% rise this year compared to 2021.
Further supporting this narrative, figures reported by Reuters reveal that finance and restructuring activities drove a 20% revenue increase for Paul Hastings in the first quarter of 2024. Jennifer Daly emphasized the synergy in their new practice, indicating that the merger of capabilities between private credit and funds would yield exponential benefits.
This is Paul Hastings’ second significant group lateral hire in 2024 for its finance and restructuring practice, signaling a broader trend within the firm to consolidate its market leading position.