Paul Hastings has hired Alexander Temel, a former co-leader of Sidley Austin’s international private equity practice, to launch an office for the fast-growing firm in Boston.
Temel is joining Paul Hastings as a global co-chair of the private equity practice, the firm said in a statement, noting that he’s joining with an unspecified team of lawyers.
William Schwab, another former Sidley partner who’s worked with Temel for decades, is also poised to join Paul Hastings, according to sources familiar with the move.
Alexander Temel
Credit: Paul Hastings handout
Temel, who previously co-founded Latham & Watkins’ Bean Town office, represents Goldman Sachs, Great Hill Partners, Sixth Street, and Thayer Street Partners, the firm said in a statement.
Paul Hastings has been on a recruiting streak, focusing on bulking up its private equity practice. It added a group of private equity partners from Goodwin Procter in Northern California last fall, including the firm’s global private equity practice co-chair Scott Joachim. In March, Paul Hastings again tapped a former Goodwin partner for leadership, naming Josh Ratner its private equity vice chair.
Those lawyers will now work with the former Sidley team and Paul Hastings’ longer-tenured private equity leaders, including Chicago-based global co-chair Brian Richards, to boost the firm’s market share in a highly competitive practice.
Paul Hastings has also hired partners in corporate practices that are vital to private equity deals, including a team of eight finance partners in Texas from Vinson & Elkins in February. The firm opened a Dallas office following those hires.
The hires are translating to financial growth, firm chair Frank Lopez said in an interview. Paul Hastings has seen collections rise about 20% during its fiscal first quarter, ending in April, compared to the year-ago period, Lopez said.
“The strategy is working,” Lopez said.
Revenue rose nearly 9% to $1.8 billion last year, and the value of a single partnership share has risen nearly 50% over the past three years, the firm has said.
Temel said in an interview he was drawn to Paul Hastings because of its success recruiting in practice areas that his private equity clients rely on, including finance, tax, antitrust and restructuring.
He also cited the firm’s momentum and credited firm leaders Lopez and managing partner Sherrese Smith with having a “forward-looking vision” for the firm.
Lopez said he views Boston as having attractive practices for the firm, including private equity, funds formation, life sciences and litigation.
But he said the decision to enter the market was driven first by the opportunity to hire Temel.
“These are not just laterals with great clients, but leaders who want to help build,” Lopez said of the firm’s recent lateral hires more generally. “They’re people who are collaborative and ambitious, which is consistent with our culture.”
