Career Resources

Paul Hastings is doubling down on its ambitions to break into the upper echelon of Wall Street’s mergers and acquisitions elite—this time with the high-profile addition of former Kirkland & Ellis powerhouse Eric Schiele. The veteran dealmaker, known for leading multibillion-dollar transactions, is spearheading Paul Hastings’ push to climb the M&A league tables and compete directly with legacy giants like Latham & Watkins, Wachtell Lipton, and his former firm Kirkland.

A Bold Strategy: Luring Top M&A Talent with a Proven Track Record

Eric Schiele’s move to Paul Hastings in March 2025 is a bold play in a broader, aggressive hiring spree by the firm. At Kirkland, Schiele led its largest deal last year—the $36 billion sale of Kellanova’s snack food unit to Mars Inc. Now at Paul Hastings, he faces the challenge of replicating that success in a new environment, absent the deep bench of associates and partners he once had access to.

Rather than focus solely on institutional firm brands, Schiele believes clients increasingly follow individual lawyers, particularly in high-stakes public company transactions. This shift away from old-guard dominance could be Paul Hastings’ ticket to rising the ranks.

M&A Market Dynamics: A Shifting Landscape for Legal Advisers

The first half of the year’s M&A rankings revealed the competitive reality Paul Hastings must overcome. Latham & Watkins led the pack with $269 billion in deals. Kirkland & Ellis and Wachtell Lipton followed closely. Paul Hastings, while active, fell outside the top 20, its largest deal involving regulatory counsel for GTCR’s $24.3 billion sale of Worldpay to Global Payments.

For Paul Hastings to compete, it must not only secure marquee clients but also expand infrastructure around M&A—tax, antitrust, regulatory, and midlevel associate talent—to handle volume and complexity. Schiele plans to lead that buildout by recruiting 4th to 6th-year associates and reinforcing key support teams.

Paul Hastings’ Talent Offensive: From Lateral Stars to Nationwide Growth

Schiele’s hire is just one piece of a larger talent acquisition strategy. Paul Hastings added 215 lawyers in 2024, pulling from top firms including Latham & Watkins, Vinson & Elkins, White & Case, Weil Gotshal, and Kirkland itself. The firm has tripled its attorney presence in Texas, a crucial market for energy-related deal work, and expanded office space in Dallas and Houston to solidify local ties.

The firm’s leadership expects the hiring push to pay off. Chairman Frank Lopez anticipates a 12% revenue increase this year, surpassing $2.5 billion. High-performing practices—M&A, finance, restructuring, antitrust, and litigation—are already trending over 30% growth.

Energy Sector Momentum and M&A Resurgence

Schiele expects a major resurgence in deal volume during the second half of the year, especially in energy. With AI and data centers driving power demand, energy companies—especially in Texas—are poised for a transactional boom. Bloomberg data shows $122.7 billion in energy M&A volume already for the year, placing it among the top sectors alongside tech, industrials, and financials.

Texas remains a “closed market,” Schiele noted, where strong local roots and industry proximity are essential. Paul Hastings’ rapid regional expansion is designed to meet this market reality.

Managing Client Conflicts and Internal Risk

One of the quieter challenges in lateral partner moves is managing conflicts between legacy client relationships and new firm obligations. Schiele acknowledged the risks but expressed confidence in the firm’s ability to navigate potential issues through conflict checks and proactive planning.

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Frequently Asked Questions (FAQs)

Q: Why is Paul Hastings investing so heavily in lateral M&A hires like Eric Schiele?
A: The firm is targeting top-tier dealmakers to gain a foothold in elite M&A practice rankings and attract billion-dollar public company transactions, a space long dominated by Wachtell, Kirkland, and Latham.

Q: What makes Eric Schiele a significant addition?
A: Schiele led Kirkland’s largest deal last year and brings a reputation for securing major public company transactions. His move signals confidence in Paul Hastings’ M&A ambitions and the firm’s willingness to compete at the highest level.

Q: How does this impact the broader legal market?
A: It reinforces the trend of high-end clients following individual attorneys rather than firm brand names alone. It also underscores how talent mobility and lateral hiring are reshaping the BigLaw competitive landscape.

Q: What role does Texas play in Paul Hastings’ M&A strategy?
A: Texas, particularly the energy sector, is a crucial growth area. The firm has tripled its headcount in the state, reflecting a long-term strategy to embed itself within the regional and sector-specific ecosystems.

Q: What are the risks in bringing on a high-profile lateral like Schiele?
A: Key risks include integration challenges, potential client conflicts, and replicating success without the resources of his former firm. Paul Hastings is addressing this by expanding its deal infrastructure and associate support base.

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Impact on the Legal Industry

Paul Hastings’ M&A talent acquisition wave is a microcosm of a broader transformation across BigLaw:

• Dealmaking Decentralization: Clients are less reliant on legacy “Wall Street firms” and more focused on individual rainmakers with proven deal execution.
• Surge in Lateral Mobility: Top M&A talent can command salaries upwards of $10–$20 million, creating fierce bidding wars among firms with elite aspirations.
• Regional Arms Race: Expansion into key markets like Texas is becoming non-negotiable for firms targeting energy, infrastructure, and industrial deal volume.
• Demand for Midlevel Talent: As deal teams grow, demand for trained associates and specialty counsel (tax, regulatory, antitrust) will rise sharply, putting pressure on recruiting pipelines.

Firms unable to adapt to these evolving client expectations and market shifts risk falling behind—both in revenue and relevance.

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