Paul Hastings has posted a 6.3% increase in global revenues to reach the  $1bn (£652m) mark for the first time in the firm's history.

Profit per equity partner (PEP) also increased by 8.5% to $2.36m (£1.53m), while revenue per lawyer (RPL) grew 8% to $1.145m (£742,000). The financial growth comes despite a slight dip in total headcount from 889 to 875.

Paul Hastings chairman Seth Zachary (pictured) attributed the growth to "broad progress in our practices", adding: "It's gratifying to have a year where the broad progress in our practices is reflected in record financial results."

In 2014, the firm advised on some of the year's largest leveraged buyout and high-yield transactions in the US, including advising the banks on the $8.7bn (£5.6bn) purchase of pet supplies retailer PetSmart by a private equity consortium led by BC Partners, and acting on a $5.1bn (£3.3bn) bond offering by power company Dynegy.

The firm also attributed the results to a "successful year in London" after making several lateral hires, including White & Case's intellectual property and technology head Ashley Winton and Milbank finance partner Peter Schwartz.

Elsewhere, Milbank Tweed Hadley & McCloy has also posted strong results for 2014, with the US firm's London office seeing revenues rise 14% to $103.7m (£67.3m), a figure which represents 14% of the firm's global revenue, which rose 7.8% to $761m (£494m). PEP, meanwhile, increased by 7% to $2.7m (£1.8m).

Earlier this week (25 February), it emerged that Milbank is taking on Linklaters global energy head Matthew Hagopian and fellow partner Manzer Ijaz.

Milbank London co-managing partner Suhrud Mehta said the firm would continue to invest in its London transactional and contentious practices. 

He added: "Our London financial performance and very significant growth in revenue comes from growth in our existing businesses as well as lateral hires."

The results come after Latham & Watkins posted record results earlier this week, with global revenue soaring 14.3% to $2.61bn (£1.69bn) and PEP surging by 16.5% to $2.9m (£1.88m).

Other US firms to have already reported their 2014 results include Shearman & Sterling, McDermott Will & Emery, Baker Botts, Dechert and Weil Gotshal & Manges.