Cleary lands Paul Hastings partner to launch London real estate practice

Paul Hastings has lost another corporate real estate partner in London, with Stephen Nicolas joining Cleary to launch a London-based European real estate practice - a first for the New York firm.

Nicolas’ move marks the fifth partner departure from Paul Hastings' City real estate team since September, following Michael James and Edward Meadowcroft, who joined Hogan Lovells in September, and Miles Flynn and Rehan Hanif, who moved to Milbank last week.

Nicolas joined Paul Hastings in 2015 and made partner in 2022. Cleary said he will lead a new London real estate practice alongside a team of lawyers, as part of the firm’s broader private capital expansion. His practice spans corporate and private equity real estate deals across asset classes, with a focus on the hotel and leisure sectors.

Cleary managing partner Michael Gerstenzang said Nicolas’ arrival was "an important broadening of our private capital offering across the firm," while global real estate head Daniel Reynolds described him as "the perfect fit" for the firm’s next stage of growth.

Nicolas said he was "honoured" to establish Cleary’s London real estate presence, adding: "Given Cleary’s ongoing commitment to expanding its transatlantic private equity and private funds practices, this is the perfect time to join."

No more real estate

We understand Nicolas' exit means Paul Hastings' entire London real estate team has now left the firm - confirmed through a check of the firm's website, where Nicolas was still listed as the only real estate partner in London.

The move adds to a run of senior exits from Paul Hastings’ London office in recent months. Alongside the real estate departures to Hogan Lovells and Milbank, last week it also emerged that tax partners Arun Birla and Jiten Tank had joined White & Case.

Responding to the tax partner exits last week, Paul Hastings said London revenue was projected to be up 20-25% this year, adding that the firm intends to "continue to build in London at the top of the market".