Arkansas Business

Paul Prater

Paul Prater's law firm didn't appear on Arkansas Business' recent list of the state's largest law firms because it has only nine lawyers on staff. But if the list were ranked by total employees, it would definitely be near the top with about 100.
Hosto Buchan & Prater is in the business of collecting debts. When Prater joined straight out of the University of Arkansas at Little Rock law school in 2001, the employee count was between 30 and 35. With founder Bryan Hosto as his mentor, Prater took on the job of streamlining the firm's processes, and the result was rapid growth. Before the recession hit and made collecting even harder, the firm employed 130 people, a number that was allowed to shrink through attrition.
About 90 percent of the firm's work is debt collection, and the work is constant. "I would dare say we litigate more than any other firm in the state, except maybe Wilson & Associates. We have attorneys in court every day," Prater said.
Prater grew up in Sherwood, attended Hendrix College and now lives in White Hall. He is a part-time magician who has produced two books and a DVD about magic. For more about that part of his life, check out PaulPrater.com.