Mark Curriden & Richard Alm

On an FTE basis, the Texas Lawbook 50 firms increased lawyer employment by 2.6 percent. The new Lawbook 50 extends a winning streak that began with a net-hiring rush in 2019, took a year off for the pandemic in 2020, then roared back even stronger in the past two years. From 2010 to 2018, the annual headcount was essentially flat, with five up years offset by four down ones. However, the new data may point to a downshifting in the law firm labor market after record gains of 301 lawyers in 2021 and 287 in 2022.

In 2023, 29 firms increased headcounts, 20 firms employed fewer lawyers and one firm stayed even. A shakeup at the top of the Lawbook 50 rankings is the result of shifting the way the Lawbook 50 calculates headcounts to a method used by other legal publications.

With a 16 percent jump in 2022 revenues, Jackson Walker is leading a resurgence of Texas-based firms that are growing revenues and increasing profits in their Texas operations. Fifteen of the 50 corporate law firms in the Texas Lawbook 50 are headquartered in Texas — down from 39 a decade ago. Those 15 Texas legacy firms generated $5.83 billion in 2022 — $3.37 billion from their Texas operations.



Twelve of the 15 Texas-headquartered firms grew revenues in 2022. Four firms increased year-over-year Texas revenues by more than 10 percent. Five additional Texas legacy firms reported annual revenue increases in their Texas offices by five percent or more. More than 42 percent of the revenue generated by Texas legacy firms came from their out-of-state operations. The Texas Lawbook has a full analysis.

Vinson & Elkins vs. Kirkland & Ellis. One is a storied Houston-based firm with deep connections in the Oil Patch that has been a powerhouse in law, energy and politics for more than a century. The other is a Chicago-founded firm that came to Texas just eight years ago with deep pockets, high profits and an aggressive strategic growth plan. Lawyers for the two corporate law giants often sit across the table on some of the biggest mergers and acquisitions involving energy companies and private equity firms. Both firms are always in the top three of The Texas Lawbook’s Corporate Deal Tracker scorecard of corporate transactions.

Exclusive new Texas Lawbook 50 data shows that Kirkland and V&E lawyers in Texas achieved record highs in revenues and profits in 2021. The runner up in their battle for No. 1 in Texas has to settle for having their best year ever.

Corporate law firms operating in Texas went on a hiring spree in 2021, using six-digit signing bonuses, promises of faster promotions to partner and two hikes in base pay in a high-stakes race to build the staffs needed to meet rising client demand for legal work. The result was the largest – and most expensive – game of musical chairs ever witnessed among the biggest corporate firms in Texas.

Correction: The previous version of this article reported the wrong lawyer count numbers for Kirkland & Ellis. The firm actually grew from 290 Texas lawyers in 2020 to 371 last year. The Lawbook apologizes for this error.