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The Texas Lawbook

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Richard Alm & Mark Curriden

Texas Law Firms Predict 2022 Revenues, Profits Will Hit Record Highs

Boosted by a huge burst in complex commercial litigation in 2022, many of the largest corporate law firms operating in Texas predict they scored another record year of revenues and profits, according to a new survey of law firm leaders by The Texas Lawbook.

The new survey, which also looks at revenues from firms’ 2022 litigation and M&A practices in Texas, builds on other recent evidence of the successful year for corporate law firms in 2022, including rates of promotion to partner and year-end bonuses for associates. In addition, several law firm leaders openly declare their firms experienced record revenues and profits in 2022.
The Texas Lawbook has exclusive details.

January 3, 2023 Richard Alm & Mark Curriden

Unparalleled Growth, Revenues, Profits – The State of Corporate Law in Texas in 2021

The Texas Lawbook 50 ranking by firm revenues in Texas is out. The financial numbers are staggering. For corporate law firms operating in Texas, 2021 wasn’t just a great year – it was almost certainly the best year ever. Thirty-eight of the 50 law firms achieved record revenues. Seventeen law firms grew Texas revenues by 20 percent or more. Six law firms grew Texas revenues by 40 percent or more.

No law firm had ever come close to generating $600 million in revenue from their Texas operations. In 2021, two surpassed that mark. One skipped right over it and went straight to $725 million. This Texas Lawbook exclusive shows, 2021 will go down in corporate legal history as one for the ages.

April 25, 2022 Richard Alm & Mark Curriden

Correction and Update – Texas Lawyer Hiring Hits Record Highs in 2021, But Firms Still Struggling to Hire More

Corporate law firms operating in Texas went on a hiring spree in 2021. The 50 largest firms representing businesses in Texas added more lawyers in 2021 than they did in any of the past 12 years. A handful of elite national practices grew headcount at a spectacular pace, but many regional law firms also swelled to record levels.

With business booming, The Texas Lawbook 50’s record-setting 2021 was built on five firms with truly big net gains in staff size, another nine with double-digit increases and just two firms with net losses of more than 10 lawyers. Despite all the growth, many corporate law firm leaders say they would have hired even more attorneys if there were lawyers available. Editor’s note: The Texas Lawbook wrongly reported earlier that Bracewell’s lawyer count declined by 11 in 2021. It declined by only two. The Lawbook regrets the error.

April 7, 2022 Richard Alm & Mark Curriden

Texas-based Firm Finances: The Kingpin of Texas Corporate Law – Dallas or Houston?

While there has been great focus lately on the Austin legal market, Dallas and Houston still dominate the corporate law world in Texas. But figuring out which market is doing better depends on the measuring stick. One city has more lawyers at corporate law offices. The other generates more revenues from business clients. Find out which city is the unofficial kingpin of Texas corporate law – Dallas or Houston? Or is it a feud running on fumes? This is part four in The Texas Lawbook series on Texas-based law firms.Note: The chart in this story has been updated to correct revenue figures for Locke Lord.

September 8, 2021 Richard Alm & Mark Curriden

Updated: Texas-based Firms’ Finances, Part 2: ‘Gang of Six’ Trying to Win in the Big Leagues

They bear storied names in Texas corporate law: Vinson & Elkins, Baker Botts, Haynes and Boone, Akin Gump, Locke Lord and Bracewell. National firms continue to expand their Texas market share, but the big legacy firms still carry considerable weight in Texas corporate law. They’re not giving in without a fight and busy growing revenues and hiring lawyers in 2021. Editor’s note: The Lawbook article has been updated to show that Baker Botts’ 2020 revenue in Texas was $361.9M in Texas – not $336M as originally reported.

August 16, 2021 Richard Alm & Mark Curriden

Texas-based Firms’ Finances, Part 1: Some Optimism, Some Challenges

Don’t write the obituary for Texas-based corporate law firms just yet. There are fewer than a decade ago, but most are doing quite well financially. In fact, 10 scored record Texas revenues in 2020 despite the pandemic and economic slowdown. Even more of the Texas-based firms say they’re doing better in 2021 than last year. And all of them are hiring more lawyers to handle the increased legal work clients are sending them.

August 12, 2021 Richard Alm & Mark Curriden

Finances and Firm Origin – Ranking Out-of-State Cities in the Texas Market

The Texas Lawbook has long documented the battle between Texas corporate law firms and those that invaded the Lone Star state from across the country. The Lawbook has now conducted an analysis of the 11 out-of-state cities with multiple firms operating in Texas. It’s New York v. Chicago v. Los Angeles v. Atlanta v. Kansas City. While bigger may be better for many corporate law firms, roots are significant, too.

July 14, 2021 Richard Alm & Mark Curriden

For National Firms, Texas Just Keeps Getting Better and Better

Out-of-state law firms generated nearly $4 billion in revenue from their Texas operations last year, which is more than the Texas headquartered firms made, according to new numbers from “The Texas Lawbook 50.” The exclusive data finds that 40 non-Texas firms are still increasing market share, as lawyer headcounts and revenue-per-lawyer rising at above-average rates in 2020. The Texas Lawbook has an in-depth analysis.

July 12, 2021 Richard Alm & Mark Curriden

Closely Watched Revenue Per Lawyer Up 6th Year in a Row in Texas

There’s a new king of revenues per lawyer in Texas. For the first time ever, two law firms operating in Texas had RPLs of $1.8 million or more in 2020.

The Texas Lawbook 50 ranking of corporate law firms in Texas shows 21 firms achieved an RPL of $1 million or more last year, but only three of them have Texas roots.

The Texas Lawbook has the exclusive data and the details.

May 27, 2021 Richard Alm & Mark Curriden

Overcoming Pandemic Fears, Firms Grew Texas Revenues

One year ago, corporate law firms in Texas feared financial disaster as they faced the Covid-19 shutdowns. Instead, three-fourths of The Texas Lawbook 50 largest law firms operating in Texas had higher revenues in 2020 than in 2019. Two-thirds posted record revenues, including several based in Texas. Six law firms grew their Texas revenues by 30% or more. The new data shows Texas businesses facing crises relied on their lawyers more in 2020 than ever before.

May 24, 2021 Richard Alm & Mark Curriden

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Features

  • HF Sinclair’s Vaishali Bhatia Balances Concerns of Business and Law, and Wins a Green Apatosaurus - Vaishali Bhatia experienced five crazy months in 2022. As HollyFrontier's GC, she and her team closed the $400 million acquisition of the Puget Sound Refinery, negotiated and closed the $2.7 billion acquisition of Sinclair Oil Corporation and Sinclair Transportation, which required multiple regulatory approvals and the creation of an entirely new publicly-traded entity. That was immediately followed by a $400 million senior notes offering and a new credit facility.

    Citing those extraordinary successes, the ACC DFW Chapter and The Texas Lawbook named Bhatia as the 2022 DFW General Counsel of the Year for a Midsized Legal Department.
    January 31, 2023Mark Curriden
  • Tuesday Morning’s GC Jennyfer Gray’s Life in the Fast Lane - Jennyfer Gray knows what it means to take it to the limit one more time. As interim general counsel of Tuesday Morning, Gray is helping lead the Dallas-based retailer through turbulent times. Facing severe economic challenges like most retailers, Tuesday Morning and Gray went through multiple financings and credit facilities, including a $110 million asset-based loan, and the transition to a new executive leadership team and corporate board. In recognition of Gray's achievements, she is the recipient of the 2022 DFW Corporate Counsel Award recipient for General Counsel of the Year for a Small Legal Department. January 26, 2023Mark Curriden

GCs, Lawyers & Firms

  • Former Texas Appellate Judge Rejoins Dykema - After eight years on the Dallas Court of Appeals, former justice David Schenck is practicing law at his old law firm. In an interview with The Texas Lawbook, Schenck said Dykema was the only firm he seriously considered.
  • White & Case Hires Three Bracewell Litigators in Houston
  • Remembering Fort Worth Federal Judge John McBryde
  • Winstead Elects Jeff Matthews as Next Leader
  • This Associate Logged 100 Hours of Pro Bono in the Last Year. Here’s How He Did It
  • SEC’s David Peavler Joining Jones Day
  • P.S. — A Couple Awards, A Memorial Fund, ‘It’s Fun to Stay at the YMCA’
  • Jonny Havens: An Entrepreneurial Lawyer, Iraq War Veteran & Pro Bono Advocate
More GCs, Lawyers & Firms

Lawyers in the News

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Clyde O. “Chip” Adams IV
Priya Aiyar
Doug Bacon
Jim Baldwin
Jesse Craig Barker
Jeffrey Scott Becker
Will Becker
Eryn Berquist
Shawn Blackburn
Victor Boutros
Clayton J. Callen
Chrysta Castañeda
Don Colleluori 
Chris Collins
Deron Dacus
Shumaila Dhuka
Alan Dorantes
Scott G. Edwards
Joanna Enns
Russ Falconer
Jon Finger
Rachel Fitzgerald
Andrew Frackman
Royal Furgeson
David Gair
William Gammon
Maria Garrett
Mitchell Garrett
Rodney Gilstrap
Joseph Grinstein
David Gunn
Charlie Haag
Elizabeth Hadley
Brian Hail
James S. Halpern
Kevin Henderson
James Wesley Hendrix
Joe Hoffman
Garrett Hughey
Joel Israel
Jack Jacobsen
Marc Jaffe
Adam Johnson
Chelsea Johnson
Jim Jordan
Johnathan Jordan
Mike Logan
Marc Kaplan
Dee Kelly Jr.
Gary Kennedy
Jeremy Kennedy
Susan Cannon Kennedy
Chris Kratovil
Douglas M. Kubehl
Bianca LaCaille
Lindsay Lane
David Lange
Adam Larson
Marysia Laskowski
Jonathan Litsey
Ryan Maierson
Jim Marshall
Michael Mazidi
Josh McNulty
Doug McWilliams
Jonathan Mitchell
Adrienne Mosley
Michael Murphy
Cheryl Camin Murray
David A. Nelson
Sarah Nelson
Andrew S. Oldham
Patrick O'Malley
Yvette Ostolaza
Danielle Patterson
Ken Paxton
Brett Peace
Jesse Pence
Kevin Peter
David Rassin
Andino Reynal 
Tom Rhodus
Benjamin Roberts
Whit Roberts
Adolfo “JR” Rodriguez Jr.
Ladd Sanger
Stephen W. Sather
Jason Schumacher
Ryan Scofield
Cory Don Sepolio
Anthony Shoemaker
Mike Slack
Joshua Smeltzer
Carl E. Stewart
David Stone
Brianne M. Straka
Chris Strong
Michael Telle
Ashley Thurman
Mitch Tiras
Emily Tobolowsky
Mark Trachtenberg
John E. Tyrrell
Rob Walters
Charlene Wandrisco
Kristin Walker-Probst
Steve Walkowiak
Dan Wall
Johnny Ward
Bruce Wark
Erika Weinberg
Mark Werbner
Bob Wiegand
Don R. Willett
Taylor Williams
Tom Woolsey
Meng Xi
Debbie Yee
Paul Yetter

Firms in the News

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American Airlines
AT&T
Baker Botts
Beck Redden
Belmont Interests
The Castañeda Firm
Chesapeake Energy
Chevron Phillips Chemical
Compass Group Equity
Craftsman Capital
DLA Piper
Dykema
Enterprise Products
Figari & Davenport
Finesse
Gibson Dunn
Gray Reed
Greenberg Traurig
Harris County DA
Hartline Barger
Haynes and Boone
HTI
Hunton AK
Katten
Kelly Hart
Keurig Dr Pepper
Kirkland
KRCL
Kuvare
Latham
Locke Lord
Lone Star Bank
McGuireWoods
Molina Healthcare
Munsch Hardt
Next Bridge Hyrdrocarbons
Nokia
Ocwen Financial
O'Melveny
OpTic Gaming
PepsiCo
QatarEnergy
Quinn Emanuel
Race Rock
Roberts Law
Rodriguez Law Firm
Ryan Law Partners
Sabre
SAExploration
Sidley
Skyward Specialty
Slack Davis Sanger
SMB Law
Stewart Wiegand & Owens
Susman Godfrey
T-Mobile
Transocean
United Healthcare
V&E
Ward Smith & Hill
WildFire
Winston & Strawn
Womble
Worlds Enterprises
Yetter Coleman

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