Great news moms: If you raised young lawyers, you should expect expensive presents from your daughters and sons this Christmas. A dozen large corporate law firms operating in Texas have informed their associates that they will be receiving year-end bonuses ranging from $21,000 for first-year lawyers to $140,000 for associates in their eighth year, which will be up for partner next year. Combined with recent hikes in base salaries, the most senior associates this year will be paid more than $575,000. Two Houston-based firms — Baker Botts and AZA — are the most recent business-focused firms to announce year-end bonuses for the associates it employs in its seven U.S. offices. Legal analysts say that the bonuses paid to just those 1,600 associates will cost their respective law firms an estimated $80 million.
The 2024-25 Partner Promotion Announcements Have Begun
’Tis the season of law firm partner promotions. Between October and February, dozens of corporate law firms officially announce the associates and counsel that they are promoting to equity and nonequity partners. Most of the announcements are made in December. The Texas Lawbook’s Mark Curriden has the details on the latest announcements.
Kirkland, Haynes Boone, A&O Shearman Lead Northvolt AB Bankruptcy in SDTX
Swedish-based electric car supplier Northvolt AB filed for Chapter 11 bankruptcy protection in the Southern District of Texas Thursday. The case has been assigned to U.S. Bankruptcy Judge Alfredo Perez.
P.S. — Oncor GC Matt Henry: ‘We Can Do This!’
The Dallas Bar Association’s annual Equal Access to Justice Campaign is hitting crunch time in its efforts to raise $1.25 million for legal aid for the poor and disadvantaged. More than 50 lawyers, law firms and corporate legal departments have already donated between $5,000 and $25,500. The State Bar of Texas has awarded its annual Minority Counsel honors. The personal injury law firm J.D. Silva & Associates is giving away 500 new winter coats.
CareMax Hires Sidley to Lead Chapter 11 in NDTX
A Miami-headquartered and publicly traded healthcare network filed for Chapter 11 bankruptcy protection Sunday in Dallas, citing between $500 million and $1 billion in liabilities but less than $500 million in assets.
Democratic Judge Tina Clinton Claims Late Victory in Dallas Court of Appeals Election
The news of an all-Republican sweep of the Texas Fifth Court of Appeals in Dallas last week was premature.
Citing mail-in ballots and provisional voting from Dallas County and Collin County, multiple sources have told The Texas Lawbook that Dallas County Criminal Court Judge Tina Clinton, a Democrat, appears to have flipped the election results and won her race for the Dallas appeals court against Thompson Coe commercial litigator Matthew Kolodoski.
Citi: Texas Firms Experiencing Headcount, Revenue Growth So Far in 2024
Texas-based corporate law firms experienced strong headcount, demand and revenue growth during the first nine months of 2024, according to new Citi Law Firm Group data provided to The Texas Lawbook. The dozen or so law firms headquartered in Texas increased their year-over-year lawyer headcount during the first three quarters by three percent, compared to 1.3 percent for firms nationwide. Those firms grew equity partnership by 2.2 percent, which compares to zero percent nationally, according to Citi’s exclusive data.
Porter Hedges, Latham Lead Vroom’s Bankruptcy
Houston-headquartered Vroom Inc. filed for Chapter 11 bankruptcy protection Thursday in the Southern District of Texas, citing about $305 million in liabilities but only $44 million in assets. An automotive finance company and digital service platform for car retailers, Vroom selected Porter Hedges as its lead legal advisor and Latham & Watkins as special advisory counsel. The company also selected Stout Risius Ross as its financial advisor and Verita Global as claims and noticing agent.
Spicey Partners Real Estate, aka Cosmed, Files for Bankruptcy in Houston
Rhode Island-based sterilization company Cosmed Group and its affiliated company Spicey Partners Real Estate have filed for bankruptcy in the Southern District of Texas.
P.S. — This Week’s Givers: Haynes Boone, Squire Patton Boggs, John DeWitt Gregory Trust and Witherite
The Dallas Bar Association’s Equal Access to Justice Campaign is about one-third of the way to its $1.4 million goal. Texas Appleseed raised $544,000 at its annual Good Apple Dinner last week, including a $1,000 donation from The Texas Lawbook. A Dallas plaintiff’s law firm is the first in the legal industry to announce it is sponsoring a Thanksgiving food giveaway. And a Squire Patton Boggs senior partner in Dallas will be honored next week for a career of professionalism.