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.
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.
2024-2025 Partner Promotions
The Texas Lawbook tracks promotions to partner by law firms in Texas. Promotions for the 2024/2025 class have started and are available to subscribers in a searchable database that will update as new Texas-based partners are announced.
November 14 — The Day Fulbright & Jaworski Changed the Texas Legal Landscape Forever
Fulbright & Jaworski was the biggest of the Big Three in Texas a dozen years ago. For the past century, Fulbright, Baker Botts and Vinson & Elkins reigned as the masters of corporate law in Texas. Lawyers at the trio didn’t need to do much business development because clients rushed to their offices when they needed big-time help. Fulbright and her two sister firms — all headquartered in Houston — represented Texas’ biggest businesses and wealthiest citizens. Each employed about 700 attorneys, and they reported roughly the same revenues and profits. The best students at all the Texas law schools prayed one of the Big Three would extend them an offer. Lawyers joined Fulbright and stayed until they retired. Even as national law firms dipped their toes in the Texas legal market waters, leaders at the Big Three swore they would never merge. Texas forever.
Then came Nov. 14, 2012. And everything changed.
V&E Announces New Denver Office
The Houston-based firm announced on Halloween that it is launching a Denver office led by three leading corporate partners at the firm. V&E has been involved in several deals in the region this year.
The Vanishing Texas-based Corporate Law Firm
At midnight on Dec. 31, the sign on the front door at Locke Lord will come down, and the corporate law firm’s 130-year history as a Dallas-based institution will come to an end as the result of a merger with Troutman Pepper. Over the last dozen years, more than 30 business law firms headquartered in Dallas, Houston, Austin and San Antonio have merged with or been swallowed up by larger, more profitable corporate law firms seeking to enter the thriving Texas business market or expand specific practice areas. None of them call Texas HQ anymore.
Since 2012, seven of the 25 largest Texas-based corporate law firms have merged out of existence. Legal industry analysts predict that more Texas legacy firms — small, medium and large — will be takeover targets within the next 18 months.
Vertex Energy Bankruptcy Fees Hit $2,450 an Hour
The legal and financial advisors in the Vertex Energy bankruptcy and restructuring have filed their applications for official employment, and the numbers never cease to amaze. Kirkland, Bracewell, Alvarez & Marsal and Perella Weinberg Partners filed their fees to be approved by SDTX Bankruptcy Judge Christopher Lopez.
V&E Takes Off in Dublin
The Houston-based firm has opened an office in Dublin, the firm’s 12th worldwide, to further invest in its aviation finance practice.
Locke Lord, Troutman Pepper Vote to Merge
The combination will create a firm of more than 1,600 lawyers in 35 offices which last year reported more than $1.5 billion in revenues, placing it in the top 30 of the Am Law 100 rankings.
Kent Zimmermann, a strategic adviser and principal with the Zeughauser Group, introduced the two firms and describes the combination as “the most appealing in recent history.”