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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.
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.
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.
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.
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.
The Houston-based firm has opened an office in Dublin, the firm’s 12th worldwide, to further invest in its aviation finance practice.
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."
The Dallas-based firm is building on its real estate group focus with the new five-lawyer office, which is its third outside of Texas. Winstead Chairman and CEO Jeff Matthews said it is “just the beginning of our strategic growth in Nashville.”
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