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Firm Management

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.

The Gifts of Mentorship

For Mentorship Month, Greenberg Traurig attorneys Lindsey Groos, who is a mid-level associate, and Lou Ann Brunenn, a shareholder, share perspectives from both sides of the mentee-mentor relationship.

WFH to LAW: Gray Reed’s Renovated Houston Office Aims to Feel Like Home

Coming off a record year in 2021 in which it generated $112.5 million in revenues, the 150-lawyer firm partnered with the architectural and design firm Abel Design Group for a yearlong project to create a “next generation space” at Four Oaks Place in the Galleria, where the firm has been headquartered since 1998. The 61,600 square foot modernized space features more inviting gathering spaces, including a wine lounge and fireplace, and improved technological capabilities.

Gray Reed Chief Operating Officer Mark Gargiulo said the revamped office even coined a new phrase. “Over the last couple of years, everyone has most certainly become familiar with WFH or Work From Home. However, our space has generated questions about how one might Live At Work, ironically abbreviated LAW.”

Lessons for Lawyer Leaders from Henry Kissinger 

“Study history. Study history. In history lie all secrets of statecraft.”

That was the response Henry Kissinger recalls Winston Churchill giving a student who asked how best to prepare for the challenges of leadership. This advice is especially useful for lawyers in the 21st century.

Litigation Firms Saw ‘Incredibly Busy’ 2022 – Big Associate Bonuses and Promotions to Partner

If 2021 was the year of the corporate M&A lawyer in Texas, this year has been equally good for attorneys who specialize in complex commercial litigation. After being closed for two years due to Covid-19, Texas courthouses reopened in 2022 and many litigation firms experienced record numbers of trials, depositions and courtroom battles. The result, according to experts, is that Houston and Dallas litigation boutiques large and small are projecting record revenues, profits and associate bonuses for 2022. The Texas Lawbook looks at four trial firms as examples.

Winstead Elects Jeff Matthews as Next Leader

Shareholders at the corporate law firm Winstead have elected the chair of its business and transactions practice, Jeff Matthews, as the firm’s next chairman and CEO. A 2003 graduate of the University of Texas School of Law and the son of a former Exxon general counsel, Matthews replaces David Dawson, who has led Winstead since 2014. In an interview with The Texas Lawbook, Matthews discusses the Texas firm’s position in the legal market, how 2022 has gone so far and whether there is any interest in a future merger. 

This Associate Logged 100 Hours of Pro Bono in the Last Year. Here’s How He Did It

As the year comes to an end, some may be reflecting on their legal practice and looking for ways to squeeze more pro bono into their life. The Texas Lawbook spoke with Stinson associate and pro bono pro Grant DuBois, who manages a pro bono misdemeanor criminal docket in his spare time and provides tips for weaving more pro bono work into the daily grind.

“Attorneys have been viewed by the general public as an undesirable group since the beginning of our profession,” DuBois says. “Many refer to us as ‘money-sucking vampires’ motivated not by client service, but by greed. One of the ways we can start to change this generalized perception is to provide pro bono services as often as we can.”

Baker Botts Awards $20K-$115K Annual Bonuses to Associates

Baker Botts became the first Texas-based law firm to announce year-end bonuses to associates. The Houston-based firm, in a Dec. 2 memo by Baker Botts managing partner John Martin, said associates hired out of law school in 2021 will get a $20,000 bonus this holiday. The scale accelerates up to $115,000 bonuses for seven- and eight-year associates hired in 2015 and before.

The Texas Lawbook Team Gives Thanks

When I started The Texas Lawbook 11 years ago this month, I had no idea what I was doing. My team may tell you that I still don’t. But the success The Lawbook has achieved seems like a miracle.

The reason: The Lawbook team. Without them, I would be operating a blog that not even my parents would pay to read. This week, I celebrate Thanksgiving because of my colleagues.

P.S. — Thanksgiving Edition

A short and sweet public service column highlights the work one Dallas firm is doing to benefit a local children’s shelter and three Houston women lawyers who were recently honored for their commitment to their communities and advancing women. Happy Thanksgiving from The Texas Lawbook.

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