As higher education circles, prospective students of color and mainstream media grapple with the aftermath of the Supreme Court’s affirmative action decision, so too does the legal industry. The Lawbook wanted a DEI expert’s take and got input from Kanarys founder Mandy Price, a Big Law attorney-turned DEI guru.
Texas Legacy Firms Finding Footing at Home
With a 16 percent jump in 2022 revenues, Jackson Walker is leading a resurgence of Texas-based firms that are growing revenues and increasing profits in their Texas operations. Fifteen of the 50 corporate law firms in the Texas Lawbook 50 are headquartered in Texas — down from 39 a decade ago. Those 15 Texas legacy firms generated $5.83 billion in 2022 — $3.37 billion from their Texas operations.
Twelve of the 15 Texas-headquartered firms grew revenues in 2022. Four firms increased year-over-year Texas revenues by more than 10 percent. Five additional Texas legacy firms reported annual revenue increases in their Texas offices by five percent or more. More than 42 percent of the revenue generated by Texas legacy firms came from their out-of-state operations. The Texas Lawbook has a full analysis.
Updated — Baker Botts’ Next MP: ‘Merger May Be in Our Future’ But Priority Is Strategic Growth in Texas and Beyond
For the first time in more than four decades, Baker Botts has elected a litigation partner to lead the 600-attorney, Houston-headquartered corporate law firm. The firm’s partners have chosen corporate securities litigation partner Danny David to replace John Martin, who has been managing partner since 2019 but faces mandatory retirement later this year. In a Friday morning interview, David told The Texas Lawbook that his top priority is to “grow smart to the strengths of our leading practices.”
Three Law Firms, Extraordinary Growth — The LA Connection
Three of the five fastest growing law firms in Texas today were founded or headquartered in Los Angeles. Gibson Dunn, Latham and O’Melveny added many times more lawyers and revenues in 2022 than the average corporate law firm operating in Texas, according to The Texas Lawbook 50. The three firms with California roots employed 368 lawyers who generated $595 million in their Texas offices in 2022 — up from 140 Texas attorneys in 2016 who brought in $179 million in business.
This is the story of three global corporate law firms and their extraordinary growth in Texas, as well as their strategies for the next two years. Spoiler alert: All three have deep pockets and big plans for Austin, Houston and Dallas.
Talen Energy GC Moves Up, New GC Moves In, V&E Gets New GC
Three weeks after exiting bankruptcy, Talen Energy announced that GC Andrew Wright will be the company’s next chief administrative officer and V&E partner John Wander will be the energy firm’s next GC effective June 19. Wander also served as V&E’s internal GC. With his departure, the firm announced that partner Vanessa Griffith will be the Houston-based law firm’s new GC.
Meaningful Change Requires Personal Investment
As female attorneys who have worked in-house and in various firm environments, we have seen firsthand the challenges that women and marginalized communities face in the legal profession.
While there has been progress in recent years, there are still far too few female partners and other underrepresented leaders in the field, such that we can’t rely on structural and institutional change alone. More progress cannot occur without lawyers across the spectrum investing in the next generation of lawyers from underrepresented communities.
Will Shearman’s Merger with A&O Impact the Texas Legal Market?
London-based Allen & Overy has coveted a presence in Texas to boost its global energy practice. On Sunday, the Magic Circle firm got it. A&O and Shearman & Sterling, a New York-headquartered corporate law firm with 60 lawyers in Austin, Dallas and Houston, announced Sunday that they are merging. The Texas Lawbook looks at Shearman’s operations in Texas and what the merger might mean.
Updated — ‘Very Emotional’ McKool Smith Co-Founder Leaves Firm After Three Decades
Legendary Dallas trial lawyer Mike McKool announced Thursday that he has left the 130-lawyer firm that he co-founded 32 years ago in order to take on an assignment that he sees as the final big case of his career.
McKool, who has tried more than 100 cases to juries resulting in verdicts exceeding $1 billion, told The Texas Lawbook that he has shed many tears today because he is leaving McKool Smith to take on a case for a client that presents a conflict with other clients at the law firm that bears his name.
Another Record for Texas Revenues in 2022
The top 50 firms in Texas corporate law continued to thrive in 2022, generating more than $8 billion for the first time. The Texas Lawbook 50 raked in a record $8.6 billion in 2022 — 7.6 percent more than the prior year.
Thirty-eight of the Lawbook 50 firms scored higher revenues in their Texas offices last year than in 2021. Thirty-five of them achieved record revenues in 2022. Texas corporate law roared to new heights because of strong demand across the board, with work generated by headline events like the Winter Storm Uri litigation, the enactment of the Inflation Reduction Act, which spurred a considerable amount of transactional work in the energy industry and a steady flow of M&A activity, including a handful of mega-transactions. The Texas Lawbook has the exclusive data and analysis.
Texas Law Schools Make Jumps in 2024 U.S. News Rankings
U.S. News & World Report had to delay its release of the 2024 rankings after some institutions raised questions about the data. The new list shows the University of Texas at Austin School of Law still leads the state, but Texas A&M University School of Law is rising rapidly.