How would the COVID-19 pandemic have disrupted the legal business before laptops and the internet – an era within the living memory of some lawyers still practicing, when secretary-typed documents, wall-wired telephones and telexes or faxes were the main alternatives to face-to-face engagement. Would lawyers have taken foolish risks with their health – just to make a living? Would communications obstacles shut down legal practices and squeeze revenues enough to cause some firms to fail? The Texas Lawbook takes a look.
Pandemic Finances – From Fear to Confidence (Part 2)The Saving Grace: Technology and Firm Culture
Texas corporate law firms salvaged their 2020 revenues because of strong demand from clients trying to navigate a perplexing business environment and a surprising capacity, heretofore hidden or rarely called upon, to supply those services remotely. Even though firms leapt into it literally overnight with no time to plan and prepare, remote working proved effective and efficient last year.
“The pandemic impacted how we did business much more than the business we did,” said King & Spalding’s Houston office leader Tracie Renfroe.
Pandemic Finances: The Charts
2020 Revenues v. 2019 More or Less Than Expected? Pandemic or Oil? Revenues per Lawyer Above $1 Million Revenues per Lawyer Below $1 Million Profits Per Partner: Top 13 Profits
Pandemic Finances — From Fear to Confidence (Part 1) In 2020, Texas Firms Dodge Worst Fears
Eleven months ago, law firm leaders looked into the abyss. Covid-19 had shuttered offices. Oil prices had plunged. Unprecedented disruptions loomed for corporate clients. The law firms feared drastic declines in revenues, wiped-out profits and painful layoffs.
The Texas Lawbook surveyed 26 law firms on what really happened during the pandemic. In the first of a three-part series, The Lawbook provides an advanced look at 2020 Texas law firm finances and operations. “All of us should be on bended knee, giving thanks,” said Jackson Walker’s Wade Cooper.
In the Push for Diversity at the Top, Norton Rose Fulbright Finds Sponsorship vs. Mentorship is Key
All corporate law firms struggle with racial and gender diversity, but Norton Rose Fulbright appears to have figured out the formula for inclusion among its highest ranks. Four of its U.S. management committee are women – three are women of color. The firm’s new global chair is an African American woman. Six of the 11 associates promoted to partner this week are ethnic minorities or women. The data begs the question: How did a century old global law firm achieve so much diversity in its leadership ranks?
DBJ: Dallas Law Executive ‘Cautiously Optimistic’ for 2021
The Dallas Business Journal recently spoke with Mike Taten, managing partner of Jackson Walker’s Dallas office, about navigating the varied challenges of 2020 and his projections for the new year.
The Silver Lining – The Most Transformative Time for the Legal Workplace
Workplace design trends in the legal industry identified prior to the pandemic will continue accelerating and in a more impactful way than ever before, according to the findings of a new survey by global architecture and design firm Gensler. Kenneth Wiesehuegel, studio director in Gensler’s Houston office and regional leader for professional service firms, shares specifics with The Lawbook.
Susman Godfrey: Associate Bonuses Hit $170K Amid ‘Heartbreaking’ Year
The Houston-based litigation powerhouse Susman Godfrey announced Monday that it paid six-digit bonuses to its associates, promoted six lawyers to partner – including four women – and significantly increased the amount of money the firm is giving to charities that focus on racial justice. Despite the great financial year, 2020 was still ‘heartbreaking’ for the four-decade old firm.
National Insurance Coverage Firm Launches Dallas Outpost
The firm opened its fifth office in the U.S. with three attorneys from Thompson Coe.
Updated – Shauna Clark – From a Segregated Prom to First African American Woman to Chair of a Global Law Firm
Shauna Clark, a Houston mother of four who represents some of the largest corporations in the world, will become the highest ranking African American woman to ever lead or co-lead a global corporate law firm. Norton Rose Fulbright, which has about 3,200 lawyers in 52 cities around the world including 400 lawyers in Texas, announced Thursday that Clark will be the next chair of its supervisory committees overseeing for the firm’s global and U.S. operations, which is essentially the second highest ranking post within law firm partnerships.
This article has been updated with a clarification about Clark’s new role.