Free Speech, Due Process and Trial by Jury
Citing the growing threat of the Covid-19 Delta variant among people who are unvaccinated, several law firms in Texas – Akin Gump, Haynes and Boone, Norton Rose Fulbright and Vinson & Elkins – have announced they are delaying the date when they will require lawyers and staff to return to the office and that employees working on-site must be vaccinated.
Don’t write the obituary for Texas-based corporate law firms just yet. There are fewer than a decade ago, but most are doing quite well financially. In fact, 10 scored record Texas revenues in 2020 despite the pandemic and economic slowdown. Even more of the Texas-based firms say they’re doing better in 2021 than last year. And all of them are hiring more lawyers to handle the increased legal work clients are sending them.
Newly released data from the Small Business Administration reveals the full extent to which Texas law firms relied on Payroll Protection Plan loans to stay afloat while adjusting to the widespread disruptions of the Covid-19 pandemic. But the data also shows that law firms in Texas rebounded enough to leave a fair amount of federal money on the table. The Texas Lawbook has the numbers.
Sunday night's merger of Thompson & Knight and Holland & Knight appears to have gone seamlessly. The combination meets the needs of each - H&K to thrive in Texas and TK to just survive. The managing partners of the two firms - now partners of the same firm - gave The Texas Lawbook an exclusive interview on how the merger came together and why they both think it will be a huge success.
William Thompson and R.E.L. Knight became partners in 1914 and created a corporate law firm that lasted 107 years. Its lawyers handled some of the biggest and most important M&A deals and litigation for some of America's largest companies. Today is the last day of existence for Thompson & Knight, as it merges with Miami-based Holland & Knight. As The Texas Lawbook explains, the loss of TK is disheartening because the firm's history mirrors the history of corporate law in Texas.
Lynn Pinker is the latest litigation boutique to match the big law-induced associate pay hike started by Davis Polk earlier this summer.
The Texas Lawbook has long documented the battle between Texas corporate law firms and those that invaded the Lone Star state from across the country. The Lawbook has now conducted an analysis of the 11 out-of-state cities with multiple firms operating in Texas. It’s New York v. Chicago v. Los Angeles v. Atlanta v. Kansas City. While bigger may be better for many corporate law firms, roots are significant, too.
Out-of-state law firms generated nearly $4 billion in revenue from their Texas operations last year, which is more than the Texas headquartered firms made, according to new numbers from "The Texas Lawbook 50." The exclusive data finds that 40 non-Texas firms are still increasing market share, as lawyer headcounts and revenue-per-lawyer rising at above-average rates in 2020. The Texas Lawbook has an in-depth analysis.
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