Nearly half of the 35 largest revenue-generating law firms operating in Texas are based outside the state. National law firms earned more than $1 billion in revenues from their Texas operations in 2015 – a double digit increase from 2014. Revenues for Texas-based firms increased by less than one-tenth of one percent last year.
Texas Lawbook data shows that elite, wealthy corporate law firms – those based in Texas and beyond – are achieving enormous financial success by stealing the best lawyers and the highest paying business clients away from indigenous Texas firms. The bottom line: the Texas legal market is turmoil and witnessing a shift that is radically changing the practice of corporate law in the state forever.
