Hundreds of Texas corporations received notices this year from their outside lawyers that their hourly rates were going up. Dozens of Texas lawyers who handle the most complex, bet-the-company legal matters now charge their business clients in excess of $1,000 an hour – a rate that was unheard of only a few years ago. There are more than 200 other Texas business lawyers who tout an hourly rate between $900 and $995. Who are these $1,000 an hour lawyers and how do they justify their rates? Click and find out.
Munsch Hardt Turns 30 and has a Story to Tell
In March 1985, six fourth year associates at Winstead decided to start their own firm. They had no clients, no management experience and minimal business development training. “Just about any law firm consultant would say that’s crazy and stupid,” says Dallas business litigator Steven Harr.
At a time when most smaller middle market full service law firms are struggling for survival or seeking a merger, Munsch Hardt has witnessed steady growth by creating a niche in the Texas legal market.
Texas Law Firms Fight for Talent, Revenues and Survival
Despite record revenues and profits, the Texas legal market is in turmoil. Even as elite law firms experience phenomenal growth in revenues and profits, many large, full service Texas law firms struggle to tread water and could face major restructuring or even extinction.
There’s a fierce battle over talent. Law firms that pay the most get the best lawyers. The best talent gets the best clients. The best clients pay the highest rates, which leads to greater revenues and profits.
“The deck has been completely reshuffled in Texas,” said Kent Zimmerman with Zeughauser Group. “In a short amount of time, the leaderboard has changed significantly.”
The Texas Lawbook interviewed more than two-dozen legal industry insiders in an in-depth examination of the state’s business law marketplace.
Norton Rose Fulbright Appoints Ken Stewart to Global Chair Position
Firm names Dallas corporate lawyer, one of the truly nice guy lawyers, to ambassadorial leadership role.
Texas Legal Market Expands and Fragments as Rich Firms get Richer
Texas lawyers who representing businesses generated a record amount of revenues in 2014. A new survey by The Texas Lawbook shows that business lawyers saw their workload increase significantly for the first time in years.
The biggest revenue jumps were recorded by elite and specialty law firms, while upper middle market legal shops face stagnation and uncertainty. Legal experts say that the Texas legal market is increasingly becoming a world of the “haves” and the “have nots.”
Nearly 80 percent of Texas law firm leaders said they believe 2015 financials will be as good, or even better than 2014, despite obvious challenges in the oil patch. Read the extensive article for all the details.
Cox Smith Merges with Dykema
After a yearlong business romance, the law firms from San Antonio and Detroit announced Monday they are combining to become Dykema Cox Smith, a 450-lawyer firm that has 140 attorneys in Texas. “This merger was purely driven by the firms and our people, not by consultants,” Cox Smith Managing Counsel Deborah Williamson said.
The Texas Lawbook has full details about how merger talks started and progressed. Hint: Dallas partner Bill Finklestein played a key role.
Stay Small or Merge Big: My Law Firm’s Story
In 1984, I started my own commercial law firm with just a secretary. Over 30 years, it grew to 18 lawyers thanks to our model of being a haven for large-firm refugees with an entrepreneurial spirit. Suddenly, we were besieged by national law firms seeking a merger. How in the world did I find myself here? This is my law firm’s story.
TX-Based Firms Begin Paying Associate Bonuses
V&E’s bonus amounts, the first from a large Texas-based law firm to be in the public domain, match if not exceed most national or New York law firms that have announced their numbers already.
Haynes and Boone Makes Mile High Move
Firm Managing Partner Tim Powers says Denver is the second most important market in the energy industry.
10 Quick Tips to Keeping In-House Counsel Happy
McGill was in the corporate legal department at JC Penney and HMS Holdings, where she hired and managed outside counsel. In this article, she shares insights and experiences about the important relationship between in-house and outside counsel.
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