According to a Citi survey of 140 predominantly Am Law 100 and 200 firms, including six Texas-headquartered firms, the rate of promotions for women and minorities on both a global level and state level steadily declines as lawyers work their way up the ranks — from associates to of counsel to partner to equity partner.
Kirkland Promotes 21 Lawyers to Partner in Texas
Kirkland’s 21 newly promoted Texas partners is down from 25 last year but it is still likely to be one of the largest new partner classes of any business law firm.
Texas Legal Market: Soft Landing, New Take-Offs or Just More of the Same?
The Texas legal market — just like the national economy — seems to be moving forward but at a considerably slower and more cautious pace. Lateral hiring of associates, especially transactional practitioners, is rare and six-digit signing bonuses are history. Partners with strong books of business, however, remain in demand.
Litigation partners, senior associates and counsel are more sought-after than those in the transactional practices. The DFW lateral hiring legal market is a tad stronger than Houston right now. Austin’s legal hiring has cooled considerably.
The Texas Lawbook interviewed four Texas legal industry insiders to get their insights on the Texas legal market and what they expect for the rest of 2023 and 2024.
The ‘Lasso Way’: Lessons for Lawyers from Ted Lasso Season Three
Season Three provided more takeaways for enriching attorneys on “The Lasso Way.” And of course, more quotable pearls of wisdom.
Texas Lawyers Hit $2,000 an Hour
Just a dozen years ago, a handful of lawyers in Texas breached the $1,000 hourly rate barrier. The $1K lawyers were the best of the best in their practice areas: trial lawyers Steve Susman, Tom Melsheimer, Charles Schwartz and Harry Reasoner for bet-the-company litigation, or deal lawyers like Jeff Chapman, Andy Calder, Tom Roberts or Michael Dillard to lead mega-billion-dollar transactions. This year, a handful of Texas lawyers broke through another billing barrier: $2,000 an hour. Dozens more are expected to start charging clients $2K next year.
Seyfarth Shaw Adds Second Texas Office
The firm expanded its presence in the state by recruiting a group of Dallas attorneys from Bryan Cave and QSLWM, with an eye to enhancing its real estate finance capabilities.
AI Hallucinations in Legal Research Are a Serious Problem … for Now
By now, we know that GenAI hallucinates. It is very real. It is very serious. And it is most likely very temporary.
Looking to learn from others who are approaching the inevitable disruption that GenAI will bring to the legal industry, I talked with three legal technologists from the UK law firm Travers Smith about mitigating the hallucination problem, the development of their own open-source AI chatbot and more.
Energy Companies Racking Up Hundreds of Millions in Legal Bills in Winter Storm Uri Litigation
More than 400 lawyers at more than 30 elite corporate law firms in Texas have made a total of more than $280 million in legal fees related to disputes involving Winter Storm Uri — a tab that legal industry insiders estimate will easily top a half-billion dollars before the litigation is over — even though not a single case has even been set for trial.
And those are only the lawyers representing energy companies and insurance firms. More than 80 plaintiffs’ attorneys — most of them from Houston — have filed lawsuits on behalf of tens of thousands of individuals and businesses claiming they were harmed by the actions — or lack of actions — of the energy companies during Winter Storm Uri. If successful, those lawyers could earn upwards of a billion dollars.
Holding Vigil: Law Firm Executives Deserve a Gold Star for Patience
Lawyers today face endless liabilities — both financial and reputational. Throw in the continuous industry-wide challenge of diversity and inclusion, a decline in associate writing skills and a truly mixed bag of social skills, and it is no wonder law firms find themselves stagnant and struggling to make big moves. This OpEd outlines key ways law firms can better utilize administrative resources and forge more strategic pathways.
Fifteen Law Firms in Texas Reach Elite Status
Corporate lawyers at 15 law firms operating in Texas reached elite financial status in 2022, according to the Texas Lawbook 50 data. Only two are based in Texas. Four are headquartered in New York. Four were founded in Chicago, four others in California and one in Atlanta. Eight of the elite law firms achieved revenue per lawyer of $1.5 million or more. Three topped $1.8 million. And one, for the first time in Texas history, broke the $2 million RPL barrier. Combined, the Texas lawyers at these 15 firms combined generated $3.18 billion in 2022.