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.
Finances and Firm Origin – Ranking Out-of-State Cities in the Texas Market
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.
For National Firms, Texas Just Keeps Getting Better and Better
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.
Haynes and Boone Announces Associate Comp Increases
The number of law firms operating in Texas increasing annual salaries for associates continued to grow Tuesday. At least 19 firms with offices in Dallas, Austin and Houston are boosting associate compensation. The Texas Lawbook has the details.
When Women Own Their Firm
There are 13 law firms in Texas certified by NAMWOLF as woman-owned. While small in number, these firms represent an impressive roster of clients including Fortune 500 companies and large government agencies. Nushin Huq looks at the stories behind a few of those firms, as well as the women behind the stories.
Preparing the Law Office for Return to Work with Design, Technology and Resilience in Mind
The overarching goal for the post-pandemic law office should be to create a place that fosters equity and consistency, is easy to use, focuses on people’s well-being and is resilient and sustainable long term for an elevated work experience, writes Gensler’s Faisal Naveed. In this article, he shares design principles that can help law firms achieve that goal and make the office a desired destination.
Closely Watched Revenue Per Lawyer Up 6th Year in a Row in Texas
There’s a new king of revenues per lawyer in Texas. For the first time ever, two law firms operating in Texas had RPLs of $1.8 million or more in 2020.
The Texas Lawbook 50 ranking of corporate law firms in Texas shows 21 firms achieved an RPL of $1 million or more last year, but only three of them have Texas roots.
The Texas Lawbook has the exclusive data and the details.
Overcoming Pandemic Fears, Firms Grew Texas Revenues
One year ago, corporate law firms in Texas feared financial disaster as they faced the Covid-19 shutdowns. Instead, three-fourths of The Texas Lawbook 50 largest law firms operating in Texas had higher revenues in 2020 than in 2019. Two-thirds posted record revenues, including several based in Texas. Six law firms grew their Texas revenues by 30% or more. The new data shows Texas businesses facing crises relied on their lawyers more in 2020 than ever before.
Pandemic Hampered Hiring in 2020, Texas Lawyer Headcount Flat
The top 50 corporate law firms operating in Texas added an average of one lawyer per firm in 2020. Firms now flush with business are worried about overworking their lawyers and are keen to hire new lawyers in 2021, but the talent just isn’t available. Of course, even one new face is more than most industry insiders anticipated a year ago as the Covid-19 pandemic and sinking oil prices plunged the economy into recession. The Texas Lawbook has the data and an in-depth report.
Lateral Hiring Fell in 2020 – You Can Probably Guess Why
Exclusive new data shows that the pandemic put a deep chill on the overheated Texas lateral market last year. Not only did firms stop recruiting, but lawyers stopped answering. But analysis shows it didn’t solve the long-term core problem: too much demand for too little talent in Texas. The result: $250,000 signing bonuses. The game of musical chairs is back.