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More law firms in Texas scored revenues per lawyer of $1 million or more in 2019 than ever before. In fact, The Texas Lawbook 50 averaged seven-digits for the first time ever last year. Twenty-three law firms operating in Texas achieved the lofty standard demonstrating success. The Lawbook has the data and the details.
Baker Botts partner Bill Kroger knows music and Texas legal history. He needs both as he faces some monumental challenges as the new president of the Houston Bar Association. Exactly 150 years ago, Baker Botts co-founder Peter Gray was the bar's first president. His big issue in 1870: a healthcare crisis known as the Yellow Fever, which killed thousands of people, bankrupted Texas businesses and led to an armed quarantine.
As the Covid-19 crisis stretches on, law firms need a renewed focus on communication and culture. The managing partners of Sidley's two Texas offices weigh in and also discuss how the pandemic has changed lateral and talent recruitment.
There are seven middle market corporate law firms in The Texas Lawbook 50 in 2019 - down from nine a year earlier. They employed 721 corporate lawyers and generated $452 million in revenues. Some had record years. Others restructured. Legal industry analysts say these firms are a throwback to old-fashioned legal practices when lawyers were actually counselors for their business clients, and they might just thrive in this new crisis environment. Updated to include correction.
For the first time ever, Texas lawyers for national law firms made more money - $3.48 billion - than their Texas-based competition in 2019, according to new Texas Lawbook data. The 16 fastest growing corporate law firms in Texas during the past five years are all headquartered outside of the state. "We saw the writing on the wall," said Shearman's Hugh Tucker.
Carrington Coleman has a new managing partner this week: Monica Latin, who has been the firm's head of litigation. “We had an official passing of the torch Friday on an all-firm Zoom,” Latin told The Texas Lawbook in an interview Sunday. “We thanked Bruce [Collins] for his eight years of incredible leadership.”
A dozen of the 17 Texas-based corporate law firms on The Texas Lawbook 50 generated more money in 2019 than they did the year before. Seven scored record high revenues. Some increased income more at their non-Texas offices. This year, however, the leaders at most of the Texas firms are just hoping they make 70-cents on last year’s dollar. The Lawbook provides an in-depth look at Texas firm finances.
The 50 largest corporate law firms operating in Texas scored record revenues and profits in 2019, added more lawyers than ever before and started the first two to three months of 2020 on pace for even loftier heights, according to exclusive new data collected by The Texas Lawbook. While 2019 seems like such a long time ago, legal analysts say the financial health of Texas law firms in the 14 months leading into the COVID-19 and crude oil price crises is a clear indicator of how they will make it through the rough times ahead.
Lawyer headcount for corporate law firms operating in Texas was stagnant for the past decade. But new Texas Lawbook 50 data shows that those same firms went on a relative hiring spree in 2019, adding more attorneys last year than they had during the previous four years combined. Analysts say the long-awaited growth occurred at exactly the wrong time. The Texas Lawbook has all the stats and comments.
Some law firms have intensified their outreach efforts by trumpeting the myriad of legal issues on which they can help clients during this crisis. Are they seizing opportunities or distastefully capitalizing on a global pandemic? Prominent corporate law firm marketing expert Susan Peters says the best law firm business development efforts in bad times resemble those in good times: anticipate clients’ concerns and show how the firm can help.
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