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.”
Texas Legacy Firms: 2019 Was Good, 2020 May Be Make or Break
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.
Remember 2019? Texas Corporate Firms Scored Record Revenues, Profits – Why it Matters Now
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.
Law Firms in Texas Beefed Up in 2019: Could They Have Picked a Worse Time?
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.
Law Firm Marketing Expert: Business Development during COVID-19 is a Delicate Balance
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.
Legal Industry Experts: Law Firms Should Start Making Cuts Now
Gibson Dunn managing partner Rob Walters, fresh out of the hospital after testing positive with the coronavirus, has a unique perspective on the potential impact that COVID-19 and cheap oil prices could have on Texas law firms: “This will affect the entire legal industry [and] prove fatal for some fine businesses and law firms.”
Legal industry experts say corporate law firms across Texas should be more worried than they appear to be. Many need to cancel summer associate programs, tell new lawyers that they may not be needed this fall, start reductions in associate salaries and hold back partner draws. “It could get very bad and the Texas legal market will take an even bigger hit than others,” says an Altman Weil analyst. The Texas Lawbook provides an exclusive, in-depth report.
COVID-19 has Law Firms Considering Changes to Summer Associate Programs
Corporate law firm leaders across Texas are scrambling to figure out what to tell the hundreds of increasingly nervous law students scheduled to participate in summer associate programs scheduled to start in about six weeks. Sidley is delaying its summer clerks arrival for two weeks. Other firms are not sure.
All in a Day’s Work from Home: How to Successfully WFH
With President Trump extending the social distancing guidelines through at least the end of April, millions of Americans will continue adjusting to a work-from-home reality for the foreseeable future. Jason Mueller and Stevin George of Sheppard Mullin share tips that can help you transition to this new normal.
Expert: TX Law Firms Face Financial Hits, Opportunities in Crisis
Corporate law firms in Texas are going to take a financial hit as a result of the one-two punch of the coronavirus and plunging oil prices, according to a law firm management expert. The crisis is also an opportunity for firm leaders to make significant changes, including giving underperforming partners the boot.
St. Louis Firm Expands into Texas with Four Dallas Litigators
Thompson Coburn has opened its sixth office nationwide with partners from Thompson & Knight and Hedrick Kring. The firm aims to grow to 40-plus lawyers over the next few years.