Texas-based corporate law firms experienced strong headcount, demand and revenue growth during the first nine months of 2024, according to new Citi Law Firm Group data provided to The Texas Lawbook. The dozen or so law firms headquartered in Texas increased their year-over-year lawyer headcount during the first three quarters by three percent, compared to 1.3 percent for firms nationwide. Those firms grew equity partnership by 2.2 percent, which compares to zero percent nationally, according to Citi’s exclusive data.
November 14 — The Day Fulbright & Jaworski Changed the Texas Legal Landscape Forever
Fulbright & Jaworski was the biggest of the Big Three in Texas a dozen years ago. For the past century, Fulbright, Baker Botts and Vinson & Elkins reigned as the masters of corporate law in Texas. Lawyers at the trio didn’t need to do much business development because clients rushed to their offices when they needed big-time help. Fulbright and her two sister firms — all headquartered in Houston — represented Texas’ biggest businesses and wealthiest citizens. Each employed about 700 attorneys, and they reported roughly the same revenues and profits. The best students at all the Texas law schools prayed one of the Big Three would extend them an offer. Lawyers joined Fulbright and stayed until they retired. Even as national law firms dipped their toes in the Texas legal market waters, leaders at the Big Three swore they would never merge. Texas forever.
Then came Nov. 14, 2012. And everything changed.
V&E Announces New Denver Office
The Houston-based firm announced on Halloween that it is launching a Denver office led by three leading corporate partners at the firm. V&E has been involved in several deals in the region this year.
The Vanishing Texas-based Corporate Law Firm
At midnight on Dec. 31, the sign on the front door at Locke Lord will come down, and the corporate law firm’s 130-year history as a Dallas-based institution will come to an end as the result of a merger with Troutman Pepper. Over the last dozen years, more than 30 business law firms headquartered in Dallas, Houston, Austin and San Antonio have merged with or been swallowed up by larger, more profitable corporate law firms seeking to enter the thriving Texas business market or expand specific practice areas. None of them call Texas HQ anymore.
Since 2012, seven of the 25 largest Texas-based corporate law firms have merged out of existence. Legal industry analysts predict that more Texas legacy firms — small, medium and large — will be takeover targets within the next 18 months.
Locke Lord, Troutman Pepper Vote to Merge
The combination will create a firm of more than 1,600 lawyers in 35 offices which last year reported more than $1.5 billion in revenues, placing it in the top 30 of the Am Law 100 rankings.
Kent Zimmermann, a strategic adviser and principal with the Zeughauser Group, introduced the two firms and describes the combination as “the most appealing in recent history.”
Update: Texas Lateral Partner Hiring Boomed in H1 2024
The lateral partner market in Texas hit a fevered pitch during the first six months of 2024 — especially in Houston and among litigation practices, according to exclusive Texas Lawbook data. Some big-name lawyers changed locations during H1 2024. Dozens of the lateral partner moves are the result of a few law firms opening new offices in Texas. Four law firms took their first plunge into the Texas legal market by hiring lateral partners. Lawbook database manager Christi Trammell and reporter Mark Curriden provide the inside numbers and Lotus Legal Search Founder Kate Cassidy offers the analysis.
Texas Lawbook 50: 11 Firms Rise to Elite Status
Eleven corporate law firms operating in Texas reached elite financial status in 2023.
Texas Lawbook 50 data shows that three Texas-based law firms and eight national law firms reported at least $3 million in profits per partner and $1.4 million or more in revenue per lawyer in their Texas operations last year.
Bell Nunnally Awards Midyear Associate Bonuses
Citing an extraordinary first six months of success, Bell Nunnally has awarded its two-dozen associates midyear bonuses ranging from $10,000 to $25,000.
“We are having a fantastic year with revenues up seven to nine percent year-over-year,” Chris Trowbridge, managing partner of the Dallas-based law firm, told The Texas Lawbook. “We did not want to wait until the end of the year to reward our associates for their great work.”
McKool Smith Announces Summer Bonuses
Litigation boutique McKool Smith kicked off the 2024 summer battle for talent this week by announcing four- and five-digit bonuses to its lawyers who have worked the most time on client matters.
A&O Shearman: Texas is Strategic to New Firm’s Success
The 800 partners of the newly merged firm A&O Shearman recently conducted their first partner retreat in Denmark but a big part of their focus was 5,180 miles away on their practices in Houston, Dallas and Austin. The 3,900-lawyer corporate firm, the result of Allen & Overy and Shearman & Sterling combining, has 64 attorneys in Texas, but its leaders tell The Texas Lawbook major additions are planned.
“We are less than two months into this new firm, but the growth opportunities we see now are significantly larger than the opportunities for growth we saw before,” said Bill Nelson, managing partner of the Texas region for A&O Shearman and a capital markets partner in the firm’s Houston office.