For half of a century, the Big Three dominated Big Law in Texas like GM, Ford and Chrysler ruled Detroit. Every Texas law school graduate wanted to work at Baker Botts, Fulbright & Jaworski or Vinson & Elkins. Rookie lawyers hired by the Big Three retired there. Two-dozen years ago, the Big Three had roughly the same number of lawyers and nearly identical revenues in their home state. Each faced monumental headwinds and threats to their very existence.

The Big Three survived, though they look a lot differently today than they did in 1998. Baker Botts, Norton Rose Fulbright and V&E remain among the Texas Lawbook 50’s top five largest law firms, though the gap between them in revenues and profits is widening.