Eleven of the dozen Texas-based corporate law firms in the Texas Lawbook 50 experienced record revenue and profit in 2025, and the 12th firm did pretty damn well, too.
From Gray Reed, Kelly Hart and Porter Hedges to Baker Botts, Bracewell and Vinson & Elkins, law firms founded and headquartered in Texas saw the most revenue growth since exiting from the pandemic in 2021.
Citing heavy demand in legal services for real estate, tax, corporate transactions, fundings, commercial litigation and intellectual property disputes, the Texas-based lawyers for the Texas 12 generated $3.58 billion in 2025 — 10.56 percent more than the year before, according to the Lawbook 50.
Seven of the Texas-based firms — Akin, Baker Botts, Gray Reed, Haynes Boone, Jackson Walker, Munsch Hardt and Susman Godfrey — grew their 2025 Texas revenue by double-digits.
“2024 was the best year ever for our firm, and 2025 was even better,” said Gray Reed managing partner Kyle Sanders. “We had higher demand across all 15 practice groups in 2025. We remain committed to middle-market clients. The hourly rates at larger firms have gotten so high. There remains a place in the market for midsized firms, and we are seeing the benefits.”
“Demand for legal work in 2026 is well ahead of last year’s pace,” Sanders said.
The Texas 12 did even better in their out-of-state operations.
Lawbook 50 data shows that:
- The 12 firms generated $6.77 billion in 2025 — a 13.6 percent increase from 2024 — from their entire operations;
- Lawyers for the dozen Texas-headquartered law firms grew their non-Texas revenue by 17.3 percent;
- Two Texas-based firms surpassed the 10-digit mark. Akin, which was founded in Dallas and is now co-headquartered in Washington, D.C., saw its firmwide revenue jump 14.4 percent in 2025 to $1.7 billion. Vinson & Elkins’ firmwide revenue increased nearly eight percent to $1.13 billion;
- Akin, Baker Botts and Houston-based Susman Godfrey generated more revenue outside of Texas;
- Susman Godfrey saw its firmwide revenue skyrocket 54.5 percent to $650.4 million;
- Three firms — Gray Reed, Jackson Walker and Munsch Hardt — have no offices outside of Texas; and
- Only one of the 12 firms is headquartered in a Texas city other than Dallas or Houston, and that is Fort Worth-based Kelly Hart, which grew its Texas revenue by more than eight percent.
“2025 started with a new president and lots of uncertainty,” said Kelly Hart managing partner Marianne Auld. “Fortunately, we are in a state that tends to be mostly isolated from the problems that are happening elsewhere. We are in a great state for doing business, and that is very good for the legal professional and legal services.”
Houston-based Baker Botts, which generated 53 percent of its firmwide revenue outside of Texas, saw its Texas revenue jump 10 percent in 2025, but its out-of-state revenue increased by two percent.
“The level of business has been unprecedented,” said Baker Botts managing partner Danny David, who points out the firm’s emphasis on energy and technology. “There are so many things happening in the Texas markets that we serve. Many clients are looking for ways to take advantage of artificial intelligence and technology. Our job is to counsel those clients on the unique attributes that makes Texas a great place to do business.”
Across the board, Texas law firm leaders say that the first few months of 2026 have started better than the same period a year ago.
“2025 was a terrific year — the strongest financial performance in the firm’s 80-year history,” said Bracewell managing partner Greg Bopp. “Our success was driven by our depth in business finance and infrastructure practices. The data center work is right in our sweet spot in our regulatory, transactional and finance practices.”
“The exceptional growth has provided a lot of opportunities for Bracewell,” Bopp said.
About Texas Lawbook 50
The Texas Lawbook 50 is the result of multiple efforts, including direct survey responses from about 70 law firms operating in Texas regarding their headcount, total revenues, revenues per lawyer and profits per equity partner. Most firms provided the requested data. Other law firms provided simple lawyer headcount and RPL, which were used to calculate Texas revenues. The Lawbook also used other sources, including interviews with key partners, former partners, legal industry analysts, as well as data from publications such as American Lawyer and other third-party sources that collect and analyze firm revenues.