Boosted by a huge burst in complex commercial litigation in 2022, many of the largest...
There’s a saying in the world of law firm economics: When times are good, corporate law firms do well. But when times are bad, those firms do even better.
“We are expecting year-over-year increases in revenue and profits-per-partner,” said Jeff Cody, U.S. managing partner of Norton Rose Fulbright in Houston.Cody joined nearly two-dozen Texas law firm leaders in attributing a significant jump in revenue to an increase in litigation work after two years of closed courtrooms due to the COVID-19 pandemic.
Financial growth among law firms in Texas has been business as usually for more than a decade. Firms have set revenue records regularly – with 2021 standing out as a blockbuster. The Texas Lawbook 50, an annual review of firm business, showed total revenues of more than $7.8 billion, up 17 percent from 2020. Before 2021, revenue growth had been running in the low single digits. Texas corporate lawyers even managed to increase revenues in 2020, the first year of the pandemic.
Hiring might have been stronger if not for persistent supply constraints. In recent years, corporate law firms operating in Texas have struggled in a “war for talent” – an intense competition in recruiting and retaining the top lawyers needed to keep up with the market’s growth. Eight firms contend their profits-per-partner stayed even in 2022 with year-earlier figures. Three firms said they expected their PPP to decline in 2022.
“Demand for the corporate practice is down a couple percentage points, as there was a lull in the summer,” said V&E Chair Keith Fullenweider of Houston. “But the last two months have really picked up.”
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