Six Texas Firms Among Am Law Second Hundred
Six large Texas firms make the Am Law Second Hundred list of the highest-grossing firms. Earlier, five other Texas firms made the Am Law 100 ranking.
May 22, 2018 at 12:31 PM
4 minute read
Six large Texas firms appear on the Am Law Second Hundred list, which ranks the 101st to 200th highest-grossing U.S. firms in 2017. The list was published Tuesday.
Another five Texas firms with even higher revenue appear on the Am Law 100 published in May. The Am Law 100 is comprised of the nation's 100 highest-grossing firms, and the Second Hundred includes the next 100 highest-grossing firms.
Of the six Texas Second Hundred firms, four moved up in the national rankings and two slipped slightly from the ranking on last year's Am Law Second Hundred, which was based on financials from 2016. Last year, seven Texas firms were on the Second Hundred list. But this year, Strasburger & Price, which merged with Clark Hill in April, narrowly missed the cutoff with its 2017 revenue.
Texas Firms – Am Law Second 100
Nationwide, the Second Hundred firms did not do as well in 2017 as the Am Law 100 firms. Gross revenue grew by 5.5 percent for the Am Law 100, but slipped by 0.2 percent for the Second Hundred. Revenue per lawyer grew by 3.2 percent for the Am Law 100, but declined by 0.3 percent for the Second Hundred. And profits per equity partner grew by 6.3 percent for the Am Law 100 but dipped 1.4 percent for the Second Hundred.
Andrews Kurth Kenyon was the Texas firm with the highest rank on the Second Hundred list, capturing the 113th position with $280.2 million in revenue—a small drop from the firm's 111th spot the year before. The Houston-based firm is now Hunton Andrews Kurth after its merger in April with Hunton & Williams.
Bracewell was close behind, taking the 114th position on the Second Hundred list with $278.7 million in revenue in 2017. Jackson Walker came in next, with $249.4 million in revenue and claiming the 120th spot on the chart.
Winstead posted $216.8 million in revenue and ranked 135th, while Thompson & Knight reported $212.0 million in revenue and took the 138th spot. Gardere Wynne Sewell was the last Texas firm on the chart, ranking 168th, with $144.0 million in revenue. Gardere is now Foley Gardere, following its April merger with Foley & Lardner.
Strasburger & Price, with $93.8 million in revenue in 2017, just missed inclusion on the Second Hundred, which had a cutoff of $94.0 million. Strasburger is the third major Texas firm that was part of a merger in April. The firm is now Clark Hill Strasburger, following its merger with Clark Hill.
Many consider Revenue per Lawyer (RPL) the most reliable measure of a firm's financial performance. RPL improved by 5.4 percent at Andrews Kurth, by 3.2 percent at Winstead, and by 1.1 percent at Bracewell. On the flip side, RPL declined by 2.5 percent at Jackson Walker, by 2.8 percent at Thompson & Knight and by 11.2 percent at Gardere.
Winstead posted the highest increase in Profits per Partner (PPP) among the six Texas firms on the Second Hundred, up 5.2 percent. At Bracewell, PPP rose 1.2 percent. Other firms posted declines, including Thompson & Knight, where PPP was down 2.9 percent, Andrews Kurth, where it dropped 3.6 percent, Gardere, where it was down 4.3 percent, and Jackson Walker, where it fell 13.7 percent.
The six Texas firms included in the Am Law Second Hundred will also be included in the listing of the 20 highest-grossing firms in Texas, which will be published in July in Texas Lawyer's annual report on firm finance.
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