Revenue, Income Improve at Haynes and Boone in 2017
The firm's gross revenue set a record that was just shy of $400 million.
March 07, 2018 at 03:40 PM
3 minute read
The original version of this story was published on Texas Lawyer
Boosted by strong demand in multiple practice areas, Haynes and Boone posted record gross revenue of nearly $400 million in 2017— up 6 percent compared with 2016, while its net income improved by 4.1 percent year-over-year.
The firm's gross revenue totaled $397,500,000 in 2017, compared with $375,000,000 in 2016. Net income came in at $127,245,000 in 2017, up from $122,200,000 the year before.
Revenue per lawyer was $730,000 in 2017, up 6.6 percent when compared with $685,000 in 2016. And profits per partner totaled $957,000, up 3.1 percent when compared with $928,000 the year before.
Timothy Powers, managing partner of the Dallas-based firm, said Haynes and Boone benefited from robust demand in its corporate, M&A and capital markets practices, and from a “really strong pickup” in energy throughout the year. Finance and real estate also did well, he said.
Significantly, he said, the firm's litigation practice, particularly in Texas, including appellate work, posted strong growth in 2017. In one significant matter, Haynes and Boone litigators, along with a team from Skadden, Arps, Slate, Meagher & Flom, won a $500 million verdict in federal court in Dallas in February 2017 in an intellectual property lawsuit for clients ZeniMax Media Inc. and idSoftware.
He said demand was down a bit in intellectual property prosecution after several very busy years, but post-grant review work picked up.
On the expense side, the firm made a large investment in technology by moving to a new cloud-based document management system, he said.
The 2017 results are particularly sweet because 2016's numbers included a contingency fee recovery of about $11 million to $12 million, Powers said. In 2016, gross revenue at Haynes and Boone improved by 3.6 percent when compared with 2015, and net income increased by 3 percent.
Powers said many of the firm's practices outperformed their budgets in 2017. “It was really a strong performance year overall,” he said.
In 2017, Haynes and Boone had 545 lawyers on a full-time-equivalent basis, down from 547 the year before. But the firm was active in the lateral hiring market, bringing on lawyers in Texas, London, New York, Palo Alto and Washington, D.C. Those hires include prominent Texas appellate lawyer Mike Hatchell, who came from Locke Lord in Austin, and energy litigators Craig Stahl and Jeffrey Kuehnle, who formerly worked at Andrews Kurth Kenyon in Houston.
Powers said he's cautiously optimistic about 2018, noting that the firm is eyeing some opportunities in the wake of tax reform and infrastructure spending.
This content has been archived. It is available through our partners, LexisNexis® and Bloomberg Law.
To view this content, please continue to their sites.
Not a Lexis Subscriber?
Subscribe Now
Not a Bloomberg Law Subscriber?
Subscribe Now
NOT FOR REPRINT
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
You Might Like
View AllWachtell Helps Miami Dolphins Secure One of NFL’s First Private Equity Deals
3 minute read830 Brickell is Open After Two-Year Delay That Led to Winston & Strawn Pulling Lease
3 minute readSeyfarth Launches Energy Transactions Practice in Houston With Polsinelli Team
3 minute readTrending Stories
- 1Semiconductor Component Maker Accused of Deceiving Investors About Market Downturn, Export Curbs
- 2Zuckerman Spaeder Gets Ready to Move Offices in DC, Deploy AI Tools in 2025
- 3Pardoning Jan. 6 Defendants May Send Bad Message About Insurrection, Rule of Law
- 4Looming Clash Over Abortion Pills Shows Overturning 'Roe v. Wade' Settled Nothing
- 53rd Circuit Strikes Down NLRB’s Monetary Remedies for Fired Starbucks Workers
Who Got The Work
Michael G. Bongiorno, Andrew Scott Dulberg and Elizabeth E. Driscoll from Wilmer Cutler Pickering Hale and Dorr have stepped in to represent Symbotic Inc., an A.I.-enabled technology platform that focuses on increasing supply chain efficiency, and other defendants in a pending shareholder derivative lawsuit. The case, filed Oct. 2 in Massachusetts District Court by the Brown Law Firm on behalf of Stephen Austen, accuses certain officers and directors of misleading investors in regard to Symbotic's potential for margin growth by failing to disclose that the company was not equipped to timely deploy its systems or manage expenses through project delays. The case, assigned to U.S. District Judge Nathaniel M. Gorton, is 1:24-cv-12522, Austen v. Cohen et al.
Who Got The Work
Edmund Polubinski and Marie Killmond of Davis Polk & Wardwell have entered appearances for data platform software development company MongoDB and other defendants in a pending shareholder derivative lawsuit. The action, filed Oct. 7 in New York Southern District Court by the Brown Law Firm, accuses the company's directors and/or officers of falsely expressing confidence in the company’s restructuring of its sales incentive plan and downplaying the severity of decreases in its upfront commitments. The case is 1:24-cv-07594, Roy v. Ittycheria et al.
Who Got The Work
Amy O. Bruchs and Kurt F. Ellison of Michael Best & Friedrich have entered appearances for Epic Systems Corp. in a pending employment discrimination lawsuit. The suit was filed Sept. 7 in Wisconsin Western District Court by Levine Eisberner LLC and Siri & Glimstad on behalf of a project manager who claims that he was wrongfully terminated after applying for a religious exemption to the defendant's COVID-19 vaccine mandate. The case, assigned to U.S. Magistrate Judge Anita Marie Boor, is 3:24-cv-00630, Secker, Nathan v. Epic Systems Corporation.
Who Got The Work
David X. Sullivan, Thomas J. Finn and Gregory A. Hall from McCarter & English have entered appearances for Sunrun Installation Services in a pending civil rights lawsuit. The complaint was filed Sept. 4 in Connecticut District Court by attorney Robert M. Berke on behalf of former employee George Edward Steins, who was arrested and charged with employing an unregistered home improvement salesperson. The complaint alleges that had Sunrun informed the Connecticut Department of Consumer Protection that the plaintiff's employment had ended in 2017 and that he no longer held Sunrun's home improvement contractor license, he would not have been hit with charges, which were dismissed in May 2024. The case, assigned to U.S. District Judge Jeffrey A. Meyer, is 3:24-cv-01423, Steins v. Sunrun, Inc. et al.
Who Got The Work
Greenberg Traurig shareholder Joshua L. Raskin has entered an appearance for boohoo.com UK Ltd. in a pending patent infringement lawsuit. The suit, filed Sept. 3 in Texas Eastern District Court by Rozier Hardt McDonough on behalf of Alto Dynamics, asserts five patents related to an online shopping platform. The case, assigned to U.S. District Judge Rodney Gilstrap, is 2:24-cv-00719, Alto Dynamics, LLC v. boohoo.com UK Limited.
Featured Firms
Law Offices of Gary Martin Hays & Associates, P.C.
(470) 294-1674
Law Offices of Mark E. Salomone
(857) 444-6468
Smith & Hassler
(713) 739-1250