Five Texas Firms on Am Law 100 Slip in Rankings
Four of the five firms increased gross revenue in 2018, compared with 2017.
April 23, 2019 at 12:30 PM
3 minute read
Four of the five Texas-born firms on the Am Law 100 increased gross revenue in 2018 compared with 2017, but all five dropped at least one spot in the ranking of the nation's 100 largest firms by revenue.
That's hardly surprising, considering total revenue for the Am Law 100 grew by 8 percent in 2018, coming in at a record $98.7 billion, and a number of Big Law firms posted robust improvements in revenue. In comparison, the growth rate in 2017 was 5.5 percent, which was then a record.
Gross revenue declined at only eight of the 100 firms—one of them was Texas firm Baker Botts, which posted a 7.3 percent drop in revenue in 2018, which the firm's former managing partner said was due to less contingency fee revenue than the prior year.
Akin Gump Strauss Hauer & Feld, Vinson & Elkins, Locke Lord, Haynes and Boone and Baker Botts were on the AmLaw 100 in 2019. The same five Texas firms made the list last year.
Akin Gump took the 30th spot in this year's rankings, with $1.071 million in revenue in 2018, down only one place from 2017.
Vinson & Elkins, with $747.2 million in revenue, was 55th, down from 51st last year, and Baker Botts slipped to 58th, down from 50th last year, with $678.2 million in revenue.
Rounding out the Texas firms, Locke Lord took 72nd with $512.6 million in revenue, down from 67th last year, and Haynes and Boone was 92nd, down from 89th last year, with $408.2 million in revenue.
Akin Gump led in revenue per lawyer among the Texas firms, with RPL of $1.211 million in 2018, followed closely by V&E in 31st place with its $1.202 million RPL. Baker Botts was in 52nd place with $958,000, Locke Lord in 71st with $800,000, and Haynes and Boone took 78th place with $760,000.
V&E took the lead among the Texas firms in profits per equity partner, coming in 28th among the 100 firms, with $2.517 million, followed by Akin Gump at 31st with $2.402 million. Baker Botts was in the 53rd spot, with $1.662 million, followed by Locke Lord in the 73rd position with $1.035 million and Haynes and Boone in 79th, with $1.002 million.
Read More
The Am Law 100 Reached New Heights, Driven by Nearly Universal Growth
On Modest Revenue Growth, V&E Posts Third Record Year in 2018
Baker Botts Again Posts Weaker Revenue, Profits, on Fewer Contingency Fees
Locke Lord Grows Revenue, Profits in Turnaround Year
Large Texas Firms Lag in Revenue Growth, But Improve Profits Anyway
Akin Gump Grows Revenue, but Profits Stay Flat
Haynes and Boone Posts Record-Setting 2018 on Modest Gains
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