The Am Law Second Hundred was released May 22.4 Texas Firms Make Am Law Second Hundred List, 2 Disappear After Mergers
Three of the four improved their placement in the rankings thanks to revenue growth in 2018.
May 22, 2019 at 12:56 PM
4 minute read
The four Texas firms in the Am Law Second Hundred, which ranks the 101st to 200th highest-grossing U.S. firms in 2018, made a good showing, particularly on profitability.
But a smaller number of Texas players graced the list this year, as consolidation within the industry played out locally in two big mergers.
Three of the four improved their ranking and one slipped a single spot, when compared with their placement on last year's Am Law Second Hundred, which reported on revenue from 2017.
The Texas firms on the Second Hundred are Bracewell, Jackson Walker, Thompson & Knight and Winstead.
They join five Texas firms on the Am Law 100, which was released in May, making for a total of nine in the Am Law 200.
Last year, six Texas firms were in the Second Hundred, but two of them disappeared from the list after completing mergers in 2018. Gardere Wynne Sewell combined with Foley & Lardner, and Andrews Kurth Kenyon merged with Hunton & Williams.
Bracewell is the highest-ranking Texas firm in the Second Hundred, capturing the 111th spot with revenue of $300 million in 2018, three places higher than the firm's ranking last year.
Jackson Walker was next, taking the 119th place with $262.9 million in revenue, up one spot from last year.
Thompson & Knight was 133rd, up five places from the year before, with $226.5 million in revenue. Winstead was close behind at 136th, with $222.2 million in revenue, down one place from the prior year.
Taken as a whole, revenue for the Second Hundred firms increased by 3.1% in 2018, compared with 2017. In comparison, revenue for the Am Law 100 firms increased by 8% in 2018. Revenue per lawyer for the Second Hundred grew by 1.6% in 2018, compared with 4.2% for the Am Law 100. Profits per equity partner at Second Hundred firms improved by 2.8% in 2018, while PEP growth was 6.5% growth for the Am Law 100.
Many consider RPL the most reliable measure of a firm's financial performance. All four Texas firms in the Second Hundred improved that key metric in 2018. RPL was up by 7.9% at both Jackson Walker and Bracewell, by 5.8% at Thompson & Knight, and it improved by 5.3% at Winstead.
Among the Second Hundred, Bracewell had the 27th-highest RPL at $816,000, with Thompson & Knight close behind at 29th, with $802,000. Jackson Walker was 37th with $749,000 and Winstead took 44th, with RPL of $711,000.
PEP at the four Texas firms surged in 2018, increasing by 16.8% at Jackson Walker, 15.9% at Thompson & Knight, 11.3% at Bracewell and 7.3% at Winstead.
The Texas firms did exceptionally well as a group when considering PEP.
In a ranking of the Second Hundred firms by PEP, Bracewell was 14th with PEP of $1.452 million, Winstead was 22nd with $1.199 million, Thompson & Knight was 24th with $1.108 million and Jackson Walker was 26th with $1.100 million.
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