Gross revenue improved by 3.8 percent at Cox Smith Matthews in 2010, while net income dipped by .5 percent compared to 2009 financial results. The San Antonio-based firm posted gross revenue of $56.7 million for 2010, compared to $54.6 million in 2009, and net income came in at $19.2 million in 2010, compared to $19.3 million the previous year. “We felt good about the year, felt it was a solid year,” says Jamie Smith, the firm’s managing director. Average profits per partner were $409,000 in 2010, and revenue per lawyer was $465,000. Those numbers are based on a full-year average FTE (full-time equivalent) of 122 lawyers and 47 equity partners in 2010. Smith says several practice areas were particularly busy last year, including bankruptcy, litigation and energy. “It really was from a combination of new clients and existing clients. The bankruptcy work was for new clients, the corporate was for existing clients. . . . Obviously litigation is different — it just depends on who gets sued,” he says. Smith says the firm benefited from energy transactions and litigation related to the Eagle Ford Shale formation in South Texas. Smith says the firm’s financial institution and regulatory practice was “very strong” in 2010 and the firm expects that practice to continue at a high level. One large bankruptcy project was representing TXCO Resources Inc. of San Antonio in its bankruptcy in the U.S. District Court for the Western District of Texas, he says. In July 2010, the firm moved into the El Paso market with a new office staffed by five lateral hires from Brown McCarroll, including prominent immigration attorney Kathleen Campbell Walker.
See “Turning the Corner: The Worst Appears to Be Over for Texas Firms“
