In 2010, gross revenue at Dallas-based Haynes and Boone dropped 3.3 percent to $296.2 million from $306.3 million in 2009. The firm’s 2010 net income was $102.1 million, a 5.6 percent decline from $108.2 million in 2009. There are several reasons for the 2010 numbers, managing partner Terry Conner says. Last year, Haynes and Boone added 15 lawyers in its California offices and at least 25 attorneys in its New York office, Conner says. Haynes and Boone made the lateral hires to beef up its bankruptcy, finance and litigation practices, and it cost the firm some money, he adds. “You certainly do spend money to make money. The investment in laterals will pay off in years after 2010,” Conner says. Thanks to the firm’s litigation and bankruptcy practices, gross revenue in 2009 saw a spike that was hard to repeat, he says. “2009 was a year that was highly above average for Haynes and Boone, which really boosted 2009 revenues. Going into 2010 we were reloading the litigation pipeline,” he says. Average profits per partner were $740,000 in 2010, and revenue per lawyer came in at $602,000. PPP and RPL are calculated using a full-year average FTE (full-time equivalent) of 492 lawyers and 138 equity partners.
See “Turning the Corner: The Worst Appears to Be Over for Texas Firms“
