Gross revenue improved by .9 percent in 2010 at Kane Russell Coleman & Logan of Dallas, and net income rose by a healthier 6.5 percent in 2010 compared to 2009. The Dallas-based firm posted gross revenue of $33.8 million in 2010, compared to $33.5 million in 2009. Net income was $11.4 million last year, compared to $10.7 million in 2009. Average profits per partner came in at $760,000 in 2010, and revenue per lawyer averaged $469,000 for the year. PPP and RPL are based on a full-year average FTE (full-time equivalent) of 72 lawyers and 15 equity partners in 2010. Raymond Kane, a founding director of Kane Russell, says the firm saw a “rebirth” in 2010. It was, Kane says, “a return to normalcy of our transactional practice and our litigation . . . continued with a very strong performance with not only new commercial litigation work, but new clients in the insurance defense area, as well.” He says litigation was up in 2010, compared to 2009, and transactional work increased significantly in the oil and gas and real estate areas. “We just saw a gradual relief of the gridlock in the transactional area,” he says. Kane says the firm watched its costs in 2010, particularly in the marketing area, and raised billing rates slightly. Michael Logan, a director in Dallas who is a litigator, says the firm’s litigation section did well in 2010, because it’s diversified with “a lot of different things, a lot of industries, a lot of different clients.” The firm’s litigation clients include Compass Bank of Birmingham, Ala.; Family Dollar Stores Inc. of Matthews, Ala.; Tyson Foods Inc. of Springdale, Ariz.; Federal Express Corp of Memphis; and New York City-based Citigroup Inc.
See “Turning the Corner: The Worst Appears to Be Over for Texas Firms“
