Looper Reed & McGraw’s gross revenue rose 9.9 percent to $37.8 million from $34.4 million in 2009, but net income stayed the same at $8.5 million. 2010 average revenue per lawyer was $367,000 and profits per partner averaged $531,000. PPP and RPL are calculated using a full-year average FTE (full-time equivalent) of 103 lawyers and 16 equity partners. Shareholder J. Cary Gray, managing director of the firm, pegs an increase in lawyer headcount as the reason for higher gross revenue. Gray says almost all the firm’s revenue comes from hourly billings. He says the firm’s transactional business moved at a slow pace the first three quarters of 2010 but “exploded” in the fourth quarter and continues to increase. He says mergers in all sectors of the oil and gas industry have contributed to that increased deal flow — midstream, upstream and downstream, you name it.” Gray adds that the firm is “way ahead” for 2011. Looper Reed marked its 25th anniversary last year.
See ” Turning the Corner: The Worst Appears to Be Over for Texas Firms“
