Energy practice activity that “was off the charts” was one of the keys to increased gross revenue and net income for Porter & Hedges, says managing partner Robert G. Reedy. The firm’s gross revenue was $66.9 million for 2010, an 8.6 percent increase compared to $61.6 million in 2009. The Houston-based firm’s 2010 net income totaled $33.3 million, a 20.2 percent jump from $27.7 million in 2009. Reedy says the firm’s finance practice continued the momentum that began at the end of 2009. The firm also saw continuing strong performance in litigation and bankruptcy and a comeback in its corporate practice. The firm’s trial practice handled significant matters in energy, intellectual property, construction-related litigation and government investigations, he says. “We did key transactions in all of the key shale plays that are hot in the marketplace right now,” Reedy says. Bob Thomas, head of the firm’s energy section, says the section’s revenue was up 40 percent last year compared to 2009. “It was a record year transaction-wise in energy,” Thomas says. Average profits per partner were $979,000 in 2010, and average revenue per lawyer was $697,000. PPP and RPL are calculated using a full-year average FTE (full-time equivalent) of 96 lawyers and 34 equity partners. Cost reductions in 2009, such as cuts in administrative staff and renegotiating contracts with vendors, were realized in 2010, he says. “That was a big contribution as to why the margin is better,” he says.
See “Turning the Corner: The Worst Appears to Be Over for Texas Firms“
