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Baker Botts‘s gross revenue dropped 13.5 percent and its net income fell 24.3 percent in 2017—a year after the firm posted record results boosted by big contingency fees.

“Last year, we had a once-in-a-blue-moon result, said Andrew Baker, the firm’s managing partner. “This is strong, steady growth.”

In 2016, gross revenue improved by 20.2 percent compared with 2015, and net income jumped 44.5 percent compared with the prior year. Baker Botts said those results were due in part to a 2016 windfall from contingency fees. It did not reveal the source of the fees but multiple news outlets reported that it received a significant fee connected to a $755 million Vivendi SA settlement with Liberty Media.

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Brenda Sapino Jeffreys

Senior reporter Brenda Sapino Jeffreys covers the business of law in Texas. Contact her at [email protected] On Twitter: @BrendaSJeffreys

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