Vinson & Elkins broke a four-year streak of rising revenue in 2020, though profits inched upward, as the Texas firm dealt with a slowdown in traditional energy work but a boost in restructuring, litigation and the now-trendy special purpose acquisition company work.

Mark Kelly, chair of Vinson & Elkins, said he is pleased with the firm’s performance in 2020, even as the firm’s high expectations were impacted by the economic downturn from the COVID-19 pandemic.