Welcome to the official start of summer in Texas. Yep, it is really hot. Do you know what else is hot? The Texas legal market. But how was 2017 fiscally for Big Law in Texas? It’s that time again when we find out and announce the results of our 2017 Report on Firm Finance.
The report takes a look into the exciting money matters of Big Law in Texas. The report includes financials from the 20 highest-grossing firms in Texas. All of the firms on the list this year appeared on the list last year, except for newcomer Patterson & Sheridan of Houston. Another Houston firm, Coats Rose, dropped off the list this year.
So how did the top 20 do overall in 2017? We know there was a lot of market disruption in Texas this past year caused by out-of-state firms opening offices in the Lone Star State and also a rash of lateral moves. But amazingly the highest-grossing Texas firms collectively held their ground, even with the late-summer destruction from Hurricane Harvey.
As senior reporter Brenda Sapino Jeffreys reports, gross revenue for the 20 highest-grossing firms in Texas totaled $5.52 billion in 2017, the same as in 2016 for the 20 top firms. And energy still rules in Texas, and a number of managing partners of the 20 highest-grossing firms said work started slow in the oil and gas sector but gained speed as the year went on.
And while not all firms were up, it is safe to say that the overall consensus of 2017, although a bit disruptive, was a decent one for large Texas firms. And we hope the trend continues through the end of 2018.
Heather D. Nevitt, Esq