Four of the five Texas-born firms on the Am Law 100 increased gross revenue in 2018 compared with 2017, but all five dropped at least one spot in the ranking of the nation’s 100 largest firms by revenue.
That’s hardly surprising, considering total revenue for the Am Law 100 grew by 8 percent in 2018, coming in at a record $98.7 billion, and a number of Big Law firms posted robust improvements in revenue. In comparison, the growth rate in 2017 was 5.5 percent, which was then a record.
Gross revenue declined at only eight of the 100 firms—one of them was Texas firm Baker Botts, which posted a 7.3 percent drop in revenue in 2018, which the firm’s former managing partner said was due to less contingency fee revenue than the prior year.
Akin Gump took the 30th spot in this year’s rankings, with $1.071 million in revenue in 2018, down only one place from 2017.
Vinson & Elkins, with $747.2 million in revenue, was 55th, down from 51st last year, and Baker Botts slipped to 58th, down from 50th last year, with $678.2 million in revenue.
Akin Gump led in revenue per lawyer among the Texas firms, with RPL of $1.211 million in 2018, followed closely by V&E in 31st place with its $1.202 million RPL. Baker Botts was in 52nd place with $958,000, Locke Lord in 71st with $800,000, and Haynes and Boone took 78th place with $760,000.
V&E took the lead among the Texas firms in profits per equity partner, coming in 28th among the 100 firms, with $2.517 million, followed by Akin Gump at 31st with $2.402 million. Baker Botts was in the 53rd spot, with $1.662 million, followed by Locke Lord in the 73rd position with $1.035 million and Haynes and Boone in 79th, with $1.002 million.