Even with fewer lawyers in 2012 than in 2011, Dallas-based Locke Lord improved its gross revenue by 3 percent and its net income by 7 percent.
Gross revenue hit $428.5 million in 2012, compared to $416.0 million in 2011, and net income came in at $161.0 million, compared to $150.5 million the previous year.
Average revenue per lawyer was $830,000, up 7.8 percent compared to $770,000 in 2011, and average profits per partner jumped to $1,065,000, up 2.9 percent from 2011′s $1,035,000.
"I was very pleased and it actually exceeded my expectations," says Jerry Clements, the Austin based partner who chairs the firm.
"Once again our partners worked very hard. We have a very strong focus here on teamwork and cross-selling and business development as well as just providing good quality legal service," she says.
Clements says several practice areas were particularly busy in 2012: consumer finance, real estate investment trust (REIT), energy, real estate, finance, healthcare, and white-collar crime defense. Also, she says, the firm’s Asia practice was very busy.
The combination of so many strong practice areas "makes for a very healthy firm."
Some new practice areas in 2012 are consumer finance, privacy and security data, securitization and structured finance, and tax controversies. She says those practices grew from a combination of lateral hires who brought in new expertise and lawyers already at the firm.
The firm had a full-time equivalent of 516 lawyers in 2012, down 4.4 percent from 540 in 2011. The firm made 80 lateral hires in 2012, Clements notes, with 31 of them in the firm’s new London office.
Locke Lord has offices in Austin, Dallas and Houston in Texas, and also Atlanta, Chicago, Hong Kong, London, Los Angeles, New Orleans, New York, Sacramento, San Francisco and Washington, D.C.
This report is part of Texas Lawyer‘s coverage of the 2012 financial results of the 25 highest-grossing Texas-based firms as part of the AmLaw 100 and Second Hundred reports. Texas Lawyer I The American Lawyer, a Texas Lawyer affiliate, will publish full results for the AmLaw 100 in May. The Am Law Second Hundred will be published in June.