Emily Parker says she’s happy with Thompson & Knight’s financial performance during 2012, her first year as the Dallas-based firm’s managing partner.
"We had a good year and a steady — obviously steady — increase in revenue and profits, so it’s a good year," says Parker, who will mark her first anniversary as managing partner on Feb. 15.
In 2012, gross revenue at Thompson & Knight hit $207 million, up 3.5 percent from 2011, but net income improved to $90.5 million, up 9.7 percent from the previous year.
Revenue per lawyer was $735,000, up 7.3 percent compared to 2011, and average profits per partner were $985,000, a 6.5 percent increase when compared to the previous year.
Parker says energy work and litigation helped boost the firm’s financials for 2012.
"IP [intellectual property] litigation was particularly busy. We certainly saw that, especially at the end of the year. There were a lot of transactions, a lot of purchases and sales in properties and assets, a lot of it was oil and gas and energy-related . . . that was impacted a lot by some of the fiscal cliff concerns and changes in the tax law," she says.
Parker says the firm benefited in 2012 from a bit of contingent-fee work. But she attributes the majority of the revenue boosting to "transactional oil and gas, private equity — primarily energy related — and strengthening of litigation."
The firm improved its financial performance in 2012 with little change in the number of lawyers. Thompson & Knight had a full-time equivalent of 281 lawyers in 2012, compared to 291 the year before.
The firm has offices in Austin, Dallas, Fort Worth and Houston in Texas, and Algiers, Detroit, London, Los Angeles — new in 2012 — New York, Monterrey and Paris.
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. The American LawyerI Texas Lawyer affiliate, will publish full results for the AmLaw 100 in May. The Am Law Second Hundred will be published in June.