Corporate and real estate work and growth in offices outside of Texas helped Dallas-based Haynes and Boone boost its gross revenue and net income in 2012, says Terry Conner, the firm’s managing partner.
In 2012, the firm’s gross revenue was $312.8 million, up 3 percent from 2011, and net income came in at $106.1 million, up 1 percent from the previous year. Revenue per lawyer was $640,000, up 4 percent, and average profits per partner were $780,000, up 3 percent from 2011.
"On the practice side the real strength was corporate — especially at the end of the year — intellectual property, real estate and energy," Conner says. "And we also benefited from continuing good growth in New York and California."
The firm did not see much change in the total number of lawyers it employed; it had 488 lawyers in 2012 and 493 lawyers in 2011.
The firm has been adding lawyers in its out-of-state offices, including in Latin America, while not adding as many lawyers in its Texas offices, Conner says.
"We’ve been relatively stable since the [economic] downturn, and we’ve seen a substantial increase in the number of lawyers outside of Texas. The net effect has been offset by lower numbers inside of Texas," Conner says.
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 LawyerITexas Lawyer affiliate, will publish full results for the AmLaw 100 in May. The Am Law Second Hundred will be published in June. An interactive chart of the financial results reported so far is available here. The chart will be updated as additional data is reported.