At Chamberlain, Hrdlicka, White, Williams & Aughtry, gross revenue declined by 3.4 percent in 2013, and net income dipped by 13.2 percent, compared with record 2012 results that were boosted by a deluge of tax work during the fourth quarter.
Wayne Risoli, managing shareholder of the Houston-based firm, said the firm’s 2013 financial results suffered because 2012 was such an “incredible year,” and work that might have ordinarily occurred in early 2013 was completed in late 2012.
Risoli said tax work constitutes about 30 to 32 percent of the firm’s revenues in most years, but it swelled to about 40 percent in 2012.
Gross revenue at Chamberlain Hrdlicka was $71 million in 2013, compared with $73.5 million in 2012. Net income was $29.5 million, compared with $34 million the year before.
Revenue per lawyer averaged $640,000 in 2013, down 5.9 percent from $680,000 in 2012. Average profits per partner were $700,000 in 2013, down 13.6 percent, compared with $810,000 in 2012.
Risoli said 2013 was an “aberration” due to the shift in tax work from 2013 to 2012.
“The transactional section was healthy; we did as well as we did in 2012. Litigation was down a little, but tax was naturally down because it was such a breakneck year in 2012. All other sections were pretty comparable to 2012,” Risoli said.
The firm had 111 full-time-equivalent lawyers, up 2.8 percent from 108 in 2012.
Besides its Houston headquarters, Chamberlain Hrdlicka has offices in Dallas and San Antonio in Texas and Atlanta, Denver and Philadelphia.