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The 25 highest-grossing Texas firms held their own financially in 2007, posting combined gross revenue and net income up a little from 2006, despite an economic downturn that began in the fourth quarter of last year. Combined gross revenue at the 25 firms increased by 6.1 percent when compared to 2006, and net income inched up by 5 percent. Those percentage increases are smaller than 2006′s percentage increases. Total gross revenue in 2006 was 8.9 percent higher than the previous year, and net income improved by 11.1 percent between 2006 and 2005. The smaller increase in gross revenue and net income at the 25 firms on the chart indicates that the economic slowdown that began during the fourth quarter of 2007 had an effect on the firms’ year-end financial performance. Managing partners of a number of the 25 firms say in interviews that transactional work, especially deals using sophisticated financing methods, dropped off during the final months of 2007. On the plus side, though, those managing partners say litigation and bankruptcy work picked up at the end of the year, a development that helped some in 2007 but likely will be a bigger boost to 2008 results. In 2007, the 25 highest-grossing firms combined to post $5.2 billion in gross revenue, 6.1 percent more than in 2006, when the gross revenue totaled $4.9 million for the 25 firms on the chart. While the increase for the firms taken as a whole isn’t huge, 22 of the 25 firms improved their gross revenues in 2007. The 25 firms included this year in Texas Lawyer‘s Annual Report on Firm Finance are mostly making repeat appearances on the list. The newcomer is Chamberlain, Hrdlicka, White, Williams & Martin of Houston, replacing the slot left vacant after Dallas firm Jenkens & Gilchrist closed its doors on March 31, 2007. The five highest-grossing Texas operations of out-of-state firms are ranked separately.
Annual Report on Firm Finance
Out-of-State Firms’ Gross Revenue Spikes at Texas Offices � Charts

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