Dallas Legal Landscape
Four major Texas law firms—Baker Botts, Haynes Boone, Bracewell, and Vinson & Elkins—have reported impressive growth outside Texas, achieving record revenues. These firms are increasingly employing talent nationally and internationally, with non-Texas revenues seeing significant increases. With strategic expansions into states like California and international markets, the firms are redefining their operational landscapes. The Texas legal sector showcases resilience and ambition, setting the stage for strong future growth.
Big things are happening in the Lone Star State, especially in the bustling legal sector. Four of Texas’ largest corporate law firms—Baker Botts, Haynes Boone, Bracewell, and Vinson & Elkins—have recently announced record revenues and impressive growth outside their home turf in 2024. The Texas Lawbook 50, known for keeping tabs on the financial performance of major law firms in the state, reported some eye-popping numbers that showcase how these firms are not just sticking to Texas anymore!
Would you believe that combined, these four firms employed a whopping 2,360 legal minds and pulled in nearly $2.9 billion in revenue this year? That’s right! They are not just enjoying success in Texas but are expanding their reach all over the country and beyond! In fact, 46% of the lawyers in these firms now work from offices outside of Texas, a remarkable leap from 30% just a decade ago in 2011.
Considering that the non-Texas offices alone raked in $1.21 billion in revenue in 2024, up from $821.7 million in 2019, it’s clear that these firms are making strategic moves to capture more lucrative markets. Over six years, this represents a staggering 47% increase in revenue growth for their non-Texas operations, while internal Texas operations only saw an 18% hike!
As competition heats up in cities like Dallas and Houston, legal talent is stretching thin. That’s why firms are casting their nets in places like California, Washington D.C., and even across the ocean. For instance, Haynes Boone is taking the lead with the fastest expansion outside Texas, boasting a number of 11 non-Texas offices, including three locations in foreign lands.
As they say, “out with the old, in with the new,” and Haynes Boone’s Texas attorney headcount took a slight dip, decreasing by six this year, while their out-of-state numbers increased by 30. The firm recorded total revenue of $635.8 million, marking an impressive 7% growth from the previous year. To give you some perspective, their non-Texas revenue has skyrocketed by 91% from $120.1 million in 2019 to over $229.3 million in 2024!
Bracewell is not far behind in establishing its national presence. They’ve set up shop in New York, Seattle, and Washington D.C., plus they have international offices in bustling metropolises like Dubai, London, and Paris. A notable 43% of their $362 million revenue in 2024 was generated by lawyers working outside Texas. Talk about a national strategy!
Baker Botts also managed to generate $820.3 million in revenue this year, marking their non-Texas earnings surpassing their Texas revenue for the second year in a row. Over the past several years, their Texas revenue grew by only 12%, while the non-Texas side grew by 31%. Baker Botts has its eyes set on specialty areas like technology and intellectual property, with international offices in places like Brussels and Singapore.
Vinson & Elkins (V&E) has done something quite spectacular too. For the second year in a row, they surpassed the $1 billion revenue mark. This year, about $635.1 million came from their Texas lawyers, while $414.8 million flowed in from their non-Texas offices, which saw a nice bump of 11.4% in revenue this year compared to last.
With numbers like these, it’s clear that Texas law firms are flexing their muscles both at home and abroad. As they navigate this evolving legal landscape, it will be exciting to see how they continue to reinvent themselves and grab new opportunities. You can bet this isn’t the last we’ll hear from them!
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