News Summary
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.
Texas law firms Baker Botts, Haynes Boone, Bracewell, and Vinson & Elkins have collectively reported record revenues and significant growth outside the state in 2024, according to data from the Texas Lawbook 50. These four major firms, noted for their substantial attorney headcount and revenue, combined to employ 2,360 lawyers and generated nearly $2.9 billion in total revenues in 2024. Notably, nearly half of these lawyers, 46%, are now based in offices outside Texas, a marked increase from just 30% in 2011.
The surge in revenue from non-Texas offices was particularly impressive, reaching $1.21 billion in 2024, up from $821.7 million in 2019. This reflects a growth rate of 47% over six years, in contrast to the more modest 18% revenue increase observed within Texas operations, which grew from $1.41 billion in 2019 to $1.66 billion in 2024.
Industry experts speculate that the driving force behind this expansion is the limited availability of high-level legal talent in Dallas and Houston. This shortage has prompted firms to explore new markets, resulting in successful expansions in regions such as California, Washington D.C., Charlotte, and Denver, as well as internationally. Among the four firms, Haynes Boone is expanding the quickest outside Texas, currently maintaining 11 non-Texas offices, including three located internationally.
Furthermore, Haynes Boone’s Texas attorney headcount saw a decrease of six in 2024. However, the firm countered this by adding 30 lawyers to its out-of-state roster, ultimately reporting a total revenue of $635.8 million for the year, marking a 7% increase from the previous year. Over the same six-year span, Haynes Boone’s revenue from non-Texas operations increased by 91%, rising from $120.1 million in 2019 to $229.3 million in 2024, while revenue in Texas grew by 43%.
Bracewell has also made strides in establishing a national presence, with offices located in New York, Seattle, and Washington D.C., as well as international offices in Dubai, London, and Paris. Notably, 43% of Bracewell’s revenue, amounting to $362 million in 2024, was generated from its non-Texas lawyers.
Baker Botts reported a total of $820.3 million in firmwide revenue for 2024, with its non-Texas revenues outpacing its Texas earnings for the second consecutive year. The firm’s Texas revenue increased by 12% since 2018, while non-Texas revenue grew by 31% during the same timeframe. Baker Botts emphasizes its specialty in technology and intellectual property law and has established a strong presence internationally, with offices in locations such as Brussels, Dubai, London, Riyadh, and Singapore.
Vinson & Elkins (V&E) achieved a remarkable milestone, surpassing $1 billion in revenue for the second consecutive year. Of V&E’s total revenue, $635.1 million came from Texas-based lawyers, while $414.8 million originated from its non-Texas offices. Additionally, revenue from V&E’s non-Texas offices experienced an impressive 11.4% increase in 2024 compared to the previous year.
The Texas Lawbook serves as a vital resource for tracking and reporting on the financial performance of prominent business law firms across the state. As the legal landscape continues to evolve, these firms’ ability to adapt and expand beyond Texas points to an area of growth that is transforming the legal business in the region.
A longer version of this report, detailing further insights and trends among Texas law firms, is available through the Texas Lawbook.
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