Texas Lawyer’s survey of the 25 top-grossing firms in Texas showed a 2.3% increase in gross revenues overall for 2005 over 2004. Of these firms, 16 reported an increase for 2005; the other 9 reported a decrease. Akin Gump comes in as the highest-grossing of all Texas firms, but V&E, Thompson & Knight, and Porter Hedges reported the greatest percentage increase in gross revenues for the year.
Source: Texas Lawyer
Dallas firms Munsch, Hardt, Kopf, & Harr and Gardere, Wynne, Sewell have raised associate salaries. Both firms maintain offices in Dallas, Houston, and Austin. Gardere Wynne, who employs 278 attorneys, will now pay first-years $140,000. Munsch Hardt employs over 100 attorneys and has set first-year pay at $135,000.
Three more major Texas firms have announced raises for associates at all experience levels. Dallas firm Winstead, Sechrest & Minick has bumped first-years to $135,00 with a $5,000 potential bonus and Houston-based Fulbright & Jaworski’s first-years will earn $140,000. Baker & McKenzie will pay associates in Dallas and Houston $140,000 with a $10,000 potential bonus for the first year.
2005 saw a 12.93 percent increase in lateral hiring in Texas over the previous year, according to Texas Lawyer’s recent study of 18 of the state’s largest firms. Akin Gump recorded the most at 95 lateral hires, and Corporate and Securities came in as the hottest practice area with 97 total hires accross the surveyed firms.