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: Legal Firms Experience Record Growth in 2024
In a notable development for Texas’ legal industry, four of the state’s largest corporate law firms—Baker Botts, Haynes Boone, Bracewell, and Vinson & Elkins—have reported record revenues and significant expansion outside of Texas for the year 2024. According to the Texas Lawbook 50, which tracks the financial performance of major law firms, these firms have collectively generated nearly $2.9 billion in revenue this year, reflecting their growing national and international presence.
Growth Statistics
These firms employ approximately 2,360 legal professionals, with 46% of their lawyers based in offices outside Texas. This marks a substantial increase from 30% in 2011. In terms of revenue, their non-Texas offices alone contributed $1.21 billion in 2024, which is a significant rise from $821.7 million in 2019. Over the past six years, this segment of revenue has experienced a 47% increase, while Texas operations have only seen an 18% rise.
Strategic Expansion Areas
The competitive legal market in Texas, especially in cities like Dallas and Houston, has prompted firms to look beyond state borders. Haynes Boone leads the way with the fastest expansion, opening 11 offices outside of Texas, including three international locations. Despite a small decrease in the Texas attorney headcount, they added 30 legal professionals in other states while recording total revenue of $635.8 million, a 7% increase from the previous year. Their non-Texas revenue has surged 91% from $120.1 million in 2019 to over $229.3 million in 2024.
Firm Profiles and Performance
Bracewell has also established a firm national footprint, with offices in key cities like New York, Seattle, and Washington D.C., alongside international representation in Dubai, London, and Paris. Approximately 43% of their revenue, totaling $362 million in 2024, was derived from lawyers operating outside of Texas.
Baker Botts reported $820.3 million in revenue this year, with non-Texas operations outpacing revenue from Texas for the second consecutive year. Over a series of years, their Texas revenue has increased modestly by 12%, while non-Texas operations have enjoyed a robust growth of 31%. The firm is focusing on specialized areas, including technology and intellectual property, with international offices in Brussels and Singapore.
Vinson & Elkins has also crossed the $1 billion revenue threshold for the second straight year, registering $635.1 million from Texas operations and $414.8 million from non-Texas offices. The latter experienced an 11.4% growth in revenue compared to the previous year.
Future Outlook
The impressive growth figures underscore that Texas law firms are not only solidifying their status within the state but are also strategically positioning themselves on the national and global scene. With their ongoing adaptations to an evolving legal landscape, these firms are poised to continue their trajectory of success and explore new opportunities ahead.
Deeper Dive: News & Info About This Topic
- Dallas News: Texas Corporate Law Firms Growth
- Reuters: Trump’s War on Big Law
- PR Newswire: New Partner Announcement
- Texas Lawyer: Out-of-State Law Firms Growth
- Bloomberg Law: Out-of-State Firms in Texas
- Wikipedia: Texas Law
- Google Search: Texas Corporate Law Firms
- Google Scholar: Texas Corporate Law
- Encyclopedia Britannica: Law
- Google News: Texas Law Firms
Author: STAFF HERE AUSTIN WRITER
The AUSTIN STAFF WRITER represents the experienced team at HEREAustinTX.com, your go-to source for actionable local news and information in Austin, Travis County, and beyond. Specializing in "news you can use," we cover essential topics like product reviews for personal and business needs, local business directories, politics, real estate trends, neighborhood insights, and state news affecting the area—with deep expertise drawn from years of dedicated reporting and strong community input, including local press releases and business updates. We deliver top reporting on high-value events such as SXSW, Austin City Limits Music Festival, Formula 1 United States Grand Prix, and the Austin Film Festival. Our coverage extends to key organizations like the Greater Austin Chamber of Commerce and Visit Austin, plus leading businesses in technology, automotive, and retail that power the local economy such as Dell Technologies, Tesla, and Apple. As part of the broader HERE network, including HERECollegeStation.com, HEREDallas.com, HEREHouston.com, and HERESanAntonio.com, we provide comprehensive, credible insights into Texas's dynamic landscape.
