February 22, 2010 6:33 PM
THE AM LAW 100: A Mixed Picture at Three Big Texas Firms
Posted by Ed Shanahan
Three large Texas firms--Fulbright & Jaworski, Vinson & Elkins, and Bracewell & Giuliani--posted mixed or down financial results in 2009, according to sibling publication The Texas Lawyer.
Gross revenue, revenue per lawyer, and profits per partner were up at Bracewell in 2009 compared to 2008, but net income declined. At V&E, net income improved for the year, but gross revenue, RPL, and PPP declined. All four financial measures declined last year at Fulbright.
At Bracewell, gross revenue improved a bit in 2009 at $277.1 million, up less than 1 percent from $275.4 million the previous year; net income declined in 2009 by 7.7 percent to $93.1 million when compared to $100.8 million in 2008. PPP came in at $950,000, up 10.2 percent from $862,000, and RPL was $678,000, up 4.2 percent compared to 2008’s $651,000.
At V&E, gross revenue declined by 4.8 percent, dipping to $561.9 million in 2009 compared to $590.5 million in 2008, while net income rose to $261.5 million last year, up 5.5 percent compared to $247.8 million in 2008. RPL in 2009 was $811,000, down 6.2 percent compared to $865,000 in 2008, and PPP totaled $1,270,000 in 2009, down 3.1 percent from $1.3 million in 2008.
Fulbright & Jaworski posted 2009 gross revenue of $642.3 million, a decline of 7.5 percent from the $694.7 million posted by the Houston-based firm in 2008. The firm’s net income also declined, coming in at $270 million for 2009, down 6 percent from 2008’s net income of $287.3 million.
This report is part of The Am Law Daily's ongoing Web coverage of 2009 financial results of The Am Law 100/200. Results are preliminary. Final rankings and full results for The Am Law 100 will be published in The American Lawyer's May 2010 issue and on AmericanLawyer.com. The Am Law Second Hundred will be published in the June issue.Make a comment