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February 10, 2011 12:24 PM

The Am Law 100: Bump Up in Revenue at Bracewell & Giuliani

Posted by Ed Shanahan

From Texas Lawyer

Bracewell & Giuliani's gross revenue improved by 1.3 percent in 2010, but the Houston-based firm's net income was flat.

The firm posted gross revenue of $280.6 million in 2010, which was slightly more than the $277.1 million the firm brought in the previous year. Net income was $92.7 million last year, down 0.4 percent compared to $93.1 million in 2009.

Mark Evans, Bracewell's Houston-based managing partner, said the firm was pleased with its 2010 financial performance. "The real drivers for us were kind of a combination of our...practice diversification, but also the energy lending/energy finance area was very, very strong," he said.

The firm's litigators were busy, Evans noted, particularly the intellectual property litigation team. The firm's transactional lawyers worked on a couple of large transactions in 2010, including client Apache Corp.'s acquisition of about $7 billion worth of BP assets in the Permian Basin of West Texas and in New Mexico, Egypt's Western Desert, and Canada.

Evans also said the firm focused on internal cost controls in 2010, a process that began in 2009. Average profits per partner (PPP) at Bracewell were $1,019,000 in 2010, and revenue per lawyer (RPL) was $638,000.  The firm's total attorney head count in 2010 was 440; of that, 91 were equity partners. (The PPP and RPL are calculated using a full-year average full-time equivalent attorney head count. See note below.)

This report is part of The Am Law Daily's ongoing Web coverage of 2010 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 2011 issue and on AmericanLawyer.com. The Am Law Second Hundred will be published in the June issue.

Results for the 2010 fiscal year reflect a change in the survey methodology. Per-lawyer and per-partner results for 2010 are based on a full calendar year average FTE head count, while published results for previous years were, in most cases, based on an August 31 FTE head count. When possible, we have recalculated fiscal year 2009 numbers to reflect the change in head count and based percentages on those adjusted numbers.

The final published results of last year's Am Law 100 rankings are available here; Second Hundred results are available here.

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