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February 8, 2011 2:37 PM

The Am Law 100: Revenue Flat, Net Income Up for Locke Lord in 2010

Posted by Ed Shanahan

By Brenda Sapino Jeffreys, Texas Lawyer

Locke Lord Bissell & Liddell's gross revenue was flat in 2010 compared to 2009, but the Dallas-based firm's net income rose by 8.5 percent in 2010. The firm's gross revenue came in at $396.4 million in 2010, compared to $399 million in 2009, while net income rose to $138.9 million in 2010, compared to $128 million the previous year.

Firm chair Jerry Clements, based in Austin, says 2010 was a strong year for the firm. "Our partners were very pleased about that," she says of Locke Lord's 2010 financial results. "It was a challenging year and one that required close day-to-day attention to management of both expenses and revenues," she says, noting that the firm focused on cross-selling, business development and marketing, and client service last year.

Average profits per partner (PPP) were $978,000 in 2010 and average revenue per lawyer (RPL) came in at $727,000. The PPP and RPL are calculated using a full-year average FTE (full-time equivalent) of 545 lawyers and 142 equity partners at Locke Lord in 2010. (The 2010 PPP and RPL can't be compared to 2009 numbers reported in Texas Lawyer's Annual Report on Firm Finance because they were calculated using Aug. 31, 2009, lawyer counts.)

Clements points to energy, REIT (real estate investment trust), white-collar crime defense, internal investigations, health care, appellate, insurance transactional and regulatory, and various sorts of litigation, including commercial, mortgage, intellectual property, and pharmaceutical as the firm's strong practice areas in 2010.

Locke Lord has offices in Austin, Dallas, Houston, Atlanta, Chicago, Hong Kong, London, Los Angeles, New Orleans, New York, Sacramento, San Francisco, and Washington, D.C.

 

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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