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Texas PPPs: Top Two Firms
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Date: February 25th, 2006 3:13 PM Author: Cyan love of her life Vinson on post-Enron growth track as Texas duo unveil 2005 results Print This Item Email This Item
By James Illman
Texas giants Vinson & Elkins and Baker Botts have posted end-of-year figures for 2005, with Vinson breaking the one million dollar mark for partner profits.
Vinson’s average partner profits reached $1.07m (£613,000), a 20% jump from 2004’s average of $895,000 (£513,000). The Houston-based firm also posted gross revenue of $510m (£292m) — a 12% increase from 2004.
Baker Botts, meanwhile, saw profits and fee income increase 4% with partner profits up to $905,000 (£519,000) and fee income hitting $435m (£249m). The results represent a slowdown for the firm, which last year saw a 7% rise in turnover.
In contrast, the expansionary performance from Vinson will be seen as important to the top 50 US firm, which is regarded to have suffered in recent years from the 2001 collapse of one of its largest clients, the disgraced energy giant Enron.
Among its 2005 highlights, in April, Vinson sealed the launch of a practice in Shanghai, its third office in Asia.
Author: James Illman Source: Legal Week Start Date: 23/02/2006 End Date: 28/02/2006 |
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Date: February 25th, 2006 3:38 PM Author: pontificating dragon Dumb question: What is the relationship between PPP and take-home salary for partners? (http://www.autoadmit.com/thread.php?thread_id=367878&forum_id=2#5183328) |
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Date: February 25th, 2006 3:55 PM Author: Cyan love of her life PPP = Profits per Partner. That is their gross share. (http://www.autoadmit.com/thread.php?thread_id=367878&forum_id=2#5183457) |
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Date: February 25th, 2006 4:53 PM Author: Charismatic Puppy not always...sometimes they have to put some equity back into the partnership (http://www.autoadmit.com/thread.php?thread_id=367878&forum_id=2#5184090) |
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Date: February 25th, 2006 5:03 PM Author: pontificating dragon That was what I was getting at. How much of the PPP does a partner actually take home? It seems some PPP would have to be reinvested into the firm, or would have to service debt, or whatever. (http://www.autoadmit.com/thread.php?thread_id=367878&forum_id=2#5184198) |
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Date: February 25th, 2006 5:05 PM Author: Charismatic Puppy I am sure it varies by firm, but I have no idea if we are talking about 2% or 20%. (http://www.autoadmit.com/thread.php?thread_id=367878&forum_id=2#5184219) |
Date: February 25th, 2006 3:16 PM Author: Cyan love of her life First Year Associate Pay: $110,000. (http://www.autoadmit.com/thread.php?thread_id=367878&forum_id=2#5183009) |
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Date: February 25th, 2006 3:20 PM Author: abusive talented mexican hospital That is a lot of money in Texas though. Plenty to have dual SUVs, a McMansion, and a trophy wife. (http://www.autoadmit.com/thread.php?thread_id=367878&forum_id=2#5183095) |
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Date: February 25th, 2006 3:21 PM Author: Cyan love of her life anything over $300k/year in Texas is very wealthy. (http://www.autoadmit.com/thread.php?thread_id=367878&forum_id=2#5183106) |
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Date: February 25th, 2006 3:52 PM Author: abusive talented mexican hospital You can get a nicer house in Texas for $200-300K than you can get in a high COL area for several million. (http://www.autoadmit.com/thread.php?thread_id=367878&forum_id=2#5183437) |
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Date: February 25th, 2006 4:27 PM Author: Avocado spot Not likely to be the case come fall. (http://www.autoadmit.com/thread.php?thread_id=367878&forum_id=2#5183797) |
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Date: February 25th, 2006 4:27 PM Author: Cyan love of her life god i hope not. (http://www.autoadmit.com/thread.php?thread_id=367878&forum_id=2#5183802) |
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Date: February 25th, 2006 4:28 PM Author: Avocado spot I've talked to several lawyers and they seem sure of it. (http://www.autoadmit.com/thread.php?thread_id=367878&forum_id=2#5183815) |
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Date: February 25th, 2006 4:31 PM Author: Cyan love of her life associates or partners? (http://www.autoadmit.com/thread.php?thread_id=367878&forum_id=2#5183855) |
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Date: February 25th, 2006 4:32 PM Author: Avocado spot up to senior associates. I was too big a pussy to ask from partners. Its obvious that the big 3 are in agreement not to raise, but that will fall apart come recruitment time just like it did last time. (http://www.autoadmit.com/thread.php?thread_id=367878&forum_id=2#5183874) |
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Date: February 25th, 2006 4:35 PM Author: Cyan love of her life i'm currently set on going to two BigTex firms this summer. Unless they raise by summer's end, i'm interviewing with the national offices for my permanent gig.
we're going to work the same hours (pretty much) and our chances at making partner can't be that much better, so why not? |
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Date: February 25th, 2006 4:39 PM Author: Avocado spot *THIS* is why the agreement won't hold. That said BigTex parntership chances are still considerably better than carpetbaggers. Every bigtex is still leveraged at 1:1 and will be for the long run. Carpetbaggers are at 3:1 and higher. (http://www.autoadmit.com/thread.php?thread_id=367878&forum_id=2#5183976) |
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Date: February 25th, 2006 4:43 PM Author: Cyan love of her life This isn't true for V&E, BB, and F&J. It can't be. (http://www.autoadmit.com/thread.php?thread_id=367878&forum_id=2#5184003) |
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Date: February 25th, 2006 4:49 PM Author: Avocado spot More or less, yes. Maybe 1.2-1.5:1 is more accurate. (http://www.autoadmit.com/thread.php?thread_id=367878&forum_id=2#5184054) |
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Date: February 25th, 2006 4:51 PM Author: Cyan love of her life i guess i'll just have to take your word for it. (http://www.autoadmit.com/thread.php?thread_id=367878&forum_id=2#5184075) |
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Date: February 25th, 2006 4:52 PM Author: Avocado spot or NALP's. (http://www.autoadmit.com/thread.php?thread_id=367878&forum_id=2#5184084) |
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Date: February 25th, 2006 4:55 PM Author: pontificating dragon How about this:
BB, Austin 18 partners, 28 associates Dallas 56 P, 99 A Houston 105 P, 148 A
Fulbright, Austin 33 P, 45 A Dallas 39 P, 67 A Houston 128 P, 152 A |
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Date: February 25th, 2006 4:55 PM Author: Cyan love of her life doesn't sound too bad. (http://www.autoadmit.com/thread.php?thread_id=367878&forum_id=2#5184112) |
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Date: February 25th, 2006 4:58 PM Author: Avocado spot Right. The Houston offices (which is all I was looking at) of all 3 are between 1.2-1.5:1. (http://www.autoadmit.com/thread.php?thread_id=367878&forum_id=2#5184135) |
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Date: February 25th, 2006 4:59 PM Author: Cyan love of her life sounds like i'm making close to $1 million in 15-20 years!
SWEET! |
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Date: February 25th, 2006 4:59 PM Author: pontificating dragon I'm not trying to prove you wrong, I'm just posting the numbers. Both all offices had about several "Senior Attornies" and "Of counsel" which I ommitted. (http://www.autoadmit.com/thread.php?thread_id=367878&forum_id=2#5184156) |
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Date: February 25th, 2006 4:58 PM Author: pontificating dragon Vinson & Elkins Houston 162 Partners, 158 Associates (sweet ratio) Austin 29 Partners, 44 Associate Dallas 50 Partners, 71 Associates |
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Date: February 25th, 2006 5:00 PM Author: Avocado spot Before August I plan to compile statistics on every Texas firm. I'll certainly post it here. Are you a 1L? (http://www.autoadmit.com/thread.php?thread_id=367878&forum_id=2#5184169) |
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Date: February 25th, 2006 5:01 PM Author: Cyan love of her life i look forward to that. (http://www.autoadmit.com/thread.php?thread_id=367878&forum_id=2#5184176) |
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Date: February 25th, 2006 5:01 PM Author: pontificating dragon Yeah. Have you seen the Texas biglaw first year associate numbers posted in the library? (http://www.autoadmit.com/thread.php?thread_id=367878&forum_id=2#5184182) |
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Date: February 25th, 2006 5:02 PM Author: Avocado spot I don't go to UT, but I'd still be interested in hearing what the posting says. (http://www.autoadmit.com/thread.php?thread_id=367878&forum_id=2#5184197) |
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Date: February 25th, 2006 5:04 PM Author: pontificating dragon Ah. Well, they've got a breakdown of first year associates at all the Texas Biglaw firms. (http://www.autoadmit.com/thread.php?thread_id=367878&forum_id=2#5184208) |
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Date: February 25th, 2006 5:05 PM Author: Avocado spot How many UT 1Ls got Biglaw/bigtex jobs? (http://www.autoadmit.com/thread.php?thread_id=367878&forum_id=2#5184218) |
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Date: February 25th, 2006 5:06 PM Author: pontificating dragon Last year, something right around 150 out of 440 got BigTex. Only 2/3 stayed in Texas that year, so, the bigtex placement was a little less than 50% (http://www.autoadmit.com/thread.php?thread_id=367878&forum_id=2#5184236) |
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Date: February 25th, 2006 5:08 PM Author: Avocado spot for 1L summer? Nice. (http://www.autoadmit.com/thread.php?thread_id=367878&forum_id=2#5184247) |
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Date: February 25th, 2006 5:08 PM Author: pontificating dragon Oh, i misread. I was talking about 1st year placement, not 1L. (http://www.autoadmit.com/thread.php?thread_id=367878&forum_id=2#5184258) |
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Date: February 25th, 2006 5:09 PM Author: Avocado spot Ok. I was amazed. (http://www.autoadmit.com/thread.php?thread_id=367878&forum_id=2#5184262) |
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Date: February 25th, 2006 5:11 PM Author: pontificating dragon Texas firms love UT kids, but not that much. Based on my small section of 25 kids, I know of 9 that have bigtex gigs lined up, and 1 who has Big NYC lined up. (http://www.autoadmit.com/thread.php?thread_id=367878&forum_id=2#5184287) |
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Date: February 25th, 2006 5:14 PM Author: Cyan love of her life that's still a good amount.
at CLS only about 1/3 get firm gigs. although a lot of these weirdos take odd jobs around the world. i guess they're crazy rich or something. |
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Date: February 25th, 2006 5:16 PM Author: pontificating dragon Eh. One of the running jokes is that every black 1L has split summers lined up by December 2. I don't know what they're doing, but, the Thurgood Marshall Society has the hookup like nobody's business.
I think the placement for white males is around 1/3. |
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Date: February 25th, 2006 5:18 PM Author: Cyan love of her life that seemed to be the case here as well. connections are nice. (http://www.autoadmit.com/thread.php?thread_id=367878&forum_id=2#5184341) |
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Date: February 25th, 2006 5:20 PM Author: pontificating dragon Yeah, definitely. I'm not resentful about it; I'm just pissed I'm a crappy interviewer. And I don't know anyone. (http://www.autoadmit.com/thread.php?thread_id=367878&forum_id=2#5184359) |
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Date: February 25th, 2006 5:09 PM Author: Cyan love of her life oh. are you currently at the library? (http://www.autoadmit.com/thread.php?thread_id=367878&forum_id=2#5184263) |
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Date: February 25th, 2006 5:10 PM Author: pontificating dragon Nope (http://www.autoadmit.com/thread.php?thread_id=367878&forum_id=2#5184269) |
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Date: February 25th, 2006 5:10 PM Author: Avocado spot Well let me know when you post that info. (http://www.autoadmit.com/thread.php?thread_id=367878&forum_id=2#5184275) |
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Date: February 25th, 2006 5:08 PM Author: Cyan love of her life that's better than i thought.
perhaps connections play a role? |
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Date: February 25th, 2006 5:03 PM Author: Cyan love of her life can you take a digital picture of it, post it on the web, and link it? (http://www.autoadmit.com/thread.php?thread_id=367878&forum_id=2#5184206) |
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Date: February 25th, 2006 5:04 PM Author: pontificating dragon Yeah, no problem. The numbers are focused on UT, but, could be useful for everyone. (http://www.autoadmit.com/thread.php?thread_id=367878&forum_id=2#5184217) |
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Date: February 25th, 2006 5:06 PM Author: Cyan love of her life wow, i didn't think you'd actually do it.
THANKS! maybe we'll have offices next to each other someday.
Edit: If that's the case, remind me to buy you lunch. |
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Date: February 25th, 2006 5:08 PM Author: Cyan love of her life you have a 1L gig lined up? (http://www.autoadmit.com/thread.php?thread_id=367878&forum_id=2#5184249) |
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Date: February 25th, 2006 5:09 PM Author: pontificating dragon 1 offer at a small austin firm, but they're not paying anything great. I did 1L OCI this week and had 4 interviews... I'll see how that goes. (http://www.autoadmit.com/thread.php?thread_id=367878&forum_id=2#5184268) |
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Date: February 25th, 2006 5:11 PM Author: Cyan love of her life good luck champ!
any notables? |
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Date: February 25th, 2006 5:14 PM Author: pontificating dragon 2 V50. I'm pretty underwhelmed. All 4 firms were looking to hire 1-2 1Ls from UT, and interviewed 10-20 people. My odds are pretty shittastic, and I'm fairly unnattractive. In addition, this one chick that's a solid 7.5-8.0 interviewed at 3 of the 4 i was interviewing. She's already gotten 2 summer offers, and was just looking to upgrade. What a bitch. (http://www.autoadmit.com/thread.php?thread_id=367878&forum_id=2#5184308) |
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Date: February 25th, 2006 5:19 PM Author: Cyan love of her life that sucks. hopefully you'll have better luck. ever though about breaking one of her knees? seemed to work for Tonya. (http://www.autoadmit.com/thread.php?thread_id=367878&forum_id=2#5184355) |
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Date: February 25th, 2006 4:29 PM Author: pontificating dragon Are Texas firms going to be raising salaries soon? $110 in Texas is still better than $135 in NYC/LA... (http://www.autoadmit.com/thread.php?thread_id=367878&forum_id=2#5183821) |
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Date: February 25th, 2006 4:30 PM Author: Cyan love of her life but it's not better than $135k in Texas (National firms with branch offices in TX) (http://www.autoadmit.com/thread.php?thread_id=367878&forum_id=2#5183845) |
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Date: February 25th, 2006 4:31 PM Author: Avocado spot Exactly. (http://www.autoadmit.com/thread.php?thread_id=367878&forum_id=2#5183862) |
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Date: February 25th, 2006 4:31 PM Author: Avocado spot I would imagine somewhere along the times of where NYC firms were prior to the current raises. (http://www.autoadmit.com/thread.php?thread_id=367878&forum_id=2#5183856) |
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Date: February 25th, 2006 4:02 PM Author: pontificating dragon How many of these partners are with their first wife? Is making partner worth it? (http://www.autoadmit.com/thread.php?thread_id=367878&forum_id=2#5183550) |
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Date: February 25th, 2006 4:23 PM Author: Cyan love of her life with their first wife? no idea. less than half, i presume. (http://www.autoadmit.com/thread.php?thread_id=367878&forum_id=2#5183757) |