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Texas PPPs: Top Two Firms
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Date: February 25th, 2006 3:13 PM Author: aromatic lay 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: exhilarant theater mood 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: aromatic lay 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: Mewling Property Keepsake Machete 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: exhilarant theater mood 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: Mewling Property Keepsake Machete 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: aromatic lay 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: 180 domesticated fat ankles 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: aromatic lay 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: 180 domesticated fat ankles 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: Self-absorbed tattoo national 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: aromatic lay 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: Self-absorbed tattoo national 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: aromatic lay 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: Self-absorbed tattoo national 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: aromatic lay 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: Self-absorbed tattoo national *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: aromatic lay 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: Self-absorbed tattoo national 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: aromatic lay 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: Self-absorbed tattoo national 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: exhilarant theater mood 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: aromatic lay 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: Self-absorbed tattoo national 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: aromatic lay 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: exhilarant theater mood 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: exhilarant theater mood 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: Self-absorbed tattoo national 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: aromatic lay 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: exhilarant theater mood 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: Self-absorbed tattoo national 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: exhilarant theater mood 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: Self-absorbed tattoo national 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: exhilarant theater mood 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: Self-absorbed tattoo national 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: exhilarant theater mood 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: Self-absorbed tattoo national 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: exhilarant theater mood 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: aromatic lay 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: exhilarant theater mood 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: aromatic lay 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: exhilarant theater mood 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: aromatic lay 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: exhilarant theater mood 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: Self-absorbed tattoo national 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: aromatic lay that's better than i thought.
perhaps connections play a role? |
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Date: February 25th, 2006 5:03 PM Author: aromatic lay 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: exhilarant theater mood 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: aromatic lay 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: aromatic lay 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: exhilarant theater mood 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: aromatic lay good luck champ!
any notables? |
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Date: February 25th, 2006 5:14 PM Author: exhilarant theater mood 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: aromatic lay 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: exhilarant theater mood 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: aromatic lay 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: Self-absorbed tattoo national 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: Self-absorbed tattoo national 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: exhilarant theater mood 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: aromatic lay with their first wife? no idea. less than half, i presume. (http://www.autoadmit.com/thread.php?thread_id=367878&forum_id=2#5183757) |