Texas Lawyer Reviews Haynes and Boone’s 2017 Finances


Revenue and income surged at Haynes and Boone, LLP in 2017, fueled by strong demand for its services, Texas Lawyer reported.

The firm posted record gross revenue of nearly $400 million in 2017— up 6 percent compared with 2016, while its net income improved by 4.1 percent year-over-year, the article noted. The firm’s gross revenue totaled $397,500,000 in 2017, compared with $375,000,000 in 2016. Net income came in at $127,245,000 in 2017, up from $122,200,000 the year before.

Texas Lawyer interviewed Managing Partner Tim Powers about the firm’s 2017 performance. 

Here is an excerpt of the article: 

Haynes and Boone benefited from robust demand in its corporate, M&A and capital markets practices, and from a “really strong pickup” in energy throughout the year. Finance and real estate also did well, [Powers] said.

Significantly, he said, the firm’s litigation practice, particularly in Texas, including appellate work, posted strong growth in 2017. In one significant matter, Haynes and Boone litigators, along with a team from Skadden, Arps, Slate, Meagher & Flom, won a [substantial] verdict in federal court in Dallas in February 2017 in an intellectual property lawsuit for clients ZeniMax Media Inc. and idSoftware. . .

On the expense side, the firm made a large investment in technology by moving to a new cloud-based document management system, he said.

The 2017 results are particularly sweet because 2016′s numbers included a contingency fee recovery of about $11 million to $12 million, Powers said. In 2016, gross revenue at Haynes and Boone improved by 3.6 percent when compared with 2015, and net income increased by 3 percent.

Powers said many of the firm’s practices outperformed their budgets in 2017. “It was really a strong performance year overall,” he said.

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