Lawyer Monthly - November 2021 Edition

26 WWW.LAWYER-MONTHLY.COM | NOV 2021 THE TEXAS LEGAL MARKET IS BIG — AND BOOMING While the COVID-19 pandemic has inarguably impacted the legal landscape in Texas, it has far from dulled the Lone Star State’s shiny appeal. Since 2015, a substantial number of firms have established a presence in the state, and this past year has been no exception. In April 2021, Kirkland & Ellis opened an office in Austin — its third office to date in Texas. June saw the Los Angeles-founded O’Melveny & Myers and Seattle-based Perkins Coie set up satellite locations in Austin, as did Silicon Valley tech firm Gunderson Dettmer in April and Latham & Watkins in August. In Dallas, O’Melveny and Quinn Emmanuel both have established offices. Why is BigLaw laying down roots in Texas? For one thing, the clients are everywhere. There has been an influx of corporate relocations over the last few years — more than 300, in fact. Today, 95 Fortune 1000 corporations are headquartered in the state, with 41% focused on the energy industry. This growth can be attributed to Texas’ generally low taxes, business-friendly regulations and large and diverse economy, not to mention state- offered financial incentives and tax breaks. For out-of-state firms that set up offices in Texas, lower operating costs and lower- than-average billing rates offer a distinct competitive advantage. All of this coupled with a low attorney saturation rate makes AmLaw 200 and NLJ 500 firms well-positioned to grow their presence. The markets at a glance For many people, Texas conjures up images of searing temperatures, world-class BBQ and live country music. However, it is not all cowboy hats and rodeos. This sizeable state features a surprisingly diverse economy that is appealing to both law firm partners and their clients. Attorneys have the opportunity to engage in everything from ground-floor start-up work to sophisticated collaborations with Fortune 500 companies. Houston: Energy’s heartland Houston’s energy industry fuels a sizeable portion of the legal work there, in both litigation and corporate, and there is a substantial amount of intellectual property work as well. Houston is also home to numerous media and entertainment production companies. Healthcare, biomedical research and aerospace make up large portions of the city's economy as well. Dallas: Ahaven for headquarters The Texas Legal Market is Big — And Booming Larry Scott Managing Director Major, Lindsey & Africa 801 Travis St Suite 1850, Houston, TX 77002 Tel: +1 713-425-1644 E: lascott@mlaglobal.com www.mlaglobal.com Texas may not be the most immediately obvious destination for an aspiring lawyer or law firm, but a combination of economic factors are shaping the state into an attractive prospect for the legal sector. Larry Scott, Managing Director at Major, Lindsey & Africa, shares his insights on why major law firms are taking a renewed interest in Texas. Larry Scott is a Managing Director in Major, Lindsey & Africa’s Texas offices. His practice involves counselling law firm partners and groups as they navigate the lateral market, identifying firms which provide the best platform and fit based on their individual goals. Larry holds extensive experience of practicing at national law firms and connecting partners with their ideal firms. Major, Lindsey & Africa is an international legal recruitment firm. Established in 1983, the company has become a global leader in matching legal talent with high-ranking firms, and operates major branches across the US and worldwide.