Dallas Law Firms Better Poised to Weather Recession
Some Dallas law firms are laying off lawyers, but on the whole they are faring better than counterparts in other cities.
The firms are doing well in part because they have energy and intellectual property practices that do better in an economic downturn, the Dallas Morning News reports.
John Attanasio, dean of Southern Methodist University’s Dedman School of Law, told the newspaper that the strong market has helped his school’s graduates obtain jobs. More than 70 percent of the school’s most recent graduates found jobs, the second-best results ever for the school.
“The Dallas firms have been very conservative with their financial commitments, and they’ve been farsighted in picking up promising trends in the law,” he told the Morning News. “Everybody’s suffering out there, but by comparison we’re doing a lot better.”
One law firm, Vinson & Elkins, hasn’t laid off any lawyers. Dallas partner Jeff Chapman told the Morning News that the firm has a strong energy practice. It also beefed up its bankruptcy team before the economic downturn began.
Another firm, Hunton & Williams, has laid off 23 lawyers, but only one is from the Dallas office. The firm’s acquisition of 100 lawyers from Jenkens & Gilchrist two years ago may have helped boost its fortunes, the story says.
