2018 Dallas Thread
Posted: Tue Jul 24, 2018 3:15 pm
For those interested in the Dallas market, I thought it might be helpful to have a thread solely dedicated to Dallas. I'll post my general thoughts below as to the hierarchy of firms in Dallas from both the transactional and litigation perspectives. If anyone has questions, please chime in.
TRANSACTIONAL:
Overall thoughts - Transactional work is much hotter in Texas than litigation (especially when you're talking corporate, finance and to some extent tax - real estate is generally less lucrative than those practice areas and is not of focus of the national firms)
Also, the Dallas legal market is not nearly as hot as Houston - almost all of the big deals in the state come out of Houston and the corporate groups in Dallas are much smaller than in Houston (HayBoo Dallas' corporate group is probably the biggest group at 30ish lawyers whereas VE Houston easily has over 100 corporate lawyers)
There is also less capital markets work in Dallas than Houston - it seems like 2/3 of all capital markets work in the state is done out of VE Houston
Band 1:
-Gibson: Has some of the biggest names in the market and access to some high-profile work but you hear of many associates that are slow
-Vinson & Elkins: Lost some big names to GDC a few years ago but keeps chugging along; you hear mixed reports on culture and that its a satellite office but this is probably the best name in the state
-Sidley: Mostly former Weil and BB people; their Houston office is growing faster, but this is still a well-respected group
-Thompson & Knight: Very energy focused; mid-size group, was targeted heavily by Kirkland; TBD if anyone goes over; not a huge national name but well-regarded in Dallas
-Jones Day: Recently lost people to Kirkland but historically a great name; diversified wrt industries; mixed reports on culture
-Kirkland: In Band 1 for name alone; the first batch of lawyers to sign on leave a little to be desired, but the office will surely be busy
-Winston & Strawn: the transactional side is a mix of former Locke and Jones Day people for the most part; diversified with respect to industries; no energy presence
-Weil: Great name and was once the top name in the market but recent defections to Kirkland, Sidley, etc. have really hurt the group - unclear what it will look like in 10 years
Band 2:
-Haynes and Boone: largest group in town; very mid-market; diversified with respect to industry; you hear reports that they overhire and that many associates are slow
-Baker Botts: firm as a whole seems to be losing ground to VE (plus BB lost a couple big partners to Sidley a couple years ago); you don't hear much about their corporate group in town but there are definitely some good people there
-Akin Gump: most work comes from other offices but it is good work; mixed reports on culture; not somewhere to go if you want to make partner
Band 3:
-Norton Rose Fulbright: the corp group is formerly from Winstead (as of probably 20 years ago); you don't hear much about them
-Locke Lord: most of the top transactional folks went to Winston
-HuntonAK: a small group but have good private equity work (most of the former AK people went to Katten instead of coming over though)
Band 4:
-Winstead: Very mid-market but a good place to go if you want to make partner
-Foley Gardere: Similar to Winstead
Other Firms:
-Bracewell, Alston, Holland & Knight, squire patton boggs, Katten, Greenberg, Munsch, Strasburger, DLA Piper, McDermott, Polsinelli, Baker McKenzie, McGuire Woods: All of these firms are good firms with very capable lawyers, but they all have small/new corporate groups or are very regional and likely have fewer spots than those firms listed above (if any)
LITIGATION:
Overall thoughts - Litigation as a whole is slower than transactional work in Texas and is generally less lucrative, though Dallas litigation sections usually represent a larger percentage of the office than their Houston counterparts
Band 1:
-Gibson: in a league of its own and certainly has the most number of heavy hitters
Band 2:
-Vinson & Elkins: Great Texas firm that is still seen as a force in the market after losing some big names to GDC a few years ago
-Winston & Strawn: The newest force in the market, and generally took the biggest name partners from Fish to launch the litigation section
-Sidley: The former Weil litigation group, prestigious, but you hear mixed reports on culture
-mckool smith: A quasi-boutique that has a good reputation for work and a mixed reputation for culture
Band 3:
-Baker Botts: Stable group but not one you hear a ton about in Dallas
-Akin Gump: Light on general commercial litigation but with its DC ties is stronger in antitrust and other similar practices
-Jones Day: Similar to Akin Gump; mixed reports on culture here too (what you gain in "sophistication" here and at Akin Gump you probably lose in courtroom experience)
-Norton Rose Fulbright: Similar to Baker Botts above but at least at Fulbright, the litigators have more power
-Locke Lord: See Fulbright above
-Thompson & Knight: Mostly general commercial litigation, a busy group that is quite large; not bet-the-company litigation but probably good experience
Band 4:
-Haynes and Boone: Once a litigation force, now a very slow group that has been slow for probably a decade; still a great name
-Fish: Unclear how viable office is after losing big group to Winston
-Jackson Walker: Sort of like a smaller TK
-Winstead: Less sophisticated work but a fairly large section
-Foley Gardere: Same as Winstead
Other Firms:
-Bracewell, Weil, K&L Gates, Morgan Lewis, HuntonAK all have some litigation, but I don't think any of them have a more than a couple partners that litigate, so these are probably less viable options for most
-Note that this list leaves off a bunch of great boutiques, as it is my understanding those positions are hard to snag during OCI and are generally seen as options you would pursue after having worked in Biglaw for a few years (but if I'm wrong about this, please correct me)
-Note, also, that the most prestigious boutiques are in Houston and not Dallas (i.e., Susman, Yetter, AZA, Beck Redden, etc.)
TRANSACTIONAL:
Overall thoughts - Transactional work is much hotter in Texas than litigation (especially when you're talking corporate, finance and to some extent tax - real estate is generally less lucrative than those practice areas and is not of focus of the national firms)
Also, the Dallas legal market is not nearly as hot as Houston - almost all of the big deals in the state come out of Houston and the corporate groups in Dallas are much smaller than in Houston (HayBoo Dallas' corporate group is probably the biggest group at 30ish lawyers whereas VE Houston easily has over 100 corporate lawyers)
There is also less capital markets work in Dallas than Houston - it seems like 2/3 of all capital markets work in the state is done out of VE Houston
Band 1:
-Gibson: Has some of the biggest names in the market and access to some high-profile work but you hear of many associates that are slow
-Vinson & Elkins: Lost some big names to GDC a few years ago but keeps chugging along; you hear mixed reports on culture and that its a satellite office but this is probably the best name in the state
-Sidley: Mostly former Weil and BB people; their Houston office is growing faster, but this is still a well-respected group
-Thompson & Knight: Very energy focused; mid-size group, was targeted heavily by Kirkland; TBD if anyone goes over; not a huge national name but well-regarded in Dallas
-Jones Day: Recently lost people to Kirkland but historically a great name; diversified wrt industries; mixed reports on culture
-Kirkland: In Band 1 for name alone; the first batch of lawyers to sign on leave a little to be desired, but the office will surely be busy
-Winston & Strawn: the transactional side is a mix of former Locke and Jones Day people for the most part; diversified with respect to industries; no energy presence
-Weil: Great name and was once the top name in the market but recent defections to Kirkland, Sidley, etc. have really hurt the group - unclear what it will look like in 10 years
Band 2:
-Haynes and Boone: largest group in town; very mid-market; diversified with respect to industry; you hear reports that they overhire and that many associates are slow
-Baker Botts: firm as a whole seems to be losing ground to VE (plus BB lost a couple big partners to Sidley a couple years ago); you don't hear much about their corporate group in town but there are definitely some good people there
-Akin Gump: most work comes from other offices but it is good work; mixed reports on culture; not somewhere to go if you want to make partner
Band 3:
-Norton Rose Fulbright: the corp group is formerly from Winstead (as of probably 20 years ago); you don't hear much about them
-Locke Lord: most of the top transactional folks went to Winston
-HuntonAK: a small group but have good private equity work (most of the former AK people went to Katten instead of coming over though)
Band 4:
-Winstead: Very mid-market but a good place to go if you want to make partner
-Foley Gardere: Similar to Winstead
Other Firms:
-Bracewell, Alston, Holland & Knight, squire patton boggs, Katten, Greenberg, Munsch, Strasburger, DLA Piper, McDermott, Polsinelli, Baker McKenzie, McGuire Woods: All of these firms are good firms with very capable lawyers, but they all have small/new corporate groups or are very regional and likely have fewer spots than those firms listed above (if any)
LITIGATION:
Overall thoughts - Litigation as a whole is slower than transactional work in Texas and is generally less lucrative, though Dallas litigation sections usually represent a larger percentage of the office than their Houston counterparts
Band 1:
-Gibson: in a league of its own and certainly has the most number of heavy hitters
Band 2:
-Vinson & Elkins: Great Texas firm that is still seen as a force in the market after losing some big names to GDC a few years ago
-Winston & Strawn: The newest force in the market, and generally took the biggest name partners from Fish to launch the litigation section
-Sidley: The former Weil litigation group, prestigious, but you hear mixed reports on culture
-mckool smith: A quasi-boutique that has a good reputation for work and a mixed reputation for culture
Band 3:
-Baker Botts: Stable group but not one you hear a ton about in Dallas
-Akin Gump: Light on general commercial litigation but with its DC ties is stronger in antitrust and other similar practices
-Jones Day: Similar to Akin Gump; mixed reports on culture here too (what you gain in "sophistication" here and at Akin Gump you probably lose in courtroom experience)
-Norton Rose Fulbright: Similar to Baker Botts above but at least at Fulbright, the litigators have more power
-Locke Lord: See Fulbright above
-Thompson & Knight: Mostly general commercial litigation, a busy group that is quite large; not bet-the-company litigation but probably good experience
Band 4:
-Haynes and Boone: Once a litigation force, now a very slow group that has been slow for probably a decade; still a great name
-Fish: Unclear how viable office is after losing big group to Winston
-Jackson Walker: Sort of like a smaller TK
-Winstead: Less sophisticated work but a fairly large section
-Foley Gardere: Same as Winstead
Other Firms:
-Bracewell, Weil, K&L Gates, Morgan Lewis, HuntonAK all have some litigation, but I don't think any of them have a more than a couple partners that litigate, so these are probably less viable options for most
-Note that this list leaves off a bunch of great boutiques, as it is my understanding those positions are hard to snag during OCI and are generally seen as options you would pursue after having worked in Biglaw for a few years (but if I'm wrong about this, please correct me)
-Note, also, that the most prestigious boutiques are in Houston and not Dallas (i.e., Susman, Yetter, AZA, Beck Redden, etc.)