2022 Q1 Newsletter: Potential for Record-Breaking Year

Highlights for the first quarter of 2022: near record-breaking quarter; lateral moves going to non-Texas-based firms jumps to 76%; five new office opens; Energy & Infrastructure gaining steam

WHAT WE’RE SEEING

Potential for Banner Year: This quarter tallied 97 moves, the highest number since Q1 of 2020. January, February and March each saw robust movement, leading us to believe we’ve returned to the pre-pandemic point where momentum was building for breakout growth in Texas.

If the trend continues through 2022, Texas will maintain its place as the hottest market in the country. 

Non-Texas-Based Firms Nab 76% of Lateral Moves: For the past few years, the share of partner moves going to firms based outside of Texas has hovered around 60%. This quarter, however, that number jumped to 76%.

With more firms opening shop in Texas, and more Texas-based being acquired, it’s not surprising to see this shift. But we’d consider this a pretty significant jump.   

Three Firms Move into Texas: The start of 2022 was unusually busy with new entrants into the Texas market. To date, the office openings have attracted nine partner moves.

Jan.: Snell & Wilmer (Dallas)
Jan.: Michelman & Robinson (Dallas)
Feb.: Michelman & Robinson (Houston)
Feb.: Dykema (Houston)
March: Morrison & Foerster (Austin)

Energy Hires on the Rise: While Corporate Litigation and Corporate M&A Securities moves still top the leaderboard, we’re seeing an increase in Energy & Infrastructure hires.

As is typical, Houston has drawn most of these moves; however, Austin attracted its fair share.