Highlights for Texas Q2 2022: comeback for Texas-based firms; record-low August; Corporate M&A Securities yields just 3 moves
WHAT WE’RE SEEING
Texas-Based Firms Claw Back: While the share of partner moves going to non-Texas-based firms has been climbing this year, the tide stemmed in the third quarter. Where Q1 and Q2 saw non-Texas-based firms nab 76% and 80%, respectively, of partner hires, that dropped off to 60% this quarter.
Most of these moves, however, were made by partners shifting between Texas-based firms, not partners jumping from a non-Texas-based firm to a local one.
Sluggish August: Perhaps after enduring the oppressive, record-breaking heat this July, partners lacked the enthusiasm for a move. August’s 11 partner moves marked a low-point in the five years we’ve been tracking.
Considering the roster of firms we’re tracking has grown over the years, this represents a considerable slowdown in lateral moves over previous years. By September, the numbers seemed to level out, bringing them on-par with past Q3’s.
Corporate M&A Securities Slows, IP is Up: Corporate M&A Securities dropped to the 5th slot with just three moves last quarter, while the Intellectual Properties group climbed to 2nd place with 12 moves.
The IP boost was, however, almost entirely due to the 11 additions made by McDermott Will & Emery with its Austin opening.
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LIST OF TEXAS PARTNER MOVES: Q3 OF 2022
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