The outlook for Texas based law firms is … bright? Texas Lawyer today reports that most top Texas firms are paying associates 2008 bonuses on par with what they received in 2007:
Lawyers with most of the firms say the 2008 associate bonuses are similar, or at the same level, as the bonuses the firms paid to their associates for 2007.
Vinson & Elkins is one of the firms that could be paying Texas associates a bigger bonus than New York associates.
In fact, Texas lawyers seem positive about the future of the Texas market:
[T. Michael] Wilson’s prediction for 2009 echoes that of the other managing partners. “We are guardedly optimistic,” he says. “Who knows what the next six months will bring in terms of the economy and the practice of law?”
That’s a lot different than what is coming out of New York. Remember this nugget from the Cravath bonus memo:
Given the uncertainty of the economy and the business climate going forward, we will not be able to address the issue of whether there will be any year-end bonuses in 2009 until this time next year. However, associates should be prepared for the likelihood that the economy and the Firm’s financial performance next year will not show a significant improvement over this year and they may receive significantly reduced or no year-end bonuses next year.
Better bonuses, lower cost of living, and great barbeque … Texas is looking very competitive isn’t it?