Midsize Texas firm Munsch Hardt Kopf & Harr posted double-digit increases in all major financial metrics in 2025, including a 16.7% increase in revenue, with strong demand across all practice groups.
"It was a historic year for the firm, our 40th. It was across the board. Each one of our practice groups was steady," said David Coligado, chief executive officer of the Dallas-founded firm. "Our momentum is really good."
Revenue was $131.8 million in 2025, up 16.7% when compared with $112.9 million in 2024. With little change in lawyer head count, revenue per lawyer was $896,000, a 17.3% increase when compared with $764,000 the year before.
Net income was $52.4 million in 2025, up 19.5% from $42.6 million in 2024. With 5.6% fewer equity partners, profits per equity partners came in at $1.17 million, up 30.5% when compared with $894,000 the prior year.
Munsch Hardt's growing financial results position the firm as one that could ascend to the Second Hundred a year from now.
Coligado ticked off the practices that had strong results in 2025. Sports and entertainment and health care have been growing steadily, and the immigration practice, "with all of the news," has been very steady, along with the aviation practice, he said. Also, as a midsize firm, lawyers often serve as outside general counsel for clients, he said.
The real estate group has been busy as well, he said, as the firm represents some of the largest property owners in the U.S., and the work "seems to be very recession-proof." The bankruptcy group, with a lot of trustee work, had a "stellar" year in 2025, he said.
"What we’ve seen in 2025, we’ve got steady demand, and it is across all practices," he said, noting that the firm is weathering the chaos in the market.
Texas "isn't the worst place to be," because of higher energy prices and the state's oil and gas business, he said.
The firm is thoughtful and deliberate about its network of offices, Coligado said, noting that the Fort Worth office it opened this April is the first new location in 12 years. In addition to demand, the firm considered factors such as a cultural fit and billing rate fit when launching in Fort Worth, he said.
"Each one of our markets is unique. It's that Texas independence thing," he said.
About 73% of the firm's clients are in Texas.
As for a potential merger, Coligado said he has had conversations with firms—mostly Midwest-based firms looking to open in Texas. However, he said, "My attorneys here like our independence and we don't really see an advantage to that quote unquote national practice."
He said that while mergers have been talked about a lot in the industry, the reality is that those transactions are either a firm being acquired or acquiring. "We don't have the appetite or need for that," he said.
The firm's total lawyer head count was 147 on a full-time equivalent basis in 2025, down slightly from 148 FTE in 2024. The firm had 45 FTE equity partners in 2025, down 5.6% from 48 FTE in 2024. The nonequity partner count hit 46 FTE, growth of 13.3% when compared with 41 the year before.
Coligado said the growth in the nonequity tier was due to promotions and some lawyers moving to part-time. The decline in equity partner numbers was largely due to lawyers who are retiring and scaling back their practices.
"There's a generation of attorneys who are starting to transition their practice. That's a good thing—they built this firm and other firms," he said.
The firm hired five laterals who joined as shareholders in 2025.
Munsch Hardt did raise billing rates in 2025, moving with the market, and maintains "pretty typical midsize firm rates." He said the firm is not near Big Law rates, but the cost of business has gone up considerably over the last few years.
Major matters in 2025 include representing Pieces Technologies, a health care AI company, in a merger with Smarter Technologies; and representing a real estate owner and developer in connection with the acquisition, redevelopment and financing of a historic mixed-use project in Dallas.
Litigators represented plaintiffs in a multi-week jury trial in U.S. District Court for the Southern District of Texas involving claims of breach of oral contract related to a business relationship and oil and gas interests in Papua New Guinea, with the firm winning a summary judgment dismissing defendants' counterclaims, and securing a final judgment worth $210 million. Also, the firm represented an oil and gas exploration and production company and affiliates in Chapter 11 cases, with the firm successfully confirming a plan of reorganization providing for unsecured creditors and royalty holders to be paid in full over five years.
So far in 2026, Coligado said, the firm has opened the Fort Worth office, and added 12 lawyers, including employment litigation shareholder Monte K. Hurst, who came from Hallett & Perrin, and two corporate partners from Conner & Winters. The firm continues in growth mode, he said, looking for good lawyers who need a larger platform or are practicing at national firms and billing rates make it difficult for developing business.
"There is a lot of excitement at the firm right now," he said.
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