Thomas G. Wolfe, Managing Partner at Phillips Murrah law firm, was interviewed by Brenda Sapino Jeffreys for an article for Texas Lawyer on Law.com, giving insights on the Firm’s venture into the Texas legal market and on business strategies the Firm has found successful.
Read more below:
What do you view as the two biggest opportunities for your firm, and what are the two biggest threats?
For Phillips Murrah, our biggest opportunity is easy: TEXAS. We opened our Dallas office about a year-and-a-half ago, and as a new entrant to the Texas legal market, we see virtually unlimited opportunities to gain clients, expand existing relationships and add top talent. Over the past 18 months, we have grown our Texas office from one full-time lawyer to five while increasing the quantity of work being handled for Texas-based companies more than tenfold. While much of that work is for new clients, we are also providing an expanding range of service to existing clients based in Texas and elsewhere.
The second opportunity for the firm is the ability to provide existing Oklahoma-based clients with niche services from Texas-based lawyers. In some cases, there are only a handful of Oklahoma lawyers in a niche practice while the pool of practitioners in Texas is much larger.
While Texas presents a huge opportunity, the size of the legal market and the number of competitors also serve as a threat. As a roughly 75-lawyer firm, we cannot chase every opportunity. We must remain focused and chose carefully.
Growth also presents a challenge to our firm culture, which has been a cornerstone for our success. As Phillips Murrah added, and then added to, a second office, we have worked diligently to include Oklahoma lawyers on teams serving Texas-based clients and vice versa. Since opening in Dallas, half of our Oklahoma lawyers have worked on relationships managed by a Texas lawyer while everyone in our Dallas office has worked on a relationship managed from our Oklahoma City headquarters. Fortunately, Oklahoma City is as close to Dallas as Austin and much closer than Houston.
The full article is exclusive to Law.com subscribers. Click here to view the full article.