In 1989 he was paid a $10 million bonus for his work on a lawsuit for Pennzoil that resulted in a $3 billion settlement from Texaco.

Kerr and his family were longtime friends of George H. W. Bush and his wife, Barbara, whom they used to live down the street from.

According to an article by Walter Pincus and Bob Woodward in The Washington Post entitled Doing Well with Help from Family, Friends, (August 11, 1988) when Bush was running against Lloyd Bentsen for senator in 1970, Kerr advised Bush on a proposed business deal involving a loan request from a man named Victor Flaherty, who needed money to buy Fidelity Printing Company.

Kerr recommended that Bush make the loan, but that he also demand some stock in Fidelity Printing as part of the deal.

When Fidelity Printing was sold, Bush cashed in his stock for $99,600 in profit, a gain of 1,900 percent on his original investment.