© 2017 The Texas Lawbook.
By Claire Poole and Brooks Igo
*This article was updated on Oct. 25
HOUSTON (Oct. 20) – Five corporate attorneys at Andrews Kurth Kenyon, led by Houston star partner David Buck, have informed the law firm’s leaders that they are taking their energy transaction practices to the Houston office of Sidley Austin.
Multiple sources told The Texas Lawbook last week that Buck, who co-chairs AKK’s securities practice, and three other AKK partners – Jon Daly, George Vlahakos and Bill Cooper – have officially given notice and are expected to depart the Houston-based firm by the end of the month.
Sidley confirmed the lateral hires in a press release today. Angela Richards is also a part of the prominent energy transactions group making the move. She will join Sidley in early December.
“David, Bill, John, Angela and George are widely known in the energy sector and recognized for their experience and industry insights,” Kevin Lewis, co-managing partner of Sidley’s Houston office, said in a statement.
“Their coveted MLP capital markets and tax work will be an important addition to our office, and together with their broader capital markets and M&A capabilities will complement Sidley’s formidable, globally recognized capital markets and M&A practices.”
The Texas Lawbook reported two weeks ago that Andrews Kurth Kenyon leaders have had merger conversations with Virginia-based Hunton & Williams.
AKK, which was founded 115 years ago and has deep connections throughout the oil patch, has more than 400 lawyers in 12 offices and boasts annual revenues of $289 million.
Sidley also approached longtime AKK partner Mike O’Leary, who is widely viewed as one of the most respected and successful corporate securities lawyers in Texas, but O’Leary decided to stay with the firm, according to sources.
Sidley has been bulking up its energy ranks in Houston recently. In July, the Chicago-founded firm hired David Asmus away from Morgan Lewis, naming him co-leader of its energy practice in Houston (along with Cliff Vrielink). Sidley also brought on Brian Bradshaw from Morgan Lewis and Brian Minyard from Simpson Thacher.
Sidley now has more than 50 lawyers in its Houston office and nearly 60 lawyers in its Dallas outpost.
The latest Mergermarket report showed that AKK lawyers advised 25 Texas-based companies in M&A deals during the first three quarters of 2017 – up from 15 transactions during the same period a year earlier.
AKK still has a strong group of highly desired corporate lawyers, including Dallas labor and employment partner Marc Katz and M&A partner Mark Solomon, both of whom were recently elected to the firm’s governing committee – an indication that neither lawyer has any plans to leave the firm.
While Buck may get the headlines, lawyers say his four colleagues deserve a significant amount of attention, too.
Daly focuses on corporate and securities law with an emphasis on mergers and acquisitions and capital raising transactions. He recently represented Hilcorp Energy Co. – owned by Houston billionaire oilman Jeffery Hildebrand – on its formation of Hilcorp San Juan, a joint venture with the Carlyle Group, and their purchase of oil and gas properties from ConocoPhillips for $2.6 billion.
Vlahakos works on transactional and corporate governance matters for public and private companies, investment banks and private equity firms in energy and real estate. He recently advised Ashford Hospitality Trust on a $95 million preferred stock offering and NGPL PipeCo on $1.4 billion worth of debt offerings. And in April he assisted NuStar Energy on its purchase of Navigator Energy Services for $1.4 billion.
Richards is a tax expert who has significant experience advising MLPs on capital formation, acquisition and recapitalization activities and has served as tax counsel to both issuers and underwriters in connection with numerous MLP initial public and follow-on offerings.
Cooper, who offices out of Houston and Washington, D.C., does a lot of capital markets transactions for issuers and underwriters. He recently advised the underwriters on a $2.25 billion debt offering by Sunoco Logistics Partners Operations, a $500 million debt offering by Magellan Midstream and a $1 billion follow-on equity offering of units representing limited partner interests in Energy Transfer Partners.
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