The U.S. Securities and Exchange Commission filed fraud charges Monday against SolarWinds Corporation, an Austin publicly traded company that provides information infrastructure software used by thousands of businesses and government agencies, for alleged failures regarding cybersecurity risks and vulnerabilities. The SEC’s complaint filed in New York that accuses SolarWinds and its chief information security officer, Timothy G. Brown, with making “materially false and misleading statements and omissions related to SolarWinds’ cybersecurity risks and practices in at least three types of public disclosures” between 2018 and 2020.
‘Think Like an In-House Lawyer’
Porter Hedges founder Bill Porter must have seen something special when he recruited Vanderbilt University second-year law student Joyce Soliman in 1996. Twenty-seven years later, the Houston-based, 125-attorney, full-service law firm has named Soliman, a corporate finance lawyer and the past chair of the Asian American Bar Association’s board of trustees, as its new co-managing partner.
Bill Munck’s Silver Jubilee: ‘Finding Larry and Mike’
When Bill Munck started his law firm in 1998, he made three decisions that proved critical for success. The firm would be technology-focused. It would be based in DFW. And the partners he chose to join him would be make or break. During the past 25 years, Munck Wilson Mandala has jumped from six to 94 lawyers, has expanded to eight offices, has increased firm revenues and revenue per lawyer each year and developed a national reputation as a leading technology firm. Munck, Wilson, Mandala and several more deserve the credit.
Fallout in SDTX Bankruptcy Court
Have large corporations filed their Chapter 11 restructurings in Houston because the rules are favorable to debtors or because of Bankruptcy Judge David Jones’ expertise? Several bankruptcy lawyers fear it was the latter that made the Southern District of Texas the busiest jurisdiction over the past six years for complex business restructurings.
With Judge Jones’ resignation over the weekend amid a Fifth Circuit investigation, experts say that there is a danger of returning to the days when Texas lost billion-dollar restructurings to other jurisdictions.
Harry Reasoner, the ‘Quintessential Advocate,’ Retires
Six decades ago, a rookie Vinson & Elkins lawyer named Harry Reasoner tried his first case in court. Hundreds of jury and bench trials and 59 years later, Reasoner, now 84, tells The Texas Lawbook that he has decided to retire on Dec. 31.
Reasoner has won billion-dollar courtroom victories for plaintiffs and corporate defendants. His service of pro bono is unparalleled. He guided V&E through a time of tremendous growth, adopted progressive workplace policies in the 1990s such as same sex benefits and helped the Houston firm survive the Enron financial scandal.
Highly Respected Houston Bankruptcy Judge David Jones Resigns Amid Investigation
U.S. Bankruptcy Judge David Jones, one of the most prominent and busiest bankruptcy judges in the U.S., is expected to resign his position Monday over allegations of an undisclosed relationship with a former Jackson Walker bankruptcy lawyer who never appeared before him in a case, according to sources at the U.S. Court of Appeals for the Fifth Circuit and the U.S. District Court for the Southern District of Texas.
Citi’s Legal Industry Experts: Texas Firms ‘Outperforming’ Lawyers in Most Other Regions
Texas-based corporate law firms are billing more hours, growing revenues faster and collecting money from clients better and faster in 2023 than most of their counterparts throughout the U.S., according to new data from Citi Private Bank’s Law Firm Group. Demand by business clients for legal work in Texas is also up and leaders at Texas law firms are “slightly more optimistic” about growth for the rest of 2023 and 2024 than corporate lawyers in other regions of the country. But there are negative signs that some corporate clients are taking longer to pay invoices. The Texas Lawbook has the exclusive report.
Yetter Coleman Wins $25.7M Winter Storm Uri Contract Dispute for DC Transco
U.S. District Judge Robert Pitman last week ordered Rainbow Energy Marketing Corporation to pay $25.7 million to DC Transco as part of dispute over a series of derivative financial transactions related to Winter Storm Uri in February 2021.
Kirkland Promotes 21 Lawyers to Partner in Texas
Kirkland’s 21 newly promoted Texas partners is down from 25 last year but it is still likely to be one of the largest new partner classes of any business law firm.
Litigation Over Dallas Co. Juvenile Department Heats Up
Dallas County Commissioner Andrew Sommerman said he was being a “hammer” when he made the motion to withhold pay increases from top juvenile probation officials last month for their refusal to turn over records of youth detainees. But Sommerman and his fellow Dallas County Commissioners could end up being the nail, according to a new lawsuit filed over the weekend by the Dallas County Juvenile Department. The legal battle between the Dallas County Juvenile officials and the Dallas County Commissioners Court escalated Friday night when lawyers for the juvenile care officials filed an amended complaint calling the commissioners’ decision three weeks ago to withhold their pay increases illegal and seeking to have it immediately voided.