Nine corporate law firms in Texas have added lawyers to their bankruptcy practices and 20 other firms are aggressively recruiting experienced restructuring partners. Legal and financial advisors believe a surge of business bankruptcies is heading toward Texas and there is big money to be made representing clients in deep economic distress.
Corporate Bankruptcies: ‘Calm before the Storm’ in TX
Business bankruptcy filings in Texas plummeted during the first six months of 2019, but experts predict a financial storm is brewing that could force hundreds and hundreds of Texas businesses into insolvency. “We are beginning to see some bad signs,” says Sidley’s Duston McFaul. “Another wave is on the way,” says Jackson Walker’s Elizabeth Freeman. Adds Lou Strubeck: “We are on the cusp of something big happening.” The Texas Lawbook has new data and complete details in Part One of a series.
Texas Lawbook Achieves 13,000 Subscribers
Last month, The Texas Lawbook officially reached and surpassed more than 13,000 paid subscribers, including more than 2,500 corporate in-house counsel. Our partnerships with the Dallas Business Journal and the Houston Chronicle means The Lawbook reach expands to tens-of-thousands of business leaders in Texas and beyond. But we couldn’t do any of it without one person: Sally Selio.
The 2019 Magna Stella Award Goes To…
The Texas GC Forum chose in-house lawyers at AT&T, Boeing Global Services, ExxonMobil, Platinum Dermatology, Southwestern Energy and the Teacher Retirement System of Texas to receive the Magna Stella Award. The biggest winner is Houston-based Mattress Firm. The Texas Lawbook has the names.
Stream GC Daniel Terrell: ‘Herculean Effort’ Results in Successful Divestiture
For the past seven months, Stream Energy GC Daniel Terrell was laser focused on his company’s $330 million sale to Houston-based utility NRG Energy. In an exclusive interview, Terrell said the deal “was incredibly complex and challenging.” The Texas Lawbook has exclusive details.
American Airlines Names Priya Aiyar as New GC
The Fort Worth-based airline conducted a national search to replace Paul Jones, who retired earlier this year. Willkie Farr partner Priya Aiyar, whose practice specialized in litigation and global trade and investment disputes, will start the job in September and will relocate to American’s DFW headquarters.
Stanford Receiver Asks Full Fifth Circuit to Reverse Panel’s $65M Settlement Annulment
Three federal appeals court judges got it all wrong six weeks ago when they invalidated a $65 million settlement in the eight-year litigation battle over the Allen Stanford Ponzi scheme, according to motions filed Wednesday by Stanford receiver Ralph Janvey, who wants the Fifth Circuit to reconsider the case en banc.
Jones Day Snags Antitrust Litigation Vet
A tearful Jim Reeder, chair-elect of the ABA’s Litigation Section and a 30-year veteran of the V&E trial practice, told The Texas Lawbook Wednesday that he is moving his practice to the Houston office of Jones Day. He called it one of the most exciting – but also difficult – decisions he has ever made.
Senate Confirms Two Fed Judges Tuesday and Two More Wednesday
Four Texas lawyers have been approved by the U.S. Senate for federal judgeships in the Eastern, Northern and Southern Districts of Texas so far this week. Three more may get the nod in the next day or two. The Texas Lawbook has the details.
Allen Law Firm, Plano Biz Sue to Stop Dallas Paid Sick Leave Ordinance
A small employment defense law firm called the Hagan Law Group is one of two businesses that filed a federal lawsuit Tuesday to stop the Dallas Paid Sick Leave Ordinance from going into effect this week.