Former Baker Hughes Chief Legal Officer William D. Marsh has returned to private practice at Bracewell as of counsel after more than two decades in the Houston oilfield services giant’s corporate legal department.
Marsh – who has also served on the corporate boards of Altabank and BJ Services – will concentrate his practice on transactional and corporate governance matters, including M&A, enterprise risk management and ESG issues.
The Brigham Young University trained lawyer is intimately familiar with the Bracewell team, having worked with the firm as outside counsel on M&A, litigation and intellectual property matters throughout his time at Baker Hughes, including the company’s $5.5 billion acquisition of BJ Services in 2011.
Marsh believes Bracewell’s D.C., New York and Houston reach gives the firm a good sense for what regulators, investors and energy clients are looking for. But he is particularly impressed with the firm’s environmental and government relations teams.
“I’m impressed where Bracewell is in the ESG conversation,” he said. “Bracewell has tried to get in front of the curve on ESG. It’s an area I thought I could add some value to from what I was doing at Baker Hughes.”
Reflecting on his 22 years at Baker Hughes, Marsh says two transactions stand out – the $31 billion combination with GE Oil & Gas and Halliburton’s failed $28 billion takeover bid.
Marsh said the breakup with Halliburton helped prepare the company for the 2017 GE “once in a lifetime” kind of transaction.
Though the energy industry has already seen quite a bit of consolidation, Marsh sees more on the horizon, particularly as a lifeline for distressed oilfield services companies and a way for the large operators to add additional structure to their traditional oil businesses and move more into renewables.
“Will has overseen some of the most significant transactions in the oilfield services sector,” G. Alan Rafte, head of Bracewell’s business and regulatory section, said in a statement. “His deep knowledge of the energy industry, combined with his understanding of the inner workings of a corporate legal department, gives him a unique perspective that clients will find invaluable.”
Marsh’s corporate board service has also been eventful. During his tenure on the BJ Services board, he saw the company file a proposed $100 million IPO in 2017, withdraw those plans in 2019 and file for bankruptcy in the U.S. Bankruptcy Court for the Southern District of Texas in 2020.
The veteran in-house lawyer has advice for young attorneys interested in working in a corporate legal department.
“Try to get as broad of an experience as you can,” he said. “I was fortunate because when I went to Baker Hughes I focused on M&A but [M&A activity] was in a slump so I had to shift to operations which helped set me up to be general counsel. The broader of a background you can get the better.”