A volatile stock market has economists uttering the “R” word: Recession. And while most analysts are discounting the likelihood of full-blown downturn, Andrew Akers of PitchBook has three scenarios that could affect dealmaking for the near future. Those possibilities, and a review of last week’s deals in the CDT Roundup.
Willkie’s Houston office loses another private equity partner as Orrick snaps up David Aaronson. Aaronson often worked with Mike Piazza, who left Willkie earlier this year for Gibson Dunn & Crutcher.
While recent commodity prices might suggest a favorable climate for M&A energy transactions, they aren’t really happening. O&G deals were down in value by 41 percent during the first quarter of 2022. Deals worth $1 billion or more were down nearly 60 percent, according to GlobalData. The CDT Roundup spells out details, along with names of the lawyers behind last week’s transactions.
On a day the firm also saw a partner leave for Gibson Dunn, Willkie added a Houston partner who has served as general counsel for two different private equity firms.
After only 16 months at Willkie, Jesse Myers has moved to Gibson Dunn. He joins former Willkie colleague, Michael De Voe Piazza, who made the move to Gibson in March. He also joins a cadre of transactional partners who have left Willkie in the past several months. Claire Poole has the details.
A Haynes and Boone survey on oil and gas borrowing bases is reflecting a new confidence in the industry’s immediate future. The result is unsurprising, given the steady rise in prices since their nadir in April 2020. Perhaps more surprising is the increasing adoption and disclosure of ESG policies at O&G firms, the basis for a second Haynes and Boone survey. The CDT Roundup discusses both, along with the weekly roll call of lawyers involved in last week’s deals.
The firm has brought back two former Fulbright lawyers from Baker Botts and Winston & Strawn.
The firm has recruited three partners from Willkie Farr & Gallagher to officially open its third Texas outpost.
There is a bevy of reasons that carve-outs have become scarce of late — pandemic, inflation, war, etc. But the underlying reasons for carve-outs remain, even if the market is momentarily sparse. The CDT Roundup explores last week’s deals, which include a carve-out, as well as a few of the obstacles that put the wider market on pause.
With the move, Michelle Earley is rejoining former Locke Lord colleagues who joined O’Melveny in January. Earley was on the executive committee and was a diversity and inclusion leader at Locke Lord.