Latham & Watkins partner Sean Wheeler, a big name in the oil and gas dealmaking world, handed in his notice Monday and will be joining Kirkland & Ellis’ energy practice in Houston, according to a lawyer with direct knowledge of the move.
Kirkland’s hiring of Wheeler, who is widely viewed as one of the most successful and highest paid capital markets lawyers in Texas, demonstrates that the firm continues to spend big bucks to aggressively expand in the Houston and Dallas markets.
Kirkland has grown from zero lawyers in Texas just four years ago to more than 140 corporate attorneys today. The firm is also aggressively recruiting lawyers in the Dallas market and is reportedly seeking to open an office in North Texas.
Even so, Kirkland’s hire of Wheeler, considered by many the top capital markets lawyer in Texas, is stunning on its own.
The Texas Lawbook’s Corporate Deal Tracker shows that Wheeler has led or co-led more than 50 securities offerings for $28.6 billion since January 2016, making him one of the most prolific capital markets lawyers in Texas.
Neither Wheeler nor a Latham spokeswoman responded immediately to a request for comment.
Wheeler is expected to work alongside Kirkland partners Matthew Pacey and Julian Seiguer in the capital markets practice. Pacey and Seiguer joined Kirkland from Vinson & Elkins.
Latham’s partnership agreements allow the firm to hold its lawyers lateraling to other law firms for up to six months, though Latham has reportedly never enforced the provision.
Wheeler is said to be one of the top-10 paid attorneys at Latham, which he joined from Baker Botts when the firm opened the office in 2010. He has served as the office’s managing partner and is co-chair of its oil and gas industry practice.
The Harvard-trained lawyer has worked on capital markets transactions as well as M&A and private equity deals in all parts of the oil and gas industry, including exploration and production, midstream infrastructure and oilfield services. Last year he advised Andeavor Logistics on its $1.8 billion merger with Western Refining Logistics.
His other M&A clients have included Ensco, Rowan Cos., Weatherford International, Rice Energy, BreitBurn Energy Partners, Athlon Energy, LinnCo, Plains Exploration & Production, Energy Transfer Partners and K-Sea Transportation Partners.
Wheeler also has been underwriter counsel on a variety of transactions, including Matador Resources’ $226.6 million stock offering, Western Gas’ $1.1 billion notes offering and a $650 million bond offering for newly formed Indigo Natural Resources, which is backed by Trilantic Capital Management, the Martin Cos., Yorktown Partners and Ridgemont Equity Partners.
The Lawbook’s Corporate Deal Tracker shows that Wheeler led or co-led 29 securities offerings valued at $17.4 billion in 2016, ranking number-one in the charts. That same year, Kirkland reported only six securities offerings; Wheeler’s output alone would have quadrupled Kirkland’s capital markets business.
Since Jan. 1, 2017, Latham has reported Wheeler as being involved as lead counsel or co-counsel on at least 24 transactions worth more than $11.2 billion.
Those transactions include advice on at least 18 securities issues worth about $5.7 billion and six M&A deals worth at least $5.5 billion.
The lawyer also advised Mountain Capital, which is led by former Apollo Global Management principal Sam Oh, on its $645.76 million debut fund earlier this year. Wheeler had previously done work for Apollo.
Wheeler also has worked on initial public offerings, including advising BJ Services on its filing last year with the Securities and Exchange Commission.