Gibson Dunn advised the buyer while Kirkland assisted the seller in what’s being billed as a merger of equals worth $5.4 billion.
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CDT Roundup: 19 Deals, 13 Firms, 118 Lawyers, $8.5B
Deals are down across the globe, according to Refinitiv. In the U.S. the view is a little more complicated. In Texas, it’s a lot more complicated — but in a good way. The CDT Roundup has the numbers for you to consider, along with the usual rundown of last week’s deals.
Litigation Roundup: SEC Cries Delay in $8.4M Ponzi Case, SCOTX Sides with Tex-Mex Chain in Fight with City
In this edition of Litigation Roundup, the U.S. Securities and Exchange Commission is running out of patience for a duo accused of running a Ponzi scheme who have yet to retain counsel, an insurer seeks a declaration it doesn’t have to foot the bill in a $10.6 million workplace injury suit, and a Tex-Mex chain notches a win at the Texas Supreme Court.
Three Law Firms, Extraordinary Growth — The LA Connection
Three of the five fastest growing law firms in Texas today were founded or headquartered in Los Angeles. Gibson Dunn, Latham and O’Melveny added many times more lawyers and revenues in 2022 than the average corporate law firm operating in Texas, according to The Texas Lawbook 50. The three firms with California roots employed 368 lawyers who generated $595 million in their Texas offices in 2022 — up from 140 Texas attorneys in 2016 who brought in $179 million in business.
This is the story of three global corporate law firms and their extraordinary growth in Texas, as well as their strategies for the next two years. Spoiler alert: All three have deep pockets and big plans for Austin, Houston and Dallas.
Talen Energy GC Moves Up, New GC Moves In, V&E Gets New GC
Three weeks after exiting bankruptcy, Talen Energy announced that GC Andrew Wright will be the company’s next chief administrative officer and V&E partner John Wander will be the energy firm’s next GC effective June 19. Wander also served as V&E’s internal GC. With his departure, the firm announced that partner Vanessa Griffith will be the Houston-based law firm’s new GC.
UPDATED: Dealmakers Leave Jones Day, Kirkland for Clifford Chance
The London-headquartered firm’s Houston office launch team of “at least 10 partners” is taking shape. Partners from Kirkland & Ellis and Jones Day are joining a roster that also includes dealmakers from Vinson & Elkins and Latham & Watkins.
A New Delaware? Texas Passes Legislation for Specialized Business Courts
Similar to the commercial court systems that exist in Delaware and New York, Texas’s business court system will provide a dedicated court system of commercially-focused judges to move high-dollar business disputes efficiently through the judicial system. This article summarizes key aspects of the legislation, including what types of disputes won’t go to business court.
P.S. — SMU Law’s Rising Scholars, New HISD Leadership
In this week’s edition of P.S., a Houston litigator joins the board of managers of the Houston Independent School District and Southern Methodist University’s Dedman School of Law and its DEI office wrap up a weeklong program that exposes high school students to the law school experience.
Gibson Dunn, Weil Lead Serta Simmons and Lenders to Bankruptcy Court Victory in SDTX
U.S. Bankruptcy Judge David Jones of Houston has approved the billion-dollar bankruptcy reorganization of mattress giant Serta Simmons, which also meant a monumental victory for a handful of investors in distressed debt and a huge legal defeat for some Wall Street leaders. The debt restructuring plan approved by Judge Jones cuts Georgia-based Serta Simmons’ secured debt from $1.9 billion to $315 million. In doing so, the judge coined a new term – position enhancement transaction or PET – that you need to learn.
The five-day trial was led for the Serta Simmons lenders by new Gibson Dunn partner Gregg Costa. This was Costa’s first trial since retiring from the U.S. Court of Appeals for the Fifth Circuit and his first-ever trial in bankruptcy court.
Two Houston Heavyweights Representing Ken Paxton Call Impeachment ‘Baloney’ and ‘Tomfoolery’
At an Austin news conference, lawyers Tony Buzbee and Dan Cogdell promise a protracted fight to acquit the beleaguered attorney general. They also poked fun at the lead impeachment prosecutors, Rusty Hardin and Dick DeGuerin, saying the pair were introduced earlier by the Texas House “like they were the homecoming king and queen.”