The Texas Lawbook

Free Speech, Due Process and Trial by Jury

More Stories

The Legacy of Pennzoil v. Texaco 40 Years Later — The Civil Jury Trial of the Century

Forty years ago tomorrow, a Houston jury delivered a verdict that rocked Wall Street and put fear in the heart of corporate dealmakers when it ordered Texaco to pay Pennzoil $10.53 billion — $30 billion today — for tortiously interfering with Pennzoil’s agreement to buy Getty Oil. It was largest civil jury verdict in history at the time and is still the largest actual damages verdict ever upheld on appeal. Pennzoil v. Texaco legacy remains significant, as it changed how companies handle mergers and acquisitions, caused the Chamber of Commerce to designate Texas as a judicial hellhole in 1986 and directly led to two decades of massive tort reform efforts that dramatically limited the rights of Texans to sue businesses, doctors and insurance companies for wrongdoing. It also launched Texas trial lawyer Joe Jamail to national stardom and made him the richest trial lawyer in American history.

In this in-depth article, The Texas Lawbook provides a detailed timeline of the events involved in the historic litigation, as well as comments from more than a dozen lawyers about the legal strategies employed.

Litigation Roundup: Kirkland Gets a Win in Texas’ Tylenol Suit

In this edition of Litigation Roundup, a new trial is ordered in a dispute involving heirs of deceased oil tycoon J. Howard Marshall, The Goldwater Institutes asks the Texas Supreme Court to grant review in a public records fight involving Highland Park Independent School District and fine-dining steakhouse Perry’s is found to be in violation of the Fair Labor Standards Act.

The 44 Law Firms in Texas in Billion-dollar Deal Club

Since 2018, Texas lawyers from 44 law firms have been the lead legal advisors to buyers, sellers or targets in 554 mergers, acquisitions and joint ventures with price tags of $1 billion or higher. Sixteen law firms in Texas have led or co-led 10 or more deals valued in the billions. The Texas Lawbook breaks down the data for Texas-led billion-dollar deals from its transactions database.

Electricity Is the New Oil: Texas Power Deals Top $100 Billion So Far This Year

Texas is at the center of a historic boom in power and utility M&A, fueled by the massive energy demands of data center expansions and the global power race driven by the AI revolution.

It’s no secret that energy, particularly in the form of electricity, has become the foundation of dealmaking in anticipation of the need for hyperscale computing and data storage.

But the demand for power and utility deals, large and small, would be hard to overstate.

In the first three quarters of 2025, Texas lawyers handled more M&A transactions involving power and utility projects than in any full year since 2018.

Not only are there more deals, but they are larger. Far larger. In the first three quarters of 2025, Texas-related deals in the power and utilities sector hit $106.5 billion. By comparison, the record-setting M&A year of 2021 saw eight P&U transactions totaling $3.7 billion. (Photo by Stephanie Tacy/NurPhoto via AP)

From Jet Engines to Electric Wings: Aerospace Leads the Week

The week that ended Nov. 15 saw 16 deals reported to the Roundup, evenly split between M&A and capital/credit markets, with a total value of $16.4 billion. That’s down more than a tad from last week’s 21 deals valued at nearly $76 billion. But it continues a remarkable run of nine consecutive weeks with total reported values of $11 billion or more.

That and more in this edition of CDT Roundup.

McKool Smith Settles New Jersey Healthcare Suit for $100M

New Jersey and McKool Smith announced Friday that the state has settled its 2021 lawsuit against Horizon Healthcare Services for $100 million. New Jersey claimed that the healthcare services provider had been submitting false funding claims to the state for years. Horizon says it never retained any of the money charged to the state for healthcare provider claims.

P.S. — Baker Botts Launches Women’s Summit for Senior In-House Counsel 

In this edition of P.S., Baker Botts launched a new women’s summit, which convened leading women general counsel for cross-industry dialogue and professional development. The law firm, which boasts a strong pipeline of alumni who advance to senior in-house roles, plans to make the summit a recurring flagship event.

We also report on significant pro bono and public service recognitions, with the Texas Access to Justice Commission honoring South Texas College of Law Houston and standout students at the University of Texas and Texas A&M law schools and the Anti-Defamation League Texoma awarding its prestigious Larry Schoenbrun Jurisprudence Award to longtime First Amendment advocate Thomas Leatherbury.

Meanwhile, Haynes Boone attorneys statewide marked Pro Bono Week through a range of volunteer legal initiatives. This issue of P.S. closes out with a call for submissions for the 2025 DFW Outstanding Corporate Counsel Awards, which includes honors for excellence in pro bono, public service and diversity and inclusion among North Texas in-house lawyers.

© Copyright 2025 The Texas Lawbook
The content on this website is protected under federal Copyright laws. Any use without the consent of The Texas Lawbook is prohibited.