This month, Haynes Boone’s Dallas office launched a new community project that works with educational nonprofit United to Learn to support an underserved elementary school in the firm’s backyard. Beyond bolstering student achievement and helping to erase systemic inequities, the new partnership provides the opportunity to diversify the legal industry pipeline by reaching kids at an earlier age at a school that feeds into a high school Haynes Boone has a longstanding relationship with.
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CDT Roundup: 13 Deals, 13 Firms, 280 Lawyers, $16.4B
Oxy’s back. With its $12 billion acquisition of CrownRock last week, Occidental Petroleum not only joined other energy giants in the great consolidation of Texas oil production, but in the process seems to have shaken off the burden of its nearly disastrous $57 billion absorption of Anadarko Petroleum in 2018. Still, some observers think some of the same risks of overcommitment — not to mention regulatory concerns — are lurking in even this more modest deal. The CDT Roundup looks at those concerns, as well as the other deals reported from Texas by 280 lawyers.
Litigation Roundup: Fifth Circuit Ruling Unravels $7.1B Deal; SEC Goes After $191M Cowtown ‘Ponzi Scheme’
In this edition of Litigation Roundup, the U.S. Securities and Exchange Commission accused a Fort Worth company of operating a $191 million Ponzi scheme involving the purchase and sale of cattle, and a trial team from Susman Godfrey secured an $86 million defense win. Also highlighted is a Fifth Circuit panel’s holding that the Federal Trade Commission used an incorrect standard in determining a $7.1 billion acquisition of a cancer test maker would harm competition, but the court also agreed with the agency’s conclusion, which was enough to prompt Illumina to announce it would divest Grail anyway.
Constitutional Danger Zone Redux: SEC’s Latest Supreme Court Battle Presents Significant Collateral Implications
Kokesh. Lucia. Lorenzo. Cochran. The echoes of these recent Supreme Court cases continue to reverberate through the halls of the Securities and Exchange Commission, with their holdings impacting the forum of their cases and the relief they can obtain. On Nov. 29, the Supreme Court heard oral arguments in SEC v. Jarkesy, a matter that could have an even greater impact than its predecessors depending on how the Court rules. With the Supreme Court considering the scope and application of the Seventh Amendment to agency administrative proceedings, the parameters of Congressional delegation of authority to administrative agencies, and whether removal restrictions for SEC administrative law judges violate the Constitution, Jarkesy threatens not only SEC enforcement efforts but also those for several administrative agencies.
While all will need to wait until 2024 for the Court’s opinion and its true implications to the “administrative state,” a review of the oral argument provides some insights into the potential impacts.
Updated — Texas Promotions to Partner Slower in 2023-24
Thirty-five law firms have announced their promotions to partner for the 2023-24 season — 15 promoted more than last year, 13 promoted fewer and seven exactly the same number. So far, the 35 firms have promoted 99 associates or of counsel to equity and non-equity partner — down from 113 a year ago.
2023-2024 Partner Promotions
This is a searchable list of the Texas lawyers promoted to partner for the 2024 class. It is updated as additional firms announce their promotions.
TG Natural Resources Acquires Rockcliff Energy II for $2.7B
Lawyers from Vinson & Elkins and Kirkland & Ellis advised on the transaction which further consolidates gas production feeding the LNG terminals along the Gulf Coast of Texas and Louisiana.
Justice O’Connor’s Former Clerks, Texas Attorneys Share Remembrances of Her Life, Legacy
Two former clerks for Justice Sandra Day O’Connor — Justin Nelson of Susman Godfrey and Allyson Ho of Gibson, Dunn & Crutcher — spoke to The Lawbook about lasting memories and lessons learned from their time working alongside her at the U.S. Supreme Court. Justice O’Connor, who inspired many women to pursue careers in the law after becoming the first woman appointed to the high court, died Dec. 1 of complications related to dementia and a respiratory illness. Today, her funeral will take place.
P.S. — Special Education Advocacy, Shop with a Cop, Hope for the Holidays
This week’s edition of P.S. features a new graduate program at St. Mary’s School of Law for special education advocacy, a holiday toy gift drive by Gray Reed, a Target shopping spree sponsored by Witherite Law Firm that benefits a local nonprofit bridging the gap between teens and law enforcement and an event honoring the major donors of the Dallas Volunteer Attorney Program’s Equal Access to Justice Campaign.
Fifth Circuit Panel: En Banc Court Needs to Change ‘Favorable Termination’ Rule Precedent
The U.S. Court of Appeals for the Fifth Circuit has developed a reputation for divisiveness among its members. But Thursday, Judge Don Willett, Judge Carolyn King and Judge Dana Douglas — three jurists with widely differing judicial leanings — issued a unanimous opinion that highlighted a major injustice, publicly sought a reversal of precedent by the full Fifth Circuit and demonstrated judicial restraint. The case is the story of Erma Wilson, who was falsely accused and wrongly convicted of cocaine possession 22 years ago in Midland.
“Erma Wilson placed her faith in the justice system, trusting she would get due process and a fair trial,” Judge Willett wrote. “Wilson’s faith was misplaced. In Wilson’s trial — and in hundreds of others in Midland County spanning decades — bedrock judicial norms were dishonored.”