Recent laws are creating a more worker-friendly environment, panelists said at a CLE program for the DFW chapter of the Association of Corporate Counsel.
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ExxonMobil Finally Captures Pioneer for $64.5B
In a deal three times larger than any previous Texas M&A transaction this year, ExxonMobil is purchasing Pioneer Natural Resources in an all-stock acquisition. Pioneer GC Mark Kleinman turned to Gibson Dunn partners Jeff Chapman and Tull Florey and Goldman Sachs’ Suhail Sikhtian as his lead outside legal and financial advisors. ExxonMobil turned to Davis Polk partner Louis Goldberg and Citi as its advisors. Texas Lawbook deal writer Claire Poole has the details.
CDT Roundup: 16 Deals, 13 Firms, 228 Lawyers, $6.6B
Refinitiv’s numbers are out, and they tell us what we already know: M&A is down worldwide, marking the slowest nine months since 2013. But there’s good news, and the Roundup has it — along with the weekly list of deals and the lawyers who advised them.
Sorrels Law Expands Footprint in Austin, Hires Veteran Lawyer Judy Kostura
Kostura, a leading expert on subrogation and liens, calls herself “a plaintiff’s lawyer through and through.” She was instrumental in creating a 2013 Texas health insurance reform law.
Prosperity Life Buys Moody Family’s National Western for $1.9B
Sidley counseled National Western, the second time in the last three years that the firm has assisted with sale of a publicly traded insurance company associated with the Moody family.
Litigation Roundup: Katten to Defend $170M Healthcare Fraud Case, Fatal Crash Draws $100M Suit
In this edition of Litigation Roundup, a history professor at the University of Texas at Austin sees his retaliation lawsuit revived while a finance professor at the university sees his discrimination lawsuit tossed, a judge in the valley awards a man who had his leg amputated in a workplace injury $10.5 million, and a team of lawyers at Foley & Lardner get a win for their direct-selling client against the Federal Trade Commission.
Fifth Circuit Overturns Dallas Judge’s Order Boosting Former NFL Player’s Disability Benefits
The appellate court praised U.S. District Judge Karen Gren Scholer for casting light on the NFL retirement plan’s “disregard of players’ rights” and its “lopsided system aggressively stacked against disabled players.” But, it said, former running back Michael Cloud was not entitled, under the plan’s rules, to the increase in benefits that Judge Scholer ordered.
Citi’s Legal Industry Experts: Texas Firms ‘Outperforming’ Lawyers in Most Other Regions
Texas-based corporate law firms are billing more hours, growing revenues faster and collecting money from clients better and faster in 2023 than most of their counterparts throughout the U.S., according to new data from Citi Private Bank’s Law Firm Group. Demand by business clients for legal work in Texas is also up and leaders at Texas law firms are “slightly more optimistic” about growth for the rest of 2023 and 2024 than corporate lawyers in other regions of the country. But there are negative signs that some corporate clients are taking longer to pay invoices. The Texas Lawbook has the exclusive report.
P.S. — Good Apples, ADL Jurisprudence Award, 75 Years of Legal Clinics
This week’s edition of P.S. features a Texas law school’s 75th anniversary celebration of its student legal clinics serving low-income members of the community, three Susman Godfrey lawyers who have received three separate awards, the Dallas Bar Association’s jurist of the year, and recognition of other firms for their commitment to pro bono and public service, including Winston & Strawn, Akin, DLA Piper and Hogan Lovells.
New Citi Data: Texas Firms Slowly Getting More Diverse, with a Long Way to Go
According to a Citi survey of 140 predominantly Am Law 100 and 200 firms, including six Texas-headquartered firms, the rate of promotions for women and minorities on both a global level and state level steadily declines as lawyers work their way up the ranks — from associates to of counsel to partner to equity partner.